IL HB5252

Changes the Chicago Police Pension Code to require 3% automatic annuity increases to be compounded beginning at age 70 for officers retiring after September 1, 1967 with at least 20 years of service credit.

Applies compounding retroactively to officers who attained age 70 before the bill's effective date, with compounding beginning on the effective date.

Applies these changes regardless of whether the officer or annuitant terminated service before the bill takes effect.

Amends the State Mandates Act to exempt the implementation of these changes from requiring state reimbursement.

Takes effect immediately upon becoming law.