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 Barrington has elected to provide employee compensation for all of its employees regardless of salary level.
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