Treasurer / Statewide, IL
Michael Frerichs (pronounced FREH-ricks) was first elected Illinois State Treasurer in November 4, 2014 and re-elected on November 6, 2018. Frerichs is the 74th person to serve in this role. Prior to these offices, Frerichs was elected Illinois State Senator representing east-central Illinois in 2006. Frerichs attended Yale University and spent two years in Taiwan teaching children English. He has served as a volunteer firefighter and has one daughter, Ella.
As Treasurer, Frerichs actively manages approximately $31 billion. He takes an investment approach and is cautious to ensure the preservation of principal. The investment returns are significant: For every $1 spent to run the office, Frerichs nets $42 for the state’s residents. This strategy helped produce a record-breaking $239 million in forgotten cash and stock was returned to individuals, employers, and non- profits in Fiscal Year 2019.
Under Treasurer Frerichs’ leadership, Illinois launched the Illinois Achieving a Better Life Experience Program (ABLE), a savings and investment program that allows people with disabilities and their families to save and build financial wellness without risking federal benefits. In November 2018 Treasurer Frerichs launched Secure Choice, a retirement savings program that will benefit an estimated 1.2 million private-sector workers in Illinois who do not have access to an employer-sponsored retirement plan.
Mike Frerichs’s Ideas
Problem Illinois infrastructure, like many states across the country, has a long list of infrastructure needs. Solution The Infrastructure Development Account (IDA) allows the State […]
Jobs and Entrepreneurship | Mike Frerichs | Treasurer | Statewide, IL
Problem Government investment officers face difficult choices. Not only do they seek investments that are safe and high-performing, but they seek – and their constituents […]
Smart Government | Mike Frerichs | Treasurer | Statewide, IL
Problem Student loans are a burden which prevents many from fully participating in our economy and which can make higher education inaccessible in the first […]
Education | Mike Frerichs | Treasurer | Statewide, IL
Problem Sustainable investing reverses the trend of focusing narrowly on financial results and instead takes a holistic view of investment. This is appropriate given the […]
Climate Change | Mike Frerichs | Treasurer | Statewide, IL