Illinois Treasurer Michael Frerichs

State Treasurer Mike Frerichs returned home to Champaign County today to announce he’s backing State Senator Kwame Raoul in the crowded race for state Attorney General.

Speaking on the University of Illinois Urbana campus, Frerichs praised Senator Raoul for supporting a bill requiring insurance companies to be more proactive in paying out life insurance benefits to surviving family members.

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

Frerichs says he’s written the president twice since US Attorney General Jeff Sessions called the drug ‘dangerous’… but didn’t further explain if he was referring to medicinal, or recreational use. He says he’s still waiting for a response … and that’s hurting financial institutions, which federal law currently bans from processing money used in the medical cannabis industry:

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 following two years of negotiations with participating states. 

Brian Mackey / Illinois Public Radio

It’s been a busy 2016 for Illinois Treasurer Michael Frerichs. As the state officer responsible for collecting revenues for the state of Illinois, the Democrat originally from the Champaign County village of Gifford has had a front row seat to the 18-month long budget impasse. But the first-term treasurer can also look back on some accomplishments in his second year on the job.  Frerichs discussed some of them with Illinois Public Radio’s Brian Moline.

Illinois lawmakers' failure to pass a complete state budget means the state is missing out on roughly 31 million dollars it could have earned through investments.

That's according to an analysis from Treasurer Mike Frerichs. He says that’s despite the enactment of a six month spending plan...

Jeff Bossert / Illinois Public Radio

Illinois State Treasurer Mike Frerichs says some insurance companies are sitting on funds that belong to the beneficiaries of deceased loved ones.

And Frerichs says, the companies knowingly avoid paying them to boost their own profit margins.

The Democratic treasurer is urging Gov. Bruce Rauner to sign a bill requiring insurance companies to check regularly to see if a policyholder has died and make an effort to find recipients. 

SPRINGFIELD, Ill. - The state of Illinois is reducing fees on its Bright Directions 529 college savings plan to help families put more of their investment toward rising tuition costs. According to the Illinois treasurer's office, the change eliminates a $10 setup fee and $3 quarterly maintenance fee, and cuts management fees by 43 percent.

  CHICAGO (AP) - State workers who are likely to miss paychecks during an ongoing budget standoff will be able to get interest-free loans to help pay their bills. Illinois Treasurer Michael Frerichs is scheduled to announce a partnership with the Illinois Credit Union League on Thursday. Frerich's office says the loans will help ensure state workers have financial options should they not be paid. Illinois started a new fiscal year July 1 without a budget in place, and lawmakers remain deadlocked on a spending plan. On Tuesday a Cook County Judge ruled that without spending authority, the Il