Illinois Treasurer

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Illinois Treasurer Mike Frerichs says families in the state that have college savings plans won't get a break on their state taxes if they use those accounts to pay for private K-12 tuition.

Frerichs warns that families with Bright Start or Bright Directions college savings plans, who attempt to claim that deduction, could potentially face a tax penalty from the state.

The Journal Star reports that the savings programs aim to incentivize taxpayers to put money aside for college tuition.

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A judge has ruled three former workers in the Illinois treasurer's office didn't prove their allegation in a lawsuit that they were fired after cooperating in a harassment investigation.

In issuing his ruling Monday, Cook County Circuit Judge James Snyder said Patrick Carlson, George Daglas and Ashvin Lad didn't prove Republican Dan Rutherford fired them in retaliation for corroborating another employee's claims of sexual harassment.

illinois.gov

An auction of unclaimed property worth $113,500 at the Illinois State Fair will be previewed in coming weeks in Springfield and Chicago.

State Treasurer Michael Frerichs says items include a signed, 1983 Ryne Sandberg baseball card; souvenir medallions from the 1893 World's Columbian Exposition in Chicago; a Hohner 6-sided "paddle wheel" harmonica; and coins from the 1622 Spanish shipwreck of the Atocha .

ICash Program Posts Record Year Returning Assets

Jul 18, 2017
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It has been a record-breaking year for the ICash program, according to the Illinois Treasurer's office.

"In the past year, Treasurer Michael Frerichs returned more than $159 million in unclaimed property to Illinois residents," spokesman Greg Rivara said. "It was $4 million more than the previous year, and the average claim amount was $2,700."

The program aims to reunite individuals, employers, and non-profits with forgotten assets, which can include cash, stocks, insurance benefits, and what's left in safe-deposit boxes.

mikefrerichs.com

The state treasurer says Illinois Gov. Bruce Rauner must go to New York to talk bond-rating houses out of knocking the state's creditworthiness into "junk" status.

Democrat Michael Frerichs said in Chicago Monday that the Republican governor should commit to the $36 billion spending plan the General Assembly adopted last week over his vetoes.

It includes a $5 billion income-tax increase. It's the first budget Illinois has had in two years because of political disagreements. Bond houses have threatened to knock Illinois' rating down to "junk" even with the budget deal.

Illinois State Treasurer Michael Frerichs says the state is reducing fees and giving more investment choices to people saving money for college in the state's 529 college savings plans.

The Chicago Tribune reports that Illinois currently offers two funds for people who work with financial planners or investment advisers on their 529 plans. The plans allow people to save money for college and avoid paying taxes on any money withdrawn to pay for college.

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Illinois Treasurer Michael Frerichs is spearheading a new 13-state program that encourages disabled people to invest money without jeopardizing federal disability benefits.

  

Frerichs announced the National Achieving for a Better Life Experience Alliance on Monday following two years of negotiations with participating states.

The program allows people with disabilities or blindness and their families to make tax-free investments and put proceeds toward disability-related expenses.

Illinois Treasurer Mike Frerichs wants the Trump administration to help protect the state’s medical marijuana industry.

Federal law currently forbids banks from processing money used for cannabis transactions.  This makes it difficult for these businesses to get loans and pushes customers to pay only with cash. 

The Obama administration said prosecuting banks for these violations wasn't a priority, and Frerichs wants the same assurances from Trump.  

Illinois Treasurer Michael Frerichs says he continues to support combining the treasurer and comptroller’s offices.

It’s an idea that has come up frequently in recent years and would save the state an estimated $12 million per year.

Frerichs, a Champaign Democrat, says there are sufficient controls in place to prevent the type of embezzlement that took place by Auditor of Public Accounts Orville Hodge in the 1950’s.

mikefrerichs.com

Earlier this year, the state of Illinois suspended $30 billion in investment activity with Wells Fargo for one year.

Illinois Treasurer Michael Frerichs announced that decision in early October after the bank admitted to improperly opening more than two million bank accounts without customers’ consent.

Frerichs, a Democrat from the Champaign County village of Gifford, says his office will re-evaluate the state’s relationship with Wells Fargo in Oct. 2017.  But that the bank is making progress.

The state of Illinois is suspending billions of dollars in investment activity with Wells Fargo.

Illinois state treasurer Michael Frerichs says the state decided it couldn’t do business with the country’s second largest bank after it admitted to opening millions of fake customer accounts.

"Their illegal actions to meet sales targets and compensation incentives is downright shameful," Frerichs said.

He says Illinois is suspending $30 billion in investments from Wells Fargo.

"It’s fair to say this is millions of dollars will cost them," Frerichs said.

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Illinois Gov. Bruce Rauner has signed legislation requiring insurance companies to locate beneficiaries of unclaimed life insurance policies and pay them money they're owed.

The Republican said Friday the state also is launching a website to help Illinois residents find out if they are a beneficiary of an insurance policy or annuity left by someone who died.

Democratic Treasurer Michael Frerichs says his office has identified more than $550 million in unpaid benefits owed to Illinois residents.

Illinois State Treasurer Michael Frerichs is touring the state to get the word out about life insurance practices in Illinois.

Speaking in Normal during the first of a series of hearings, the Democrat Frerichs said the ultimate goal of the task force meetings is to make sure people's last wishes are honored.

"They basically made insurance policy premium payments with the idea of not enriching insurance executive, but taking care of a loved one in their life. And we want to make sure those loved ones are paid in a timely manner," Frerichs said.

Illinois lawmakers' failure to pass a complete state budget means the state is missing out on roughly $31 million it could have earned through investments, according to an analysis from Treasurer Mike Frerichs.

He says that’s despite the enactment of a six-month spending plan.

"We don't know what's going to be needed come January," Frerichs said. "That limits our investment opportunities. We're still making money for the people of the state, but we're bringing in less money than we could if we had a more functional government."

State of Illinois

A federal lawsuit claiming sexual harassment by former Illinois Treasurer Dan Rutherford names four other staffers who allegedly complained of unwanted sexual advances by the one-time gubernatorial hopeful.

Edmund Michalowski filed a sexual harassment lawsuit in February 2014 that destroyed Rutherford's Republican bid for governor against eventual winner Bruce Rauner. Rutherford claimed it was a dirty political trick.

Illinois Treasurer Race Still Close; Cross Takes Lead

Nov 12, 2014
State of Illinois

Republican Tom Cross' lead widened ever so slightly Tuesday in the Illinois Treasurer race. Democrat Mike Frerichs is down by one-one-thousandth of a percentage point.

The Cross campaign alleges some voters in Cook County cast more than one provisional ballot before Election Day. Cross' campaign manager, Kevin Artl, says their office found repeated voters from data provided by the County Clerk.

"We look forward to working with them, making sure that each person only gets one vote."

State of Illinois

Agriculture is one of the issues discussed in the waning days of the Illinois Treasurer campaign. The office maintains state funds and acts as the state's bank.

Republican Tom Cross says he would ensure the "ag invest" program remains available to farmers. Democrat Mike Frerichs says the office could help farmers transition to more sustainable practices, and those transition costs can be high.

Frerichs and Cross are vying to replace Dan Rutherford, who's leaving office after a failed bid for governor.

treasurer.il.gov

Treasurer Dan Rutherford dismissed the officials after an investigation by the treasurer's inspector general. The Associated Press obtained letters from Rutherford's office indicating Patrick Carlson, George Daglas and Ashvin Lad were fired earlier this month. Each for allegedly violating timekeeping policies and falsifying records.  

Chicago Sun-Times: Illinois Treasurer Dan Rutherford Fires 3 Top Aides