IL HB2821

Removes the January 1, 1966 birthdate restriction for Chicago police officers to receive a 3% automatic annual increase in retirement annuity at age 55.

Eliminates the 30% maximum cap on cumulative retirement annuity increases that previously applied to certain cohorts of police officers.

Specifies that police officers born after January 1, 1966 who have not received their initial increase before January 1, 2023 become eligible on the latest of: January 1, 2023, their first retirement anniversary, or attainment of age 55.

Amends the State Mandates Act to exempt this bill from state reimbursement requirements to local governments for implementation.

Takes effect immediately upon becoming law.