Bill Status of SB2525 100th General Assembly
Short Description: PEN CD-CHI POL-ANNUAL INCREASE
Sen. Bill Cunningham
|Licensed Activities and Pensions Hearing Feb 28 2018 2:00PM Capitol 400 Springfield, IL |
Statutes Amended In Order of Appearance
Synopsis As Introduced
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 75 on or after the effective date of the amendatory Act, any 3% automatic increase in annuity shall be compounded beginning with the increase following attainment of age 75. Specifies that for a policeman who attained age 75 before the effective date of the amendatory Act, 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.