HB4659 Summary

• Increases automatic annuity increases for Chicago police officers born after January 1, 1966 from 1.5% to 3% annually, with initial increase eligibility beginning January 1, 2019.

• Lowers the age requirement for receiving automatic annuity increases from age 60 to age 55 for police officers and firemen, effective upon the first anniversary of retirement or attainment of age 55, whichever occurs later.

• Extends 3% annual increases (without the 30% maximum cap) to all firemen who qualify for minimum annuity and retire after September 1, 1967, with initial increase eligibility beginning January 1, 2019.

• Maintains existing contribution rates: police officers contribute 0.5% of salary and cities match that amount; firemen contribute 3/8 of 1% of salary with city matching contributions, all directed to the Automatic Increase Reserve.

• Exempts the State from reimbursing local governments for costs associated with implementing this mandate under the State Mandates Act.