Illinois State Treasurer
Mike Frerichs
Michael Frerichs was first elected Illinois State Treasurer in November 2014. He has been re-elected twice and began his third term in January 2023. Frerichs is the 74th person to serve in this role.
In Illinois, the Treasurer is the state’s Chief Investment and Banking Officer. The office invests money on behalf of the state and local units of government. Frerichs also believes in providing individuals with financial tools so they can invest in themselves.
He does this by encouraging savings plans for college and trade school, increasing financial education among all ages, removing barriers to a secure retirement, and reuniting Illinois residents with their unclaimed property.
The Treasurer’s Office actively manages approximately $56 billion. The investment approach is cautious to ensure the preservation of principal, but the investment returns are significant. Under Frerichs’ tenure, the office has earned more than $2 billion for taxpayers through safe, smart investing.
Since taking office, Treasurer Frerichs has made significant strides in the fight for consumers by making sure Illinois residents get what is owed to them through the Unclaimed Property Program. A record- breaking $2 billion in forgotten cash and stock has been returned to individuals, employers, and nonprofit organizations under his watch.
Treasurer Frerichs also has worked to make college more affordable for families saving for their children’s future. He made changes to the Bright Start college savings program, taking it from worst to among the nation’s best. Independent analyst Morningstar awarded Bright Start their top Gold rating five years in a row. The treasurer lowered fees and provided more investment options for families.
Under Treasurer Frerichs’ leadership, Illinois now leads a bipartisan multi-state alliance that allows parents of children with blindness or a disability to save for their child without jeopardizing their federal disability benefits. Achieving a Better Life Experience Program (ABLE) is the national standard, offering high-quality and low-cost investment options. His office also led negotiations that resulted in lower fees for participants.
Learn more about Michael Frerichs here.
