Bill Title: Amends the Chicago Police Article of the Illinois Pension Code. Provides that for a policeman who retires from service after September 1, 1967 with at least 20 years of service credit and attains age 70 on or after the effective date of the amendatory Act, one-half of any 3% automatic increase in annuity shall be compounded beginning with the increase following attainment of age 70. Specifies that for a policeman who attained age 70 before the effective date of the amendatory Act, one-half of any 3% automatic increase in annuity following the effective date of the amendatory Act shall be compounded. Provides that the changes made by the amendatory Act apply without regard to whether the policeman or annuitant terminated service before the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3603 Detail]

Text: Latest bill text (Introduced) [HTML]

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