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91_HB2980eng
HB2980 Engrossed LRB9107003WHdv
1 AN ACT in relation to workers' compensation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Workers' Compensation Act is amended
5 by adding Section 10.1 as follows:
6 (820 ILCS 305/10.1 new)
7 Sec. 10.1. Compromise lump sum settlement. The parties,
8 by agreement and with approval of an arbitrator or the
9 Commission, may enter into a compromise lump sum settlement
10 in either permanent total or permanent partial disability
11 cases which prorates the lump sum settlement over the life
12 expectancy of the injured worker. When such an agreement has
13 been approved, neither the weekly compensation rate paid
14 throughout the case nor the maximum statutory weekly rate
15 applicable to the injury shall apply. No compensation rate
16 shall exceed the maximum statutory weekly rate as of the date
17 of the injury. Instead, the prorated rate set forth in the
18 approved settlement documents shall control and become the
19 rate for that case. This Section shall be retroactive in
20 effect.
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