HB2908 Summary

• Modifies Chicago firefighter pension increases for Tier 2 retirees by changing the annual increase calculation from the lesser of 3% or half the consumer price index to a fixed 3% of the originally granted annuity.

• Removes provisions requiring comparison to the consumer price index-u and eliminates the ability to deny increases when inflation is zero or negative.

• Adds Section 8.43 to the State Mandates Act to exempt this change from state reimbursement requirements for local implementation.

• Takes effect immediately upon becoming law.