SEVERANCE PAYMENTS Senate SponsorsSen. Melinda Bush and Steve Stadelman-Jacqueline Y. Collins 1/10/2017SenateSession Sine Die 40 ILCS 5/14-103.10from Ch. 108 1/2, par. 14-103.1040 ILCS 5/15-111from Ch. 108 1/2, par. 15-111110 ILCS 305/90 new110 ILCS 520/75 new110 ILCS 660/5-185 new110 ILCS 665/10-185 new110 ILCS 670/15-185 new110 ILCS 675/20-190 new110 ILCS 680/25-185 new110 ILCS 685/30-195 new110 ILCS 690/35-190 new110 ILCS 805/3-29.11 newAmends the State Universities and State Employees Articles of the Illinois Pension Code to specify that severance payments are not included in "earnings" or "compensation" for pension purposes. Amends various Acts relating to the governance of public universities in Illinois and the Public Community College Act. Provides that, with respect to an executive administrator of a university or community college whose final rate of earnings exceeds $200,000, the governing board of the university or community college district may not award a severance payment to that employee that exceeds 30% of his or her final rate of earnings unless the severance payment is reviewed by the Board of Higher Education or the Illinois Community College Board and the respective Board approves the payment by a record vote of a majority of its members. Effective immediately. 2/18/2015SenateFiled with Secretary by Sen. Melinda Bush 2/18/2015SenateFirst Reading 2/18/2015SenateReferred to Assignments 2/25/2015SenateAssigned to Higher Education 3/6/2015SenateAdded as Co-Sponsor Sen. Steve Stadelman 3/18/2015SenateTo Subcommittee on Public Higher Education Executive Compensation 3/19/2015SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/27/2015SenateRule 2-10 Committee Deadline Established As April 24, 2015 4/24/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015 5/15/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015 10/10/2015SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/10/2017SenateSession Sine Die