Bill Status of SB1573 102nd General Assembly
Short Description: PEN CD-CHI POL-ANNUAL INCREASE
Sen. Robert F. Martwick
| 2/26/2021||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Police Article of the Illinois Pension Code. Removes a birthdate restriction on eligibility at age 55 for a 3% automatic annual increase in retirement annuity that is not subject to a maximum increase of 30%. Makes a related change. Specifies the timing of an initial increase in retirement annuity for persons who have not received the initial increase before January 1, 2021. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.