Illinois State Treasurer’s Office News Releases

CHICAGO — Illinois State Treasurer Michael Frerichs today announced sweeping changes to the Bright Start and Bright Directions college savings programs that will provide greater investment options at a lower price for more than 450,000 college savers. Bright Start Advisor accounts will be converted to higher-rated Bright Directions accounts. Bright Start Direct accounts will feature higher-rated investment options. As a result of the conversion, Bright Directions will become the only advisor-sold plan offered through the state of Illinois. This also will help reduce public confusion with Illinois’ direct-sold and advisor-sold…

SPRINGFIELD — Illinois’ credit rating has fallen so low that the state is too risky an investment for even itself, Comptroller Susana Mendoza and Treasurer Michael Frerichs announced Friday. The State Treasurer’s guidelines say the state should not invest in bonds with anything less than an A-minus rating. See guideline 5.0(k) . Moody’s and Standard & Poor’s both lowered the state’s credit rating to one level above junk- bond status Thursday after the Governor and the legislature failed to reach agreement on a budget before the scheduled end of the…