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IL SB3074
Bill
Status
Failed
1/13/2021
Primary Sponsor
William Cunningham
Click for details
AI Summary
- Amends the Chicago Police Article of the Illinois Pension Code to change how the 3% automatic annual annuity increase is calculated for retired police officers who reach age 70
- Police officers who retire with at least 20 years of service credit and attain age 70 on or after the effective date will have their 3% annual increases compounded rather than calculated on the original annuity amount
- Police officers who already reached age 70 before the effective date will have all future 3% increases compounded going forward
- Changes apply to all eligible police annuitants regardless of when they terminated service
- Amends the State Mandates Act to exempt the State from reimbursing local governments for implementation costs; takes effect immediately upon becoming law
Legislative Description
PEN CD-CHI POL-ANNUAL INCREASE
Last Action
Session Sine Die
1/13/2021
Committee Referrals
Assignments2/5/2020
Full Bill Text
No bill text available