IL HB4942

Increases the Illinois Workers' Compensation Commission Operations Fund Surcharge from 1.092% to 1.1794% of direct written premium, effective June 1, 2026, for insurance companies covering workers' compensation liabilities.

Raises the Operations Fund Fee for self-insured employers from 0.0081% to 0.00875% of annual wages paid in Illinois, effective July 1, 2026.

Establishes a new process starting in May 2027 allowing the Commission Chairman to propose annual rate increases, subject to majority Commission vote and publication on the Commission's website.

Prohibits rate reductions below the previous year's rate without an Act of the General Assembly, and requires any increases to the surcharge and fee rates to be made in identical proportions.

Takes effect immediately upon becoming law.