IL SB3075

Modifies automatic annuity increases for Chicago police officers who retire after September 1, 1967 with at least 20 years of service credit by making one-half of any 3% annual increase compounded beginning at age 70.

Applies compounding provision to officers who attain age 70 on or after the bill's effective date, and retroactively to officers who already attained age 70 before the effective date.

Provision applies regardless of whether the officer or annuitant terminated service before the bill's effective date.

Amends the State Mandates Act to exempt the state from reimbursing local implementation costs of this mandate.

Takes effect immediately upon becoming law.