Illinois State Treasurer’s Office News Releases

CHICAGO — The state board overseeing the Secure Choice retirement savings program selected Ascensus to manage the day-to-day operations of the program, Illinois State Treasurer Michael Frerichs said today. Secure Choice will increase the number of workers saving for retirement by providing an investment plan that is connected to the worker, not the employer. When the worker leaves to accept a new position with a different company, the retirement plan follows. “We have a retirement savings crisis in our country,” Frerichs said. “A retirement savings tool that travels from job-to-job…

SPRINGFIELD — A record-breaking $159 million in forgotten cash and stock was returned to individuals, employers and non-profits by the state treasurer’s office this past fiscal year, Illinois Treasurer Michael Frerichs said today. It is the largest amount in the program’s history and exceeds last year’s total by about $4 million. More than 58,000 claims were fulfilled with an average value of $2,744. This was accomplished despite the budget impasse because unclaimed property money is held forever and is completely separate from the funds used to pay state bills. The…

CHICAGO — As expected, Moody’s Investors Service today kept Illinois under review for a downgrade to potential junk bond status. “Moody’s decision is not surprising. Republicans and Democrats coming together to pass a budget after nearly three years without a spending plan is the first in a long-line of difficult steps to return Illinois to prosperity,” Illinois State Treasurer Michael Frerichs said. “These steps include the five tasks I previously outlined to reassure Moody’s and other credit-rating agencies.” To avoid becoming the first state in history to be assigned junk…