Michael Frerichs

ilga.gov

Families who send their children to private schools probably thought they received a break under the new federal tax law. But Illinois State Treasurer Michael Frerichs warns that's not necessarily so.  

Bright Start and Bright Directions are savings plans designed to let Illinois parents accrue tax-free interest while stashing money to pay their kids’ college tuition. The new tax law says these plans, known as 529 accounts, can now be used to pay for up to $10,000 per year in private school tuition for younger kids, too.

New Law Will Force Insurers To Pay Death Benefits

Dec 26, 2017
State Treasurer's Office

Beginning in 2018, insurance companies must become more diligent in notifying beneficiaries of life insurance policies

Gov. Bruce Rauner's office

*Editor's Note: This piece was published prior to Gov. Bruce Rauner's announcement he signed House Bill 40, the abortion bill. 

Commentary: A capital bill; spending cuts; a veto of the abortion bill? A look at some pending questions for the fall legislative session. 

When Illinois lawmakers return for their fall session next month, they, and by extension, taxpayers, will face tantalizing questions.

WUIS

Illinois is preparing to hit the bond market even as the budget impasse has dimmed analysts' views of the state's credit worthiness.

Just as if your credit score declined, Illinois' lower rating makes borrowing more expensive.

Republican Gov. Bruce Rauner says he's still going to try to a half a billion dollars worth of bonds Thursday to pay for roads and bridges.

UIS Senior Photographer Shannon O’Brien

Jamie Anderson grew up in the foster care system. She relies on her 4-thousand-dollar MAP grant to pay tuition at the University of Illinois Springfield. She says she works two jobs totaling 50 hours a week to cover living expenses.

Mike Frerichs at Inauguration 2015
Brian Mackey/WUIS

A scholarship program run by the state treasurer's office is on hold. For about a decade, the treasurer's office has given out scholarships. It's a program associated with the Bright Start college savings program.

Treasurer Michael Frerichs ordered an independent review upon taking over the office in January. The report found there aren't proper rules to determine how the treasurer should award the scholarship money.

On top of that, he says there was no follow up. Only about half of the scholarships have been used.

While Gov. Pat Quinn and his Republican opponent Bruce Rauner battle over the the job of governor, the races for some of the state's constitutional offices are heating up, too. The treasurer's office oversees Illinois' investments and provides several services, including college savings plans for residents and a loan program for farmers. State Sen. Michael Frerichs, the Democratic candidate for state treasurer, joined us to talk about the campaign. Frerichs is running against former House minority leader Tom Cross.