SPRINGFIELD, Ill. – State Rep. Mary Gill, D-Chicago, recently supported an effort to ensure all retired Chicago Police Department officers receive a 3% non-compounded cost of living adjustment (COLA), replacing existing statute that provides a lower, 1.5% non-compounded COLA for officers born after Jan. 1, 1966.
“We’re eliminating unnecessary uncertainty regarding what officers can expect when they retire,” Gill said. “Our brave officers put their lives on the line every day in support of our community, it’s critical that we have their back. This proposal puts all of them on equal footing and will stop politicians from playing games with their pensions.”
Gill sponsored and supported Senate Bill 1956, which uniformly creates a 3% non-compounded COLA for all retired officers receiving a pension. The measure eliminates previous practice from the General Assembly which would periodically move forward the birth date that marked who qualified for the 3% COLA versus a 1.5% COLA. Implementing Senate Bill 1956 would eliminate the need for future date changes from the General Assembly, and would more accurately forecast the amount of money needed to fund pension obligations in the years ahead.
Senate Bill 1956 received bipartisan support, and will be sent to the governor for approval.
“This effort brings better transparency and is the right thing to do,” Gill said. “I appreciate the advocacy and support on both the state and city level to get this done.”
For more information, please contact RepMaryGill@gmail.com.