PEN CD-ART 4-RECALCULATION

Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that, in July 2012, the monthly pension of a firefighter who retired on or before January 1, 1986 shall be recalculated and increased to reflect the amount that the firefighter would have received in July 2012 had the firefighter been receiving a 3% compounded increase for each year he or she received pension payments after January 1, 1986, plus any increases in pension received for each year prior to January 1, 1986. In each January thereafter, provides that he or she shall receive an additional increase of 3% of the amount of the pension then being paid. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.