IL HB3848

Removes the birthdate restriction (previously January 1, 1966) for Chicago police officers to qualify for a 3% automatic annual increase in retirement annuity at age 55, making this benefit available to all eligible retirees regardless of when they were born

Eliminates the 30% maximum cap on cumulative annuity increases, allowing retirement benefits to continue growing beyond the previous limit

Police officers born after January 1, 1966 who have not received their initial annuity increase before January 1, 2022 become eligible for the increase on whichever occurs last: January 1, 2022, the first anniversary of retirement, or attainment of age 55

Requires officers with at least 20 years of service credit who retired after September 1, 1967 to qualify for the enhanced benefits

Exempts the State from reimbursement requirements under the State Mandates Act for implementation costs, meaning the City of Chicago bears the financial responsibility