Michael Frerichs was elected Illinois State Treasurer in November 2014. In Illinois, the Treasurer is the State’s Chief Investment Officer and Frerichs is a Certified Public Finance Officer. The Treasurer’s Office is responsible for preserving the State’s investment portfolio, providing the necessary liquidity to meet daily cash flow demands, and consistently producing investment earnings that enrich the people and communities of Illinois.
Currently, the Treasurer’s Office manages approximately $28 billion, which includes $13 billion in state investments, $10 billion in college savings plans and $5 billion on behalf of state agencies and local governments. The Treasurer’s Office also oversees the Unclaimed Property program, administers the State’s multiple banking functions and financial services, and provides several low-interest loan and financial programs aimed at spurring economic growth, creating jobs, assisting farmers, enhancing Illinois communities, and making home ownership a reality. Ultimately, the Treasurer’s Office returns $28 in revenue to the State for every $1 spent on operations.
Since Frerichs took office, the Treasurer’s Office has spearheaded a number of initiatives designed to enhance the economic standing of Illinois families and the State on the whole. Under Frerichs, the Treasurer’s Office has lowered fees for the Bright Directions College Savings Program and the plan received a ratings upgrade from Morningstar, ranking the program among the best in the country. The Treasurer’s Office also made significant progress toward the implementation of two new programs: (i) Secure Choice, to help people retire with dignity; and (ii) Achieving a Better Life Experience (ABLE), which assists individuals with disabilities get the tools necessary to attain financial stability and independence. Finally, the Treasurer’s Office continues to promote more opportunities for Minorities, Women, Veterans and Disabled individuals (MWVD). Under the Frerichs’ administration, the State experienced a nearly 1,000% increase in assets brokered by MWVD firms.
For additional information, please visit http://www.illinoistreasurer.gov/.