Effective January 1, 2012, State law (P.A. 97-0609) requires that all Illinois Municipal Retirement Fund employers provide the total compensation packages of their employees whose compensation is $75,000.00 or above. The Village of Itasca has elected to provide employee compensations for all of its full time employees, regardless of salary level.
The Employee Compensation Plan includes analyzing comparable communities’ salary and benefit information on a regular basis, as well as other factors such as cost of living and employee performance. Union contracts are subject to a specific set of collective bargaining laws, which includes binding interest arbitration decisions.
For this statute, "total compensation package" 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 and sick days granted.