PENCD-CHI FIRE-ANNUAL INCREASE

Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that the annual increase to a Tier 2 retirement annuity shall be calculated at 3% (instead of the lesser of 3% or one-half the annual unadjusted percentage increase in the consumer price index-u for the 12 months ending with the September preceding each November 1) of the originally granted annuity. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.