IL SB0122

Removes age limitations (age 50 for all officers, age 57 for those with less than 10 years of service) on eligibility for contribution refunds from the Chicago Police pension fund.

Requires refunds to be calculated based on an officer's total contributions minus any annuity benefits previously received by the officer and beneficiaries.

Eliminates the right to receive a refund once an officer's annuity benefit has been fixed.

Denies refund eligibility if the total annuity benefits received by the officer and beneficiaries exceed the officer's total contributions to the fund.

Amends the State Mandates Act to exempt this legislation from state reimbursement requirements.