IL SB3612

Removes birthdate restrictions on automatic 3% annual retirement annuity increases for Chicago police officers age 55 and over, eliminating the previous 30% maximum increase cap.

Modifies Tier 2 police and firefighter "final average salary" calculation to use the greater of: 96 consecutive months within the last 120 months, or 48 consecutive months within the last 120 months of highest salary.

Changes Tier 2 salary cap annual increase from one-half of annual consumer price index-u to the full annual consumer price index-u percentage increase (but not less than 3%).

Establishes survivor benefits for Tier 2 police and firefighters: 54% of monthly salary for surviving spouses, 12% for each minor child when spouse present, and 20% for each minor child if no surviving spouse.

Amends State Mandates Act to exempt this legislation from state reimbursement requirements and makes the act effective immediately.