IL SB3154

Removes the birthdate restriction (born before January 1, 1966) that previously limited 3% automatic annual retirement annuity increases to firefighters born after December 31, 1954.

Lowers the age requirement for 3% automatic annual increases from age 60 to age 55 for eligible Chicago firefighters, effective upon the first anniversary of retirement or attainment of age 55, whichever is later.

Eliminates the 30% maximum cap on cumulative annuity increases for firefighters born after December 31, 1954 who receive the 3% annual increases.

Applies changes retroactively without regard to whether the firefighter or annuitant terminated service before the effective date of this amendment.

Amends the State Mandates Act to exempt the implementation of this mandate from requiring state reimbursement; takes effect immediately.