To: Maria Punzo-Arias, Town Clerk
From: Daniel G. Schultz
Department of Financial Affairs
Re: Total Compensation in Excess of $150,000 Total Compensation in Excess of $75,000
Public Act 97-609, effective January 1, 2012.
Public Act 97-609 requires employers participating in the Illinois Municipal Retirement fund to post on their Web sites, within six business days of approving their budget, the “total compensation package” for each employee making over $75,000 per year. If the employer does not maintain a Web site, then the employer must post a physical copy of the infonnation at its principal office.
Further, at least 6 days before an employer participating in the Illinois Municipal Retirement Fund approves an employee‘ s total compensatio n package that is equal to or in excess of
$150,000, the employer must post the employee ‘ s total compensation on the Web site.
Total compensation package includes salary, employer paid health insurance premiums, allowances, pensions, social security and medicare tax, and any other payment paid by the employer on behalf of the employee.
The Notice will be posted on the Town ‘ s we b site and copies of the reports have been made available for public inspection. It is im perative that the Office of the Town Clerk maintain these reports for review by interested parties. We do not post the reports on the Town‘ s web site, but instead post a Notice of the reports’ availability.