SB3051 Summary

• Removes birthdate restriction on age 55 eligibility for 3% automatic annual retirement annuity increase, making it available to all Chicago police officers regardless of birth date and eliminating the prior 30% maximum cap on cumulative increases.

• For Tier 2 policemen, changes "final average salary" calculation to use the greater of: 96 consecutive months within last 120 months of service, or 48 consecutive months within last 60 months of service.

• Increases annual Tier 2 salary cap adjustments from one-half of the annual consumer price index to the full annual unadjusted percentage increase (capped at 3%), applied retroactively without adjustment to employee contributions.

• Changes surviving spouse annuity for Tier 2 policemen from prior provisions to 54% of monthly salary in certain circumstances, and increases child guardianship benefits from prior levels to 12% of salary per child when deceased was parent of a child.

• Amends the State Mandates Act to exempt this legislation from state reimbursement requirements; effective immediately upon enactment.