Illinois Equity Compensation Plan
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How to fill out Equity Compensation Plan?
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FAQ
The Equal Pay Act prohibits employers with four or more employees from paying unequal wages to men and women for doing the same or substantially similar work, except if the wage difference is based upon a seniority system, a merit system, a system measuring earnings by quantity or quality of production, or factors ...
Transparency in pay can build trust between employers and employees. When employees have a clear understanding of how their pay is determined and believe that the process is fair, they are more likely to feel valued and engaged. This, in turn, can boost morale, productivity, and overall job satisfaction.
The State of Illinois Deferred Compensation Plan (?Plan?) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals.
In March 2023, the Salary Transparency Act and Pay Equity for All Act were introduced in Congress. If both laws pass, they would require all US employers to disclose wage ranges associated with all employment opportunities and prevent employers from asking job candidates about their salary histories.
Under Executive Order 11246, you have the right to inquire about, discuss, or disclose your own pay or that of other employees or applicants. You cannot be disciplined, harassed, demoted, terminated, denied employment, or otherwise discriminated against because you exercised this right.
Depending on the jurisdiction, these laws require employers to: Disclose salary ranges to applicants at a specified point during the hiring process. Disclose salary ranges to employees upon request. Disclose salary ranges in job postings.
Unlike many other states that have passed pay transparency laws, the new Illinois law permits employers to provide the required pay and benefits information in the form of a hyperlink, allowing prospective applicants to access the information online.
Meanwhile, in the Aloha State, effective January 1, 2024, Hawaii's new pay transparency law (signed in July 2023) will require employers with 50 or more employees to include the hourly pay rate or salary range in job listings.
