IL HB5282

Recalculates monthly pensions for downstate firefighters who retired on or before January 1, 1986, effective July 2012, to reflect 3% compounded annual increases from January 1, 1986 forward plus any increases received prior to that date.

Provides for an additional 3% annual increase in January of each year following the July 2012 recalculation for affected firefighters.

Applies the recalculation regardless of whether the firefighter remained in service after the bill's effective date.

Amends the State Mandates Act to exempt this mandate from requiring state reimbursement to local pension funds.

Takes effect immediately upon becoming law.