Section 5 ILCS 415/10 - Severance pay(a) A unit of government that enters into a contract or employment agreement, or renewal or renegotiation of an existing contract or employment agreement, that contains a provision for severance pay with an officer, agent, employee, or contractor must include the following provisions in the contract: (1) a requirement that severance pay provided may not exceed an amount greater than 20 weeks of compensation; and(2) a prohibition of provision of severance pay when the officer, agent, employee, or contractor has been fired for misconduct by the unit of government; and.(3) a requirement that if a provision to transition into a different position is included in a university president's or chancellor's contract, then the contract must include which department he or she will transition into, and a provision that compensation shall not exceed the annual compensation of the highest paid employee in the department, and that the annual salary shall be commensurate with his or her assigned duties and rank as determined by the Dean of the College, and with the approval of the interim or acting president and the board of trustees.(b) Nothing in this Section creates an entitlement to severance pay in the absence of its contractual authorization or as otherwise authorized by law.(c) Notwithstanding any other provision to the contrary, this Act shall not apply to contracts or employment agreements for individuals employed by the department of intercollegiate athletics of a college or university when the employee's compensation is funded by non-State-appropriated funds, such as revenues generated by athletic events or activities, gifts or donations, or any combination thereof. Nothing in this Section entitles an individual employed by the department of intercollegiate athletics of a college or university to receive severance pay when that individual has been dismissed for misconduct.Amended by P.A. 102-0378,§ 5, eff. 8/13/2021.Amended by P.A. 101-0195,§ 5, eff. 8/2/2019.Added by P.A. 100-0895,§ 10, eff. 1/1/2019.