IL HB2453

Removes the birthdate restriction (born before January 1, 1966) for Chicago police officers to receive a 3% automatic annual increase in retirement annuity upon reaching age 55 or the first anniversary of retirement, whichever is later.

Eliminates the 30% maximum cap on cumulative retirement annuity increases for all eligible police officers, making the 3% annual increases unlimited.

Establishes January 1, 2020 as the effective date for initial annuity increases for police officers born after January 1, 1966 who have not yet received their first increase.

Changes the annual increase rate from 1.5% to 3% for all eligible retiring officers after September 1, 1967.

Adds an exemption to the State Mandates Act so the state is not required to reimburse the implementation costs of this bill.