Mike Frerichs

Frerichs announced his intention to run for the vacated office of Illinois Treasurer in early January 2014, after incumbent Republican Treasurer Dan Rutherford had announced his intention to run for Governor of Illinois. Frerichs ran uncontested in the Democratic Party primary and faced Republican Illinois State Representative and former Illinois State House Minority Leader Tom Cross in the General Election on November 4.[11]

For more than two weeks after election day, the election was too close to call. Frerichs was declared the winner, defeating Cross 48.1% to 47.8%.[12] The election was one of the closest in Illinois state history, being decided by only 9,225 votes out of more than 3.5 million ballots cast.[13][14]

Frerichs sought reelection as State Treasurer in the 2018 election. He ran unopposed in the Democratic Party primary and faced Orland Park Village Trustee Jim Dodge, the Republican candidate, and financial analyst Mike Leheney, the Libertarian candidate, in the November 6, 2018, general election. Frerichs won with over 57.6% of the vote.[15]

Frerichs was unopposed for State Treasurer in the 2022 primary election. In the November 8, 2022 general election, he faced Republican State Rep. Tom Demmer and Libertarian candidate Preston Nelson. Frerichs won with 54.3% of the vote.[16]

Frerichs was first inaugurated on January 12, 2015. He was inaugurated for his second term on January 14, 2019.[17][18] He was inaugurated for his third term on January 9, 2023.[19] He is currently serving as the 74th Treasurer of Illinois. He also serves as a Trustee and vice-chair of the Illinois State Board of Investment (ISBI).[20] Frerichs was unanimously elected president of the bipartisan National Association of State Auditors, Comptrollers, and Treasurers in 2022. He was elected by his bipartisan peers to serve as senior vice-president of the National Association of State Treasurers (NAST) in 2022.[21] Frerichs was elected Secretary-Treasurer of the National Association of State Treasurers (NAST) for 2022,[22] and was also elected by his peers across the country to serve on the National Association of State Auditors, Comptrollers and Treasurers' (NASACT) Executive Committee.[23] The College Savings Plans Network honored Frerichs with its Distinguished Service Award in 2022.[24]

As treasurer, Frerichs has focused on the unclaimed property program. He modernized the program and since took over, the office has returned a record-breaking $1.6 billion in forgotten cash and stock has been returned to individuals, employers, and non-profits.

Frerichs also has 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 the Gold rating five years in a row. The treasurer lowered fees and provided more investment options for families.

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. His office also led negotiations that resulted in lower fees for participants.

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. So far, 114,000 Illinois workers have saved more than $100 million that will help them retire with dignity.[25]