IL HB5461

Increases automatic annual retirement annuity increases from 1.5% to 3% for Chicago firefighters born on or after January 1, 1955, beginning January 1, 2012.

Removes the 30% maximum increase restriction for firefighters born on or after January 1, 1955, allowing annual 3% increases to continue indefinitely.

Applies retroactively to firefighters born on or after January 1, 1955 who retired after September 1, 1967 but had not received their initial increase before January 1, 2012.

Exempts the state from reimbursement obligations for implementing this mandate under the State Mandates Act.

Takes effect immediately upon becoming law.