Illinois Compiled Statutes 30 ILCS 105/6z-64 – The Workers’ Compensation Revolving Fund
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(a) The Workers’ Compensation Revolving Fund is created as a revolving fund, not subject to fiscal year limitations, in the State treasury. The following moneys shall be deposited into the Fund:
(1) amounts authorized for transfer to the Fund from
(1) amounts authorized for transfer to the Fund from
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the General Revenue Fund and other State funds (except for funds classified by the Comptroller as federal trust funds or State trust funds) pursuant to State law or Executive Order;
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(2) federal funds received by the Department of
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Central Management Services (the “Department”) as a result of expenditures from the Fund;
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(3) interest earned on moneys in the Fund;
(4) receipts or inter-fund transfers resulting from
Terms Used In Illinois Compiled Statutes 30 ILCS 105/6z-64
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(4) receipts or inter-fund transfers resulting from
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billings issued to State agencies, officers, boards, commissions, and universities for the cost of workers’ compensation services that are not compensated through the specific fund transfers authorized by this Section, if any;
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(5) amounts received from a State agency, officer,
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board, commission, or university for workers’ compensation payments for temporary total disability, as provided in Section 405-105 of the Department of Central Management Services Law of the Civil Administrative Code of Illinois; and
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(6) amounts recovered through subrogation in workers’
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compensation and workers’ occupational disease cases.
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(b) Moneys in the Fund may be used by the Department for reimbursement or payment for:
(1) providing workers’ compensation services to
(1) providing workers’ compensation services to
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State agencies, officers, boards, commissions, and universities; or
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(2) providing for payment of administrative and other
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expenses (and, beginning January 1, 2013, fees and charges made pursuant to a contract with a private vendor) incurred in providing workers’ compensation services. The Department, or any successor agency designated to enter into contracts with one or more private vendors for the administration of the workers’ compensation program for State employees pursuant to subdivision (10b) of Section 405-105 of the Department of Central Management Services Law of the Civil Administrative Code of Illinois, is authorized to establish one or more special funds, as separate accounts provided by any bank or banks as defined by the Illinois Banking Act, any savings and loan association or associations as defined by the Illinois Savings and Loan Act of 1985, or any credit union as defined by the Illinois Credit Union Act, to be held by the Director outside of the State treasury, for the purpose of receiving the transfer of moneys from the Workers’ Compensation Revolving Fund. The Department may promulgate rules further defining the methodology for the transfers. Any interest earned by moneys in the funds or accounts shall be deposited into the Workers’ Compensation Revolving Fund. The transferred moneys, and interest accrued thereon, shall be used exclusively for transfers to contracted private vendors or their financial institutions for payments to workers’ compensation claimants and providers for workers’ compensation services, claims, and benefits pursuant to this Section and subdivision (9) of Section 405-105 of the Department of Central Management Services Law of the Civil Administrative Code of Illinois. The transferred moneys, and interest accrued thereon, shall not be used for any other purpose, including, but not limited to, reimbursement or payment of administrative fees due the contracted vendor pursuant to its contract or contracts with the Department.
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(c) State agencies, officers, boards, and commissions may direct the Comptroller to process inter-fund transfers or make payment through the voucher and warrant process to the Workers’ Compensation Revolving Fund in satisfaction of billings issued under subsection (a) of this Section.
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(e) The term “workers’ compensation services” means services, claims expenses, and related administrative costs incurred in performing the duties under Sections 405-105 and 405-411 of the Department of Central Management Services Law of the Civil Administrative Code of Illinois.
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(e) The term “workers’ compensation services” means services, claims expenses, and related administrative costs incurred in performing the duties under Sections 405-105 and 405-411 of the Department of Central Management Services Law of the Civil Administrative Code of Illinois.