Illinois Statutes Chapter 110. Higher Education § 805/3-70. Employment contract transparency

(1) Severance payments or contract buyouts may be placed in an escrow account if there are pending criminal charges against the president or all chancellors of the community college related to their employment.

(2) Final action on the formation, renewal, extension, or termination of the employment contracts of the president or all chancellors of the community college must be made during an open meeting of the board.

(3) Public notice, compliant with the Open Meetings Act, must be given prior to final action on the formation, renewal, extension, or termination of the employment contracts of the president or all chancellors of the community college and must include a copy of the board item or other documentation providing, at a minimum, a description of the proposed principal financial components of the president's or any chancellor's appointment.

(4) Any performance-based bonus or incentive-based compensation to the president or all chancellors of the community college must be approved by the board in an open meeting. The performance criteria and goals upon which the bonus or incentive-based compensation is based must be made available to the public no less than 48 hours before board approval of the performance-based bonus or incentive-based compensation.

(5) Board minutes, board packets, and annual performance criteria and goals concerning the president or any chancellors must be made available to the public on the community college district's Internet website.