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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.