Michael Frerichs was first elected Illinois State Treasurer in November 4, 2014 and re-elected on November 6, 2018. In Illinois, the Treasurer is the state’s Chief Investment and Banking Officer, and the Treasurer’s office actively manages approximately $32 billion.
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 $239 million in forgotten cash and stock was returned to individuals, employers, and nonprofits in Fiscal Year 2019. By making changes to the Bright Start and Bright Directions College Savings Programs, Frerichs has lowered fees and provided more investment options, making college more affordable for families saving for their child’s future. Under Treasurer Frerichs’ leadership, Illinois now leads a 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. 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.
Treasurer Frerichs graduated from Yale University and spent two years in Taiwan where he taught English to young students and learned to speak Chinese. He returned to Champaign County and launched his own technology business. He was elected to the Champaign County Board and elected Champaign County Auditor. He also served as a volunteer firefighter. In 2006, Frerichs was elected Illinois State Senator representing east-central Illinois.
As Treasurer, Frerichs currently serves on the Executive Committee of the National Association of State Treasurers, the National Association of State Auditors, Comptrollers, and Treasurers, the College Savings Plan Network, and the National Association of Unclaimed Property Administrators. He also serves as a trustee on the Illinois State Board of Investment.