PEN CD-CHIC POLICE-ELECT COLA

Amends the Chicago Police Article of the Illinois Pension Code. Provides that, beginning on January 1, 2012, policemen who do not receive 3% annual increases may irrevocably elect to receive annual increases at that rate by contributing an additional 1% of salary to the fund. Makes changes concerning annual increases to the monthly annuities of persons who first become policemen on or after the effective date of the amendatory Act. Deletes repetitive language concerning annual increases in survivor's annuities for new hires. Amends the State Mandates Act to require implementation without reimbursement.