Illinois State Treasurer Michael W. Frerichs
Illinois’ Chief Investment and Banking Officer
Michael W. 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 to invest in themselves.
He does this by encouraging college and trade school savings plans, increasing financial education across all ages, removing barriers to a secure retirement, and reuniting Illinois residents with their unclaimed property.
The Treasurer’s Office actively manages approximately $60 billion. The investment approach is cautious to preserve principal, but the returns are significant. Under Frerichs’ tenure, the office has earned more than $2 billion for taxpayers through safe, smart investing.
Returning Unclaimed Property to Illinois Residents
Since taking office, Treasurer Frerichs has made significant strides for consumers by ensuring Illinois residents receive what is owed to them through the Unclaimed Property program. Under his watch, a record-breaking $2.5 billion in forgotten cash and stock has been returned to individuals, employers, and nonprofit organizations.
Helping Families Save for College
Treasurer Frerichs has also 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 its top Gold rating for five consecutive years. The Treasurer reduced fees and expanded investment options for families.
Expanding Financial Independence Through ABLE
Under Treasurer Frerichs’ leadership, Illinois now leads a bipartisan multi-state alliance that allows parents of children with blindness or a disability to save money for their child without jeopardizing their federal disability benefits. Achieving a Better Life Experience (ABLE) is the national standard and offers high-quality, low-cost investment options. His office also led negotiations that lowered fees for participants.
Creating a Path to Retirement
In November 2018, Treasurer Frerichs launched My Illinois Savings (formerly Illinois Secure Choice). This retirement savings program will help an estimated 1.2 million private-sector workers without access to an employer-sponsored retirement plan retire with dignity.
From Gifford to Public Service
Treasurer Frerichs was born and raised in the small, downstate farming community of Gifford, Illinois. He 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 served as a volunteer firefighter. He was elected to the Champaign County Board and later to the Champaign County Auditor, where he became a Certified Public Finance Officer.
Service in the Illinois Senate
In 2006, Frerichs was elected to the Illinois State Senate, representing east-central Illinois. As chairman of the Higher Education Committee, he championed efforts to make college more affordable. He also chaired the Agriculture and Conservation Committee.
National Leadership and Recognition
Frerichs was elected president of the bipartisan National Association of State Auditors, Comptrollers, and Treasurers for 2022–23. In 2023, his bipartisan peers elected him as the next president of the National Association of State Treasurers, with his term beginning January 1, 2024. That same year, NAST honored him with the Alter Distinguished Service Award, which recognizes dedicated public service and leadership that advances the work of state treasurers nationwide. Among his numerous honors, the College Savings Plans Network presented Frerichs with its Distinguished Service Award in 2022. He also received the ESGR Patriot Award in 2020 for his commitment to Illinois veterans. Frerichs serves as vice chair of the Illinois State Board of Investment, which manages approximately $28.6 billion in pension and trust assets.
Family
Treasurer Frerichs is married to Erica. He has a daughter, Ella, and two sons, Max and Theo.