IL SB3603

Modifies Chicago Police pension annuity increases for officers age 70 and older by requiring one-half of any 3% automatic increase to be compounded beginning at age 70 or after the effective date.

Applies compounding requirement retroactively to officers who attained age 70 before the effective date, affecting 3% increases following the law's enactment.

Changes apply regardless of whether the officer or annuitant terminated service before the effective date of this amendatory act.

Adds Section 8.44 to the State Mandates Act to exempt this mandate from state reimbursement requirements.

Takes effect immediately upon becoming law.