Once there is an agreed settlement in a Workers' Compensation case, what is the process?

In Illinois, Workers' Compensation settlements have to be approved by an arbitrator. The tentative settlement terms are presented to the arbitrator in a written Settlement Contract signed by all the parties. The arbitrator will review the terms and related medical records to make sure the settlement is fair. The arbitrator has 10 business days to approve proposed settlement. Once approved, the settlement funds are typically available within 14-28 days.