IL SB1771

Changes automatic annual pension increases for Chicago police officers born on or after January 1, 1955 from 1.5% to 3%, effective January 1, 2014.

Removes the 30% maximum lifetime increase cap for police officers born on or after January 1, 1955, allowing unlimited cumulative increases.

Requires Chicago police officers born on or after January 1, 1955 to contribute 0.5% of salary to an Automatic Increase Reserve to help fund the enhanced pension increases.

Amends the State Mandates Act to exempt the City of Chicago from state reimbursement requirements for implementing this pension enhancement.

Takes effect immediately upon enactment.