2018

4 Treasurer Frerichs Drops Lawsuit as Kemper Agrees to Audits to Find Unpaid Life Insurance Policies 264,000 Kemper policies to be examined by Treasurer’s auditors SPRINGFIELD – Three life insurance companies have reversed course and agreed to allow auditors to examine their records to identify death benefits that should have been paid to families whose loved ones died years ago, Illinois State Treasurer Michael Frerichs said today. Auditors working on behalf of Frerichs’ office will examine approximately 264,000 policies as part of their unclaimed property examination of the Kemper companies.…

MOLINE — Illinois State Treasurer Michael Frerichs today announced a comprehensive loan program that commits $500 million in new money to flow through local banking institutions to help individuals obtain loans at below-market rates. “I was born and raised in the small community of Gifford and know first-hand the importance of providing a financial opportunity for rural Illinois to sustain, grow, and spur economic development,” Frerichs said. “We will provide money to local lenders so they can offer loans at below-market rates to help our rural families achieve the American…

SPRINGFIELD — Three hundred people with disabilities in Illinois invested more than $1.3 million in the first year of a groundbreaking partnership that fosters independence for people who have disabilities, Illinois State Treasurer Michael Frerichs said today. The Illinois Achieving a Better Life Experience (ABLE) program allows investors to set aside up to $15,000 in private funds each year without jeopardizing their federal benefits. Prior to ABLE, a person with a disability could not have a net worth exceeding $2,000, leaving many individuals in a chronic state of poverty with…

SPRINGFIELD — Families that use their Bright Start or Bright Directions college savings accounts to pay for tuition, fees or other expenses at private or parochial schools, including Catholic schools, would violate Illinois’ tax code, Illinois State Treasurer Michael Frerichs cautioned today. Frerichs also emphasized that federal tax reform did not change any of the benefits for using Bright Start or Bright Directions to save or pay for higher education. Illinois’ tax code specifically limits tax-free growth in Bright Start and Bright Directions accounts when used for qualified higher education…

CHICAGO — The state board overseeing the Secure Choice retirement savings program signed a contract with Ascensus to manage the day-to-day operations, Illinois State Treasurer Michael Frerichs said today. The board also selected BlackRock, Charles Schwab, and State Street Global Advisors to act as investment managers for the four different investment options. Secure Choice will increase the number of workers saving for retirement by providing a state-facilitated retirement program that is connected to the worker, not the employer. When a worker leaves to accept a new position with a different…