IL SB1583

Incrementally increases the minimum monthly retirement annuity for Chicago firefighters who retired at age 50 or older with 20+ years of service from $1,050 to $1,250 per month by January 1, 2016.

Establishes new minimum annuity amounts: $1,100 (July 1, 2013), $1,150 (January 1, 2014), $1,200 (January 1, 2015), and $1,250 (January 1, 2016).

Applies increases to both current retirees and future retirees who meet the age and service requirements.

Excludes automatic annual cost-of-living increases provided under existing law from these minimum amounts; those increases are paid in addition to the minimums.

Amends the State Mandates Act to require implementation without state reimbursement to local governments.