HB1775 Summary

• Incrementally increases the minimum monthly retirement annuity for Chicago firefighters who retired at age 50 or older with 20+ years of service, raising the minimum from $1,050 per month to $1,250 per month by January 1, 2020.

• Establishes specific minimum annuity amounts at progressive dates: $1,100 (July 1, 2017), $1,150 (January 1, 2018), $1,200 (January 1, 2019), and $1,250 (January 1, 2020).

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

• Excludes the minimum annuity increases from automatic annual cost-of-living adjustments provided under existing pension code sections, which are paid in addition to the specified minimums.

• Exempts the mandate from state reimbursement requirements under the State Mandates Act and takes effect immediately upon becoming law.