IL SB3050

Removes the birthdate restriction requiring Chicago police officers to be born before January 1, 1966 to qualify for a 3% automatic annual increase in retirement annuity at age 55.

Changes the automatic annual increase from 1.5% to 3% for eligible retirees and eliminates the 30% maximum cap on cumulative increases.

Specifies that police officers born after January 1, 1966 who have not received an initial increase before January 1, 2020 are entitled to receive it on the latest of: January 1, 2020, their first retirement anniversary, or attainment of age 55.

Amends the State Mandates Act to exempt the state from reimbursing municipalities for implementation costs of this bill.

Takes effect immediately upon becoming law.