PENCD-CHGO FIRE-COMPOUND INC

Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in the retirement annuity. Increases the rate of increase to 3% and removes the 30% maximum for all firemen who are at least 55 years of age, regardless of date of birth. For certain firemen who are at least 55 years of age with at least 20 years of service, makes the initial annual increase occur on the first anniversary of retirement. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.