RACE: Treasurer

About the Candidate

Name: Michael W. Frerichs
DOB: July 28. 1973
Occupation: Illinois State Treasurer
Political Experience: State Senator; Champaign County Auditor; Champaign County Board
Website: https://www.friendsoffrerichs.com/
Twitter:
@MikeforIllinois
Facebook: www.facebook.com/MikeForIllinois/
Instagram: @mikeforillinois

Candidate Statement

Hi, my name is Mike Frerichs, I’m the Illinois State Treasurer. I invest the state’s money and provide programs to help people invest in themselves.

Why should you re-elect me? Under my tenure, the State Treasurer’s Office has earned more than a billion dollars for taxpayers through safe, smart investing.

Every dollar earned is a dollar that doesn’t have to be raised in taxes or a dollar cut from essential services.

I’m the state’s Chief Investment Officer, but I do more than make wise investments and protect taxpayers.

I have returned more than $1.5 billion through the I-Cash program, more than any other treasurer in history.

We passed laws to force life insurance companies to pay death benefits rather than sit on the money and pad their profit margin.

I fixed the Bright Start College Savings program, taking it from worst to first in the country. Independent analyst Morningstar awarded us their Gold rating five years in a row.

We cut management fees by nearly 50% and saved Illinois families more than $100 million.

I created the Secure Choice program, which has helped more than 100,000 Illinois workers save so that they can have a retirement with dignity.

This election is about continuing to move Illinois forward. My opponent is aligned with those who would take us back.

He doesn’t trust women to make decisions about their own bodies.

He wants to keep workers down.

He doesn’t want to return money that belongs to taxpayers.

And he puts Wall Street ahead of Your Street.

He stands with extremist Darren Bailey, who my opponent says will make a good governor.

Let’s move forward, not backward.

Four years ago, I asked for your support and you elected me state treasurer. Today, I ask for your vote again. Early voting has begun and Election Day is Nov. 8.

Together, we can make Illinois stronger. Thank you.

Candidate Q&A

Why are you running?

Under my tenure the Illinois Treasurer's Office has earned more than $1 billion for taxpayers and been awarded the top AAA rating for the Illinois Funds investment pool. Every dollar earned by the State Treasurer is a dollar that does not have to be raised in taxes or cut from funding for essential services in your community.

As the state's Chief Investment Officer, I do more than make wise investments and protect taxpayer dollars, my office provides tools to help people invest in themselves.

During my tenure, I have returned more than $1.3 billion back to Illinoisans through the I-Cash program, more than any other Treasurer in history. I have expanded access to higher education by improving the 529 College Savings Program to the top-rated program in the country, earning independent analyst Morningstar's Gold rating five years in a row. I have expanded tools like the Secure Choice program that is helping over 100,000 workers save their own money to retire with dignity and the ABLE program that is helping families plan for loved ones with disabilities.

I would continue to bring accountability, transparency, and competency to the Illinois Treasurer’s Office. I would continue to push for constant improvement in the Illinois Treasurer's Office. Most importantly, I would continue to safeguard the state's money and ensure that our tax dollars are invested wisely. 

What does this office do well, and what needs fixing?

The College Savings program I inherited in 2015 had among the lowest ratings in the nation. Under my leadership as State Treasurer, we changed providers, cut management fees by nearly 50%, and provided more investment options to families saving for a college education. As a result, not only have families saved over $100 million in fees since 2015 but independent analyst Morningstar improved their rating for the Bright Start college savings program from among the worst to literally tied for first in the nation. Bright Start has now received the top Gold rating for five consecutive years.

I am always eager to find new and innovative ways to return unclaimed property to Illinoisans. In 2015 I inherited an unclaimed property law that was passed in 1961 and a paper-based system for claiming your money. With help from the General Assembly, we modernized Illinois' unclaimed property law. And we updated our processes to utilize modern technology to make claiming your money faster and easier. As a result, under my leadership, the State Treasurer's office has returned over $1.3 billion, more than any other Treasurer in Illinois history, and has tripled the number of claims approved each year.

At my urging the General Assembly passed the Achieving a Better Life Experience or ABLE account program to assist families save private funds to support individuals with disabilities – without jeopardizing their federal and state benefits. Today thousands of Illinois families are saving for their loved ones with disabilities. But there are thousands of individuals with disabilities in Illinois who have not yet opened an ABLE account. If re-elected, I would continue to publicize the program and encourage more families to provide greater financial independence for individuals with disabilities.

What is the most pressing issue facing your constituents and how do you plan on addressing it?

Many Illinoisians are under significant financial pressure.

In Illinois, the State Treasurer is the state's Chief Investment and Banking Officer. So, the first thing the State Treasurer can do is continue to invest state funds wisely. Every dollar earned by the State Treasurer is a dollar that does not have to be raised in taxes or cut from funding for essential services in your community. During my tenure the Illinois Treasurer's Office has earned more than $1 billion and been awarded the top AAA rating for the Illinois Funds investment pool.

Next, the Illinois Treasurer’s Office can provide individuals and families with financial tools so that they can invest in themselves

America is facing a retirement savings crisis. The AARP points out that nearly half of all working-age families have nothing saved for retirement. That’s why as State Treasurer my office launched the Secure Choice program, an innovative state-facilitated retirement savings program for private-sector workers in Illinois who do not have access to an employer-sponsored retirement plan. Workers save their own money and their account travels from job-to-job with the worker. Today over 100,000 Illinois workers have saved over $85 million for their retirement.

Paying for college or trade school has never been more expensive. That’s why as State Treasurer my office offers the Bright Start college savings plan. Since 2015 my office has cut management fees by nearly 50% and saved families over $100 million. Bright Start has now received the top Gold rating from independent analyst Morningstar for five consecutive years. And Illinois’ college savings pool has more than doubled from $7 billion in 2015 to over $17 billion in assets with approximately 750,000 accounts today.

When a business owes you money, Illinois law says they don’t get to just keep it. They have to return your money. If they can’t, they have to turn it over to the State Treasurer as unclaimed property. During my tenure as State Treasurer, I have made returning unclaimed property to Illinoisans a priority. Over sometimes fierce opposition from special interests, I fought to modernize our unclaimed property laws and system. Since 2015 my office has returned a record $1.3 billion and tripled the number of claims paid each year. One in four adults who search our website (icash.illinoistreasurer.gov) find something and the average claim is $1,000. When my office gets money back in the hands of Illinois residents, it does more good for our economy than sitting in a bank.

What specific steps would you take to ensure your office is accessible and responsive to your constituents?

As Illinois State Treasurer, increasing transparency and allowing Illinois taxpayers to see how their money is working for them continues to be a priority. Using the Vault Data Portal on the official www.illinoistreasurer.gov website, taxpayers can freely access a wealth of data on investment programs and banking activities by the Illinois Treasurer’s Office. Further, I include financial updates in the Illinois Treasurer’s Office semimonthly email newsletter.

As a further example, Illinois’ unclaimed property program used to be a paper-based system that required Illinoisans to mail hard copies of claim forms and documentation to Springfield. Now because of changes I implemented as State Treasurer people can file their claims online and upload documents directly to our website. Some easy online claims are now approved through a “Fast Track” automated review process that pays out without any additional requests for information. And under our “Money Match” program we now compare our unclaimed property data with other state records to identify taxpayers with unclaimed property under $2,000 and simply mail them a check – without them even having to file a claim. We even launched an online chat feature that is available during business hours to allow residents to communicate directly with an employee from the unclaimed property division to help answer questions and assist with the claims process in real time.