Illinois to Resume Lottery Payments to Winners Over $600 Next Week
Whether you plan on keeping it or selling it to us, lottery winners in the state of Illinois can start collecting their checks.
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Illinois to Resume Lottery Payments to Winners Over $600 Next Week

11 Dec Illinois to Resume Lottery Payments to Winners Over $600 Next Week

lottery paymentsPeople play the lottery for many reasons, but ultimately the motive behind virtually every dollar spent is to win a big lottery payout. The government already withholds about 25% of lottery jackpot winnings, but the winners in the state of Illinois haven’t been able to claim any their lottery payments due thanks to the state government’s failure to pass a budget by the July deadline.

Those woes are set to be rectified next week after Republican Governor Bruce Rauner signed off on a stopgap bill that will allow funding to resume in several specific areas, including lottery payments, according to the Chicago-area ABC affiliate

“Winners who have already submitted claims will have their paperwork processed in the order it was received,” lottery officials said in a statement. “The Lottery expects the processing of new claims to begin the week of December 14th.”

Local government coffers, heating expenses for the poor, domestic violence shelters, and all lottery payouts should start receiving the funding they’re due, at least temporarily.

The new bill was unanimously passed by the Democrat-controlled Senate by a vote of 53-0, leaving Rauner with little wiggle room to avoid the piecemeal-style effort he had previously decried against.

“What you see with this bill is, frankly, evidence that the governor can reach across the aisle and you can reach back and we can all get on the same page and do things together,” said Sen. Matt Murphy, a Palatine Republican. “Let’s hope that this is an example that produces more similar outcomes as we come into 2016.”

After public officials failed to pass a budget the state lottery was barred from paying out any winnings over $600, whether they were lump sum versus annuity-style didn’t matter. The Mega Millions lottery annuity for example is paid out as one immediate payment followed by 29 annual payments that increase by 5%. The would-be winners were instead left with IOUs and the dreams of what they’ll use their lottery payments for someday.

Hopefully with the extra time these winners have had to contemplate their new wealth they will be less likely to fall victim to some of the typical pitfalls. Overall, even though nearly half (48%) of lotto winners still work after winning the lottery, about 70% lose or spend all their money in five years or less.

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