(820 ILCS 305/10.1)
Compromise lump sum settlement.
The parties, by
agreement and with approval of an arbitrator or the Commission, may enter
into a compromise lump sum settlement in either permanent total or permanent
partial disability cases which prorates the lump sum settlement over the life
expectancy of the injured worker. When such an agreement has been approved,
neither the weekly compensation rate paid throughout the case nor the maximum
statutory weekly rate applicable to the injury shall apply. No
compensation rate shall exceed the maximum statutory weekly rate as of the
date of the injury. Instead, the prorated rate set
forth in the approved settlement documents shall control and become the rate
for that case.
(Source: P.A. 91-757, eff. 1-1-01.)