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During Treasurer Mike Frerichs’ tenure thus far, the State’s Bright Directions 529 college savings plan received Morningstar’s Silver Medal two years in a row – the highest rating given to advisor-sold plans, secured over $2.4 million in uncashed Sprint and RadioShack rebates for Illinois residents, fought for full funding of Illinois’ college Monetary Award Program (MAP) due to the State’s budget impasse, and spearheaded legislation requiring life insurance companies to pay death benefits. Programs currently under development include Secure Choice, a savings tool at work helping Illinois workers save their own money for retirement, and ABLE, a tax-advantaged savings vehicle for disability-related expenses.
Duties of the Treasurer
The Treasurer is required by the State Constitution (Section 18 of Article V) to hold responsibility for the safekeeping and investment of the monies and securities deposited in the public funds of Illinois. The Treasurer is not the state's chief financial officer, a post reserved for a separate elected official, the Illinois Comptroller.
The Illinois Constitution provides that the treasurer must, at the time of his or her 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.
List of office holders
|2||R. K. McLaughlin||1819–1823|
|7||John D. Whiteside||1837–1841|
|13||James H. Beveridge||1865–1867|
|14||George W. Smith||1867–1869|
|15||Erastus N. Bates||1869–1873|
|17||Thomas S. Ridgway||Republican||1875–1877|
|19||John C. Smith||Republican||1879–1881|
|21||John C. Smith||Republican||1883–1885|
|23||John Riley Tanner||Republican||1887–1889|
|25||Edward S. Wilson||1891–1893|
|26||Rufus N. Ramsay||1893–1894|
|27||Elijah P. Ramsay||1894–1895|
|29||Henry L. Hertz||1897–1899|
|30||Floyd K. Whittlemore||1899–1901|
|31||Moses O. Williamson||Republican||1901–1903|
|32||Fred A. Busse||Republican||1903–1905|
|34||John F. Smulski||1907–1909|
|36||Edward E. Mitchell||1911–1913|
|37||William Ryan, Jr.||1913–1915|
|40||Fred E. Sterling||Republican||1919–1921|
|41||Edward E. Miller||Republican||1921–1923|
|43||Omer N. Custer||Republican||1925–1927|
|44||Garrett D. Kinney||Republican||1927–1929|
|45||Omer N. Custer||Republican||1929–1931|
|46||Edward J. Barrett||Democratic||1931–1933|
|47||John C. Martin||Democratic||1933–1935|
|48||John Henry Stelle||Democratic||1935–1937|
|49||John C. Martin||Democratic||1937–1939|
|50||Louie E. Lewis||Democratic||1939–1941|
|52||William G. Stratton||Republican||1943–1945|
|53||Conrad F. Becker||Republican||1945–1947|
|54||Richard Yates Rowe||Republican||1947–1949|
|56||William G. Stratton||Republican||1951–1953|
|57||Elmer J. Hoffman||Republican||1953–1955|
|59||Elmer J. Hoffman||Republican||1957–1959|
|60||Joseph D. Lohman||Democratic||1959–1961|
|61||Francis S. Lorenz||Democratic||1961–1963|
|62||William J. Scott||Republican||1963–1967|
|63||Adlai Stevenson III||Democratic||1967–1970|
|64||Charles W. Woodford||1970–1971|
|65||Alan J. Dixon||Democratic||1971–1977|
|66||Donald R. Smith||Republican||1977–1979|
|71||Judy Baar Topinka||Republican||1995–2007|
Some observers have perceived an overlap between 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 the offices should be merged. The legislation was opposed by Michael Madigan, Speaker of the Illinois House of Representatives.
- Acheson, Leo (2016-10-25). "Morningstar Names Best 529 College-Savings Plans for 2016". Retrieved 2016-11-13.
- "Treasurer Frerichs Secures $2.3 Million from Sprint" (PDF). 2016-08-22. Retrieved 2016-11-13 – via www.illinoistreasurer.gov.
- "Illinois Treasurer Frerichs Convinces Radio Shack To Surrender Uncashed Rebates Worth $140,000" (PDF). 2016-04-06. Retrieved 2016-11-13 – via www.illinoistreasurer.gov.
- "Treasurer Frerichs' Statement on the Governor's Decision to Veto MAP Grant Funding" (PDF). 2016-02-19. Retrieved 2016-11-13 – via www.illinoistreasurer.gov.
- "New law makes insurance companies find, pay beneficiaries". Retrieved 2016-11-13.
- "Michael W. Frerichs - Illinois State Treasurer: Secure Choice". illinoistreasurer.gov. Retrieved 2016-11-13.
- "Michael W. Frerichs - Illinois State Treasurer: ABLE". illinoistreasurer.gov. Retrieved 2016-11-13.
- Section 18, Article V, "Constitution of Illinois", accessed April 12, 2008.
- "Dan Rutherford - Illinois State Treasurer", accessed January 25, 2011.Illinois State Treasurer web page
- "House Joint Resolution - Constitutional Amendment 14", accessed April 12, 2008.
- McQUEARY, KRISTEN (December 31, 2011). "Move to Allow Vote to Merge Treasurer and Comptroller Jobs Stalls in House". The New York Times. Retrieved 11 January 2012.
- WETTERICH, CHRIS (8 June 2011). "Madigan blocking merger of treasurer, comptroller's offices". THE STATE JOURNAL-REGISTER. Retrieved 11 January 2012.