IL SB2525

Modifies automatic annuity increases for Chicago police officers who retire after September 1, 1967 with at least 20 years of service credit by requiring 3% increases to be compounded beginning when the officer attains age 75.

Applies compounding to officers who attain age 75 on or after the effective date of the act, and retroactively applies compounding to all 3% increases after the effective date for officers who already attained age 75 before the act's passage.

Specifies that compounding changes apply regardless of whether the officer or annuitant terminated service before the act's effective date.

Amends the State Mandates Act to exempt this act from requiring state reimbursement for implementation.

Takes effect immediately upon becoming law.