Compensation and Benefit Information - Public Act 97-0609
Public Act 97-0609
Public Act 97-0609 became effective, January 1, 2012. This act amends the Illinois Open Meetings Act and the Illinois Pension code and established new requirements for Illinois public bodies.
Among the law's requirements are the following:
1) All IMRF employers must post, within 6 days of the approval of a budget, the total compensation package for each employee having a total compensation package that exceeds $75,000 per year; and
2) Any IMRF employer that approves an employee's total compensation package equal to or in excess of $150,000 per year must post on its website, at least 6 days before approval, the total compensation package for that employee.
"Total compensation package" for purposes of the Act means "payment by the employer to the employee for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted, sick days granted."
The Village of Libertyville has elected to provide employee compensation for all of its employees regardless of salary level.
The Village of Libertyville participates in the Illinois Municipal Retirement Fund (IMRF) which provides retirement and related benefits to eligible Village employees. Public Act 101-0504 approved by the Illinois General Assembly in 2019 requires IMRF to post certain employer cost and participation information on its website. Where a website is maintained, participating employers, such as the Village of Libertyville, are required to provide a link to the IMRF webpage containing the required disclosures no later than January 1, 2021. Click on the following link to view this information. IMRF Employer Cost and Participation Information https://www.imrf.org/en/about-imrf/transparency/employer-cost-and-participation-information
IMRF will update the informational reports annually.