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. For Illinois Municipal Retirement Fund (IMRF) - Employer Cost & Participant Information, please click here.