Michael Frerichs

Jim Meadows / Illinois Public Media

It’s been more than three years since then-Governor Pat Quinn signed legislation creating the Secure Choice program. But the retirement savings program for workers whose employers don’t offer one is finally becoming a reality.

Under Secure Choice, Illinois employers with 25 or more workers must offer their own retirement savings program, or offer Secure Choice, which automatically channels five percent of workers’ paychecks into a Roth IRA.

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A Cook County Republican is running for state Treasurer. 

Jim Dodge ran unsuccessfully for Comptroller in 2010. The Orland Park village trustee offered few specifics, but is campaigning on what he says is a need for change in Illinois politics. He called out House Speaker Mike Madigan and other Democrats. Within his own party, Dodge says he agrees with Bruce Rauner. 

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The Illinois state treasurer is urging legislators to override one of Gov. Bruce Rauner’s recent vetoes. Democrat Mike Frerichs says the override is needed to help people claim life insurance benefits. 

The Democrat is pushing legislation that would force life insurance companies to open up more than a decade’s worth of records, looking for unclaimed policies. Frerichs claimed many of the policies in question were issued in poor neighborhoods on the hopes that beneficiaries would never collect.

ICash Program Posts Record Year Returning Assets

Jul 18, 2017
"Money" By Flickr User Pictures of Money / (CC BY 2.0)

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.

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  Illinois State Treasurer Mike Frerichs says he’s frustrated with the Trump Administration’s lack of transparency on medical marijuana.

 

The Champaign Democrat says he’s written the president twice since US Attorney General Jeff Sessions called the drug ‘dangerous.’ However, the AG didn't clarify if he was referring to medicinal or recreational use of cannabis.

 

 

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An Illinois savings program for private sector workers may be in jeopardy. 

The U.S. House recently adopted resolutions overturning rules that helped create the program, called Secure Choice.  It’s now before the Senate and State Treasurer Michael Frerichs is urging a no-vote.  He believes workers need it to save for retirement.  

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.  

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Illinois’ treasurer wants to force life insurance companies to pay out more unclaimed policies. 

Until this year, insurance companies could keep life insurance payouts as long as family members never tried to claim them.

That’s still the case for people who died before 2017. But state Treasurer Mike Frerichs is proposing legislation that would compel companies to scour two decades worth of records.

 

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Illinois State Treasurer Mike Frerichs wants to make sure that, when a life insurance policy-holder dies, insurance companies seek out the beneficiaries -- and don’t try to avoid paying them. 

Frerichs says some insurance companies are sitting on funds that belong to the beneficiaries of deceased loved ones to boost the companies' profit margins.

The Democratic Treasurer is urging Gov. Bruce Rauner to sign House Bill 4633, requiring insurance companies to check regularly to see if a policyholder has died and make an effort to find beneficiaries.  

Radio Shack Owes Money To Illinois Residents

May 5, 2016

 Radio Shack will soon forfeit $140,000 to more than 5,000 Illinois residents in uncashed rebates.

State Treasurer Michael Frerichs announced the settlement recently and said “Big Corporations should not use rebate promotions as a bait-and-switch scheme.” After five years rebate checks become unclaimed property, which is why Frerichs pursued Radio Shack.

The Settlement was reached after Radio Shack and Global Fulfillment Services were found to have retained unclaimed product rebates. The amount of these checks ranges anywhere from 20 to 100 dollars.