PUBLIC LABOR ARBITRATION

Amends the Illinois Public Labor Relations Act. Provides that an arbitration hearing shall be open to the public and held within the district or boundaries of the security, peace officer, or fire fighter public employer, unless both parties agree to close the hearing to the public. Provides that in no event shall the decision of the arbitration panel regarding economic issues exceed the financial ability of the employer to fund the award based upon the current revenues and expenses of the employer, including annual pension funding requirements, and without consideration of the ability of the employer to increase tax levels prospectively.