IL HB4553

Firemen born after December 31, 1954 but before January 1, 1966 receive 3% annual automatic increases to annuities beginning January 1, 2017, without the 30% maximum cap.

Initial 3% increase equals 3% for each complete year following retirement or age 55, whichever occurs later.

Beginning January 1, 2017, minimum retirement annuity and minimum widow's annuity for firefighters retired at age 50+ with 20+ years of service shall be no less than 125% of the Federal Poverty Level.

Federal Poverty Level is determined by updated poverty guidelines from the U.S. Department of Health and Human Services under 42 U.S.C. 9902(2).

State Mandates Act amended to require implementation of these provisions without state reimbursement; effective immediately.