IL HB2451

Amends Illinois Pension Code Section 6-164 to lower the age requirement for Chicago firefighters to receive automatic annual annuity increases from age 60 to age 55.

Firefighters retiring after September 1, 1959 who qualify for minimum annuity and reach age 55 become eligible for 1.5% annual increases (up to 30% maximum) or 3% annual increases depending on their birth year cohort.

For firefighters born after December 31, 1954, establishes 3% annual increases (without the 30% cap) beginning January 1, 2017, and extends this benefit to all qualifying firefighters retiring after September 1, 1967 beginning January 1, 2020.

Includes provisions to reconcile prior 1.5% increases received by eligible firefighters to bring them to the full 3% annual increase amount they would have otherwise received.

Adds Section 8.43 to the State Mandates Act exempting the state from providing reimbursement for mandates created by this amendatory act.