HB 5592

Abstract

Amends the Downstate Firefighters Article of the Illinois Pension Code. Provides that each annual increase for Tier 2 members shall be calculated at 3% of the originally granted pension (rather than the lesser of 3% or one-half the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for a 12-month period ending in September preceding each November 1). Provides that the changes shall apply without regard to whether a Tier 2 member is in active service under the Article on or after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.