IL SB1630

Modifies the Illinois Pension Code Section 6-229 concerning Tier 2 firefighter pension benefits for those hired on or after January 1, 2011.

Changes the salary cap adjustment mechanism: until 2023, annual increases are limited to the lesser of 3% or one-half the consumer price index-u change; beginning in 2024, increases equal the full annual unadjusted consumer price index-u percentage change.

Defines "consumer price index-u" as the index published by the Bureau of Labor Statistics measuring average price changes for urban consumers, with adjustments determined by the Public Pension Division of the Department of Insurance by November 1 each year.

Adds Section 8.47 to the State Mandates Act declaring that no state reimbursement is required for implementing mandates created by this amendatory act.

Takes effect upon becoming law.