I recently spent time talking with people about the performance review conducted at the Illinois Treasurer’s Office.
What I heard is not enough people know about the tools the Treasurer’s office has to help people fulfill their dreams.
The Treasurer’s Office plays an important role in saving for college. Bright Start and Bright Directions are college savings plans that can be opened for as little as $25. A Washington University study shows a student who knows they have a college savings plan is seven times more likely to attend college. That is a powerful tool in setting the expectation that college graduation is possible, no matter where you live.
Financial education for all ages, but especially our youth, will be a priority. Beginning in grade school, teaching young minds the value of planning, saving, and investing will build the foundation for sound decision-making later in life. Such programs are valued in other states. That is why they must return to Illinois.
We have tools to provide employers access to capital. Our Ag-Invest program offers loans through partnering financial institutions to help family farmers. The Technology Development Account program, or TDA, will invest in entrepreneurs and companies developing new technologies right here in Illinois.
Leading a company and having meaningful work loses its value if we do not save for retirement. Eighty-six percent of our country’s small employers do not provide a retirement tool such as a 401(k). Knowing that, it is no surprise that more than half of Illinois workers do not save for retirement.
Secure Choice is a new program created last year. It will provide workers at small companies access to a retirement tool at no cost to the employer. Secure Choice will provide dignity and security to millions of future retirees.
It is proof that we can help others when we work together.
College. Financial Education. Access to Capital. Secure Choice. These are tools my office can use to invest in people so they can invest in themselves.
As Treasurer, I want to help give everyone a chance at the American Dream.
Michael W. Frerichs
LEGISLATION TO CREATE A DISABLED SAVINGS ACCOUNT CLOSER TO REALITY
Senate Bill 1383 that will create a disabled saving account for Illinois families is one step closer to becoming a reality. The measure recently passed 57-0 in the Senate and unanimously out of the House Committee on Human Services. It now goes to the full House for consideration.
SB 1383 creates the Illinois Achieving a Better Life Experience Act (ABLE Act), which creates accounts similar to 529 college saving plans with earnings that are tax-advantaged federally.
“I chose a life of public service to help Illinois families. I am proud of the members of the Senate and House for passing this legislation to help ease financial strain on these families,” Treasurer Frerichs said. “With the ABLE Account program, we can help individuals with disabilities get the tools necessary to attain financial stability and independence.”
The Treasurer’s office would be responsible for the administration and implementation of ABLE accounts in accordance with federal rules and regulations. The accounts can be used to pay for qualifying expenses such as education, health, housing and transportation costs.
ARE WE SAFEGUARDING MONEY THAT BELONGS TO YOU?
The Illinois Treasurer’s Office is safeguarding more than $2 billion in recovered property, and if you are an Illinois resident, some of it might be yours.
One in four Illinois adults discovers property to claim when they visit illinoistreasurer.gov, and the average claim is $1,000.
Common examples of recovered property include: inactive bank accounts, unclaimed insurance benefits, uncashed paychecks and reimbursement checks, utility refunds, stocks, and retirement accounts. Most individuals will receive a check within three weeks of submitting proof of ownership.
Visit illinoistreasurer.gov and click on the I-Cash link. It is a simple, 3-step process to discover and claim what’s yours: