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27-523: The Comptroller is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Comptroller must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least 3 years preceding the election. Article V, Section 17 of the Constitution of Illinois states the Comptroller "...shall maintain

54-496: A Democrat . A former Champaign County auditor and state senator , Frerichs was first elected to lead the state treasury in 2014 following a close race with Republican candidate Tom Cross . The Treasurer is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Treasurer must, at the time of their election, be a United States citizen, at least 25 years old, and

81-532: A resident of the state for at least three years preceding the election. The Treasurer is charged by Article V, Section 18 of the Illinois Constitution with the safekeeping and investment of the monies and securities deposited into the state treasury. As such, the Treasurer is not the chief financial officer of Illinois. That role is occupied by a separate elected official, the Comptroller . Rather,

108-686: 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. Frerich has invested $ 115 million into Israeli bonds, $ 30 million of which he agreed to invest after October 7th, 2023. Frerichs married Laura Appenzeller in 2003. They had one daughter in 2008 and divorced in 2013. Frerichs married marketing executive Erica Baker in 2022. Frerichs and Baker had twins, Max and Theo, on June 13, 2023. Frerichs

135-722: Is also by law a member of the board of trustees of the State Employees' Retirement System (SERS), the independent state agency that administers public pensions for legislators and their staff, the judiciary, executive branch officials, and the professional civil service . The late Judy Baar Topinka was a moderate Republican first elected in 2010 and subsequently re-elected in 2014 to a second four-year term as Comptroller. However, Topinka died unexpectedly in December 2014. On December 19, Governor Pat Quinn appointed Jerry Stermer to succeed Topinka, to serve until January 12, 2015, when he

162-458: Is an historic list of office holders for the Comptroller of Illinois and its preceding office, the Auditor of Public Accounts. Treasurer of Illinois The Treasurer of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois . Seventy-four individuals have occupied the office of Treasurer since statehood. The incumbent is Mike Frerichs ,

189-574: The Governor , services principal and interest payable on state debt, and disburses public monies in redemption of warrants drawn by the Comptroller. Other programs have been assigned to the Treasurer's office by law. For example, the Treasurer collects estate taxes due the state, approves the encumbrance of federal funds , offers various impact investment programs to farmers , small businesses and undercapitalized communities , and administers both escheats and unclaimed property accruing to

216-548: The Illinois General Assembly in the 2008-2009 session, would merge the office of Comptroller into the office of Treasurer. In 2011, Comptroller Topinka and the Treasurer, Dan Rutherford , introduced legislation to allow voters to decide whether the offices should be merged. The legislation was opposed by Michael Madigan , Speaker of the Illinois House of Representatives , and did not become law. The following

243-566: The Comptroller regulates cemeteries under the Cemetery Care Act, and is charged with the fiduciary protection of cemetery care funds used for the care and maintenance of Illinois gravesites. Aside from their regular responsibilities, the Comptroller is fourth (behind the Lieutenant Governor , Attorney General , and Secretary of State , respectively) in the line of succession to the office of Governor of Illinois . The Comptroller

270-432: The Comptroller supervises local government finances throughout Illinois. This function includes reviewing localities' financial statements , collecting financial data and organizing it into user-friendly databases , investigating instances of waste or fraud in local governments, and publishing an annual report summarizing the revenues, expenditures, fund balance, and debt of some 9,000 units of local government. Moreover,

297-697: 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. 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

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324-588: The Financial Institutions, Licensed Activities and Pensions, Public Pensions & State Investments, and the Agriculture & Conservation committees. During his time in the Senate, Frerichs led efforts to eliminate the legislative scholarship program and advocated for the disclosure of chemicals used in fracking . After Governor Rod Blagojevich was removed from office for corruption, Frerichs moved to have

351-476: The General Election on November 4. 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%. 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. Frerichs sought reelection as State Treasurer in the 2018 election. He ran unopposed in

378-629: The State's central fiscal accounts, and order payments into and out of the funds held by the Treasurer ." In accordance with this mandate, the Comptroller is designated by law as the chief fiscal control officer for the state of Illinois and thus responsible for the legal, efficient, and effective financial operations of state government. As such, the Comptroller: The Comptroller is charged by statute with certain additional duties. In particular,

405-427: The Treasurer functions as the chief banking and investment officer for the state of Illinois. In this capacity, the Treasurer receives payments made to the state, deposits monies with approved depository institutions , accounts for and manages the state's daily fund balances , directs and administers the investment of the state's portfolio of operating and proprietary funds, arbitrages bonds issued by

432-441: The county. At the time, he was the only County Auditor in the state to become a Certified Public Finance Officer. Two years later, he was elected to the position. In 2005, Frerichs announced he would run for the 52nd Senate District seat – which includes most of Champaign County and Vermilion County – to fill the vacancy caused by Rick Winkel 's retirement. In what became the most expensive State Senate race of 2006, Frerichs

459-511: The former governor barred from ever holding office again in Illinois. This motion was carried unanimously. 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

486-462: The investment of Illinois' public pension funds . ISBI's assets under management totaled $ 31.5 billion at the close of the 2024 fiscal year. Aside from functional responsibilities, the Treasurer is constitutionally fifth (behind the Lieutenant Governor , Attorney General , Secretary of State , and Comptroller, respectively) in the line of succession to the office of Governor of Illinois . Some observers have perceived an overlap between

513-507: The offices of Treasurer of Illinois and Comptroller of Illinois, and have therefore proposed constitutional amendments to merge the two offices and earn administrative savings. For example, HJRCA 14, considered by the Illinois General Assembly in 2007-2008, would have merged the two offices into the office of a single State Fiscal Officer. In 2011, the incumbent Treasurer along with the Comptroller (also former Treasurer) Judy Baar Topinka introduced legislation to allow voters to decide whether

540-463: The offices should be merged. The legislation was opposed by Michael Madigan , Speaker of the Illinois House of Representatives . Mike Frerichs Michael W. Frerichs ( / ˈ f r ɛ r ɪ k s / ; born July 28, 1973) is an American politician serving his third term as the State Treasurer of Illinois , after taking office on January 12, 2015. Before being elected treasurer, he

567-528: The state. The Treasurer also facilitates tax-advantaged ABLE , college savings , and retirement savings programs to Illinoisans and provides a voluntary local government investment pool to Illinois' 9,600 or so counties, cities, villages, towns, school districts, and other localities. In addition to these routine functions, the Treasurer is concurrently an ex officio member of the State Board of Investment (ISBI), an independent state agency that oversees

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594-546: The vote. Frerichs was first inaugurated on January 12, 2015. He was inaugurated for his second term on January 14, 2019. He was inaugurated for his third term on January 9, 2023. 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). Frerichs was unanimously elected president of the bipartisan National Association of State Auditors, Comptrollers, and Treasurers in 2022. He

621-1054: Was a Democratic member of the Illinois Senate , representing the 52nd District from 2007 until 2015. The district, located in Champaign and Vermilion counties, includes all or parts of Champaign , Danville , Georgetown , Gifford , Rantoul , Thomasboro , and Urbana . Frerichs was born and raised in Gifford . Upon graduating from Rantoul Township High School, Frerichs attended Yale University and received his BA in 1995. He then attended National Cheng Kung University in Taiwan where he studied Mandarin Chinese while teaching English courses. He returned to Champaign County and launched his own technology business and served on his local volunteer fire department. In 1998, Frerichs ran against then-State Representative Tim Johnson but lost. In 2000, Frerichs

648-634: Was elected by his bipartisan peers to serve as senior vice-president of the National Association of State Treasurers (NAST) in 2022. Frerichs was elected Secretary-Treasurer of the National Association of State Treasurers (NAST) for 2022, 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. The College Savings Plans Network honored Frerichs with its Distinguished Service Award in 2022. In November 2018, Treasurer Frerichs launched Secure Choice,

675-424: Was elected over former Senator Judith Myers by a margin of approximately 500 votes. He was the first Democratic State Senator to represent East Central Illinois since 1936. Frerichs served as Chairman of the Illinois Senate 's Committee on Higher Education, where he championed efforts to make college more affordable, and the Agriculture & Conservation and Enterprise Zone Extensions Committees. He also served on

702-550: Was elected to the Champaign County Board and re-elected in 2002. Later that year, Frerichs was appointed to succeed Gerrie Parr as the Champaign County Auditor by his fellow board members. As Auditor, he was responsible for preparing budget reports, maintaining financial records, ensuring the county met state and federal financial reporting requirements, preventing fraud, and improving the financial health of

729-479: Was replaced by Leslie Munger , who was appointed by Quinn's successor as governor, Bruce Rauner . Munger was then defeated by Susana Mendoza in the 2016 special election to fill the remainder of the term through 2018. Some legislators have perceived a redundancy overlap between the offices of Comptroller and Treasurer, and have therefore proposed constitutional amendments to merge the two offices and earn administrative savings. For example, HJRCA 12, considered by

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