SB 3436

Abstract

Amends the Chicago Police Article of the Illinois Pension Code. Increases the minimum monthly annuity payment to $1,500 beginning January 1, 2011 for any policeman who retired from the service before January 1, 2011, at age 50 or over with 20 or more years of service, and for any policeman who retired from service due to termination of disability and who is entitled to an annuity on January 1, 2011. Increases the minimum amount of a widow's annuity to $1,200 per month beginning January 1, 2011, $1,250 per month beginning January 1, 2012, $1,300 per month beginning January 1, 2013, $1,350 per month beginning January 1, 2014, and $1,400 per month beginning January 1, 2015. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.