2022

SPRINGFIELD — As Veterans Day approaches and we honor all who have served in the Armed Forces, Illinois State Treasurer Michael Frerichs urges people to assist with Operation Purple Heart, an unprecedented mission to return 11 Purple Heart medals to their rightful owners. The military honors were submitted to the Illinois State Treasurer’s Office for safekeeping and return as part of the Unclaimed Property program, also known as I-Cash or missing money. “These medals personify honor, sacrifice, duty. We call today on the citizens of Illinois to help us return…

SPRINGFIELD — Illinois State Treasurer Michael Frerichs’ office made history this week when it returned $11 million to the estate of a Chicago man who died of natural causes just before Christmas in 2016. It is the largest returned unclaimed property dollar amount in the nation’s history. Most of Joseph Richard Stancak’s 119 heirs reside in Poland, where his parents were born, as well as Slovakia. And little is known about how Mr. Stancak accumulated such wealth so quietly, although he did own a boat named “Easy.” “This is a…

SPRINGFIELD — Workers in Illinois who participate in the Secure Choice retirement savings program have set aside more than $90 million of their own money for their retirement, Illinois State Treasurer Michael Frerichs said today. The accomplishment signals a growing recognition that workers understand Social Security will not provide enough income after their working days are over and reflects data that shows workers are more likely to save for retirement if they can do so through workplace payroll deductions. “While each person has their own American dream, each dream includes…

SPRINGFIELD — Illinois State Treasurer Michael Frerichs today announced reduced fees for account owners in a program that allows people with disabilities to save their own money for disability-related expenses. Annual account maintenance fees were lowered approximately 25 percent for Illinois Achieving a Better Life Experience (IL ABLE) account owners who receive their statements electronically. Additionally, program management fees were reduced an average of 6 percent. The lower fees are the result of a new contract between the Office of the Illinois State Treasurer and Ascensus College Savings, the program…

SPRINGFIELD — A national organization of college savings plans today recognized Illinois State Treasurer Michael Frerichs with its highest honor. The College Savings Plans Network (CSPN), the national network of 529 plans, states, and private-sector partners, honored Frerichs with the Distinguished Service Award. The award is the highest honor bestowed by CSPN and is given each year to those who have shown national leadership in the college savings industry. Past award winners include U.S. senators from both parties such as Florida Sen. Bob Graham and Iowa Sen. Chuck Grassley; state…