IL SB2105

Removes birthdate restriction on age 55 eligibility for 3% automatic annual retirement annuity increase with no 30% maximum cap for Chicago police officers born after January 1, 1966.

Changes Tier 2 policemen's "final average salary" calculation to the greater of: 96 consecutive months' average within the last 120 months, or 48 consecutive months' average within the last 60 months of service.

Increases Tier 2 salary cap adjustment from one-half to the full annual unadjusted percentage increase in consumer price index-u (with 3% maximum).

Modifies Tier 2 surviving spouse annuity to 54% of policeman's monthly salary and adds benefits for guardians of deceased policeman's minor children (12% per child, 20% per child if no surviving spouse).

Requires implementation of these pension changes without State reimbursement under the State Mandates Act; effective immediately upon enactment.