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The pension bill — approved last week during the Legislature’s veto session — will grant 3% cost-of-living increases for all retired Chicago police officers, regardless of whether they were born before or after Jan. 1, 1966. Pritzker in 2021 signed into law a similar measure that boosted pensions for retired firefighters.
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Summary and audio linked here.
The article is misleading at best. The COLA for retired CPD members is a one time 3% increase if the original annuity. No compounding. The initial COLA never changes, stays the same, no increase, no compounding unlike the state retirees who get compounded COLA raises.