Mike Frerichs

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Mike Frerichs
Frerichs at Conflict of Interest Rule Discussion with Sec Perez in Chicago June 30 2016.jpg
74th Treasurer of Illinois
Assumed office
January 12, 2015
GovernorBruce Rauner
J. B. Pritzker
Preceded byDan Rutherford
Member of the Illinois Senate
from the 52nd district
In office
January 2007 – January 12, 2015
Preceded byRick Winkel
Succeeded byScott Bennett
Auditor of Champaign County
In office
2002–2007
Preceded byGerrie Parr
Succeeded byTony Fabri
Personal details
Born (1973-07-28) July 28, 1973 (age 48)
Gifford, Illinois, U.S.
Political partyDemocratic
Spouse(s)
Laura Appenzeller
​
​
(m. 2003; div. 2013)​
Children1
EducationYale University (BA)
WebsiteGovernment website

Michael W. Frerichs (/ˈfrɛrɪks/; born July 28, 1973) is an American politician serving as the State Treasurer of Illinois, having taken office on January 12, 2015. Prior to being elected treasurer, he 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.[1]

Early life and career[edit]

Frerichs was born and raised in the small farming town of 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.[2] Upon returning home, Frerichs began to teach at his alma mater and became involved in the community serving on his local volunteer fire department, on the board of a local non-profit nursing home, and as a member of the Urbana Rotary Club.[citation needed]

Champaign County official[edit]

In 1998, Frerichs ran against then-State Representative Tim Johnson and, though he lost, it was the closest margin in Johnson's political career.[3] In 2000, Frerichs was elected to the Champaign County Board and reelected in 2002.[4][5]

Later that year, Frerichs was appointed to succeed Gerrie Parr as the Champaign County Auditor by his fellow board members.[6] 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 the county.[7] At the time, he was the only County Auditor in the state to become a Certified Public Finance Officer.[8][2] Two years later, he was elected to the position.[9]

Illinois State Senator[edit]

In 2005, Frerichs announced he would run for the 52nd Legislative District seat – which includes most of Champaign County and Vermilion County – to fill the vacancy caused by Rick Winkel’s retirement.[10] In what became the most expensive state senate race of 2006,[11] Frerichs was elected over former Senator Judith Myers by a margin of approximately five hundred votes.[12][13] He was the first Democratic State Senator to represent East Central Illinois since 1936.[14]

Frerichs served as Chairman of the Illinois Senate's Committee on Higher Education and the Agriculture & Conservation and Enterprise Zone Extensions Committees.[8][15][16] He also served on the committees for Financial Institutions, Licensed Activities and Pensions, Public Pensions & State Investments and the Agriculture & Conservation.[8]

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.[17][18] After Governor Rod Blagojevich was removed from office for corruption, Frerichs moved to have the former governor barred from ever holding office again in Illinois. This motion carried unanimously.[19]

Treasurer of Illinois[edit]

2014 election[edit]

See also: 2014 Illinois elections § Treasurer

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 the General Election on November 4.[20]

For more than two weeks after election day the election was too close to call. Eventually Frerichs was declared the winner, defeating Cross 48.1% to 47.8%.[21] 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.[22][23]

2018 election[edit]

See also: 2018 Illinois elections § Treasurer

Frerichs sought reelection as State Treasurer in the 2018 election. He ran unopposed in 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 comfortably with over 57.6% of the vote.[24]

Tenure[edit]

Frerichs was first inaugurated on January 12, 2015, and was inaugurated to his second term on January 14, 2019.[25][26] He is currently serving as the 74th Treasurer of Illinois.

As State Treasurer Frerichs oversees over $50 billion in assets under management. As of September 2021 this includes approximately $25 billion in state funds, $16 billion in retirement and college savings plans, and $9 billion on behalf of local governments and state agencies.[27]

Frerichs serves as a Trustee and vice-chair of the Illinois State Board of Investment (ISBI).[28] The ISBI Board manages over $24 billion in pension assets for over 167,000 beneficiaries.[29]

Diversity[edit]

Frerichs leads the Midwest Investors Diversity Initiative (MIDI), a group of 11 pension and union funds with a collective $750 billion in assets.[30] As of 2021 MIDI had undertaken 75 company engagements, 90 women and persons of color have received board appointments among the companies engaged, and 34 companies have adopted a diverse search policy.[31]

Unclaimed Property[edit]

As State Treasurer Frerichs safeguards over $3.5 billion in unclaimed property and has returned over $1.2 billion through over 790,000 claims by rightful owners.[32][33] Reforms enacted under Frerichs have made claiming unclaimed property easier, including:

  • Online claims - updated rules to allow most claims to be filed online through the Treasurer's ICash website, instead of printing and mailing a paper form.[34]
  • Fast Track - an automated system that allows quick approval and payment for simple, lower dollar amount claims filed online.[35]
  • Money Match - a program that uses existing technology and state records to match unclaimed cash with qualifying Illinois taxpayers and then mail them a check - without the need to file a claim.[36][37][38]
  • E-Claiming - for claims that cannot be handled by Fast Track or Money Match supporting documentation can be uploaded directly through the ICash website.[35]
  • Missing Money - joined with over 40 states to participate in the MissingMoney.com website that allows individuals to search for unclaimed property in multiple states at the same time.[39]

As a result of these reforms the number of paid claims has tripled from 53,000 in fiscal year 2016 to over 174,000 in fiscal year 2021.[40][33][41]

In conjunction with the Illinois Attorney General's office, Frerichs engaged in litigation to secure unclaimed property in the form of $2.3 million in uncashed rebate checks from Sprint and $140,000 from RadioShack for 37,000 Illinois residents.[42][43][44]

Unclaimed Life Insurance Benefits Act[edit]

As Treasurer Frerichs led the fight to change Illinois law to require life insurance companies to compare their records to the Social Security Administration's "Death Master File" to identify when their insureds have died and to notify the beneficiaries if the benefits remain unclaimed.[45][46] From 2011 to 2015 auditors working on behalf of the Illinois State Treasurer's office identified over $550 million in unclaimed life insurance benefits owed to beneficiaries in Illinois.[47] The Wall Street Journal reported that over $7.4 billion had been identified nationwide.[48] In 2016 Frerichs worked with then-State Representative Robert Martwick to pass House Bill 4633 over the objections of the life insurance industry.[49][50] The bill passed the Illinois House by a vote of 75 to 34.[51] But, the legislation was weakened in the State Senate Insurance Committee before returning for concurrence by the House.[52][53] The weakened bill was signed into law on August 26, 2016.[54][55][56]

After HB4633 was signed into law, Frerichs formed the Task Force on Unclaimed Life Insurance Policies (TULIP) to highlight the need for a stronger law.[57] The TULIP Task Force was composed of members of the General Assembly as well as representatives from Citizen Action Illinois, AARP, and the NAACP. The Task Force held seven hearings across the state to hear testimony from life insurance beneficiaries.[57][58][59][60][61]

In 2017 Frerichs worked with Martwick and State Senator Jacqueline Collins to pass House Bill 302 that would require life insurance companies to search their records for policies in force from January 1, 2000, and confirm that death benefits were paid to policyholders' beneficiaries.[62][63] The life insurance industry vigorously fought the proposal in the General Assembly.[64] Frerichs rallied support from the AARP, the Illinois NAACP, the Illinois Funeral Directors Association, the Catholic Conference of Illinois, the National Association of Social Workers Illinois Chapter, and even the Chicago Tribune editorial page to overcome industry lobbying.[65][66] The final version passed the House on May 31 by a vote of 65 to 47 and the Senate on June 1 by a vote of 36 to 19.[67][68] Frerichs campaigned over the summer to urge the Governor to sign the bill.[69][70][71] On August 25, 2017, then-Governor Bruce Rauner vetoed the bill.[72] Frerichs quickly called on the General Assembly to override Rauner's veto.[73][74][75] During the fall veto session the House and Senate voted to override by votes of 71 to 40 and 38 to 16 as several Republican legislators switched their votes to provide the necessary 3/5 margin.[76][77][78]

Fight to audit Kemper Insurance[edit]

One of the leading opponents of the Unclaimed Life Insurance Benefits Act was the Kemper Corporation.[79] In November 2015 three Kemper life insurance subsidiaries sued Frerichs to stop an unclaimed property audit of their records.[80][81] Kemper asserted that “life insurers such as (Kemper) have no affirmative obligation to take any steps to determine that an insured has died and/or that benefits are payable…” and that they “do not want to … adopt a practice where (Kemper has) an affirmative obligation to identify deceased insureds and escheat policy proceeds five years after the date of a death reported on the DMF.”[82] Frerichs held a news conference to draw attention to Kemper's position. Kemper's national opposition to insurance industry reform was highlighted in a February 2016 article in the Wall Street Journal and an April 2016 segment on CBS’ 60 Minutes.[48] In the 60 Minutes segment, Kemper was singled out for “fighting tooth and nail” against efforts to identify and pay unclaimed life insurance benefits.[83] In September 2016 Kemper announced that it would be "voluntarily undertaking" a comparison of its records to the Death Master File.[84] Frerichs issued a statement noting that “Kemper cannot use the word ‘voluntarily’ when the law requires them to act responsibly and while they are suing the state to block such laws.”[85][86] In January 2017 Kemper voluntarily dismissed its lawsuit against Frerichs, but Frerichs' counterclaim seeking a declaratory judgment of the Treasurer's authority to audit Kemper's records was not withdrawn.[87] After Kemper continued to resist the Treasurer's audit, Frerichs went back to court in October 2017 seeking resolution of the legal issues.[88][89] Four months later, Kemper relented and entered into a settlement agreement with Frerichs under which the Treasurer would audit nearly 264,000 policies.[90][91]

National Leadership[edit]

Frerichs was unanimously elected Secretary-Treasurer of the National Association of State Treasurers (NAST) for 2022.[92] He had previously served as the Chair of the College Savings Plan Network (CSPN),[93] Midwest Region Vice-president, Chair of the ABLE Committee, Vice-chair of the Legislative Committee, and a member of the National Association of Unclaimed Property Administrators (NAUPA) Executive Committee.

Frerichs was also elected by his peers across the country to serve on the National Association of State Auditors, Comptrollers and Treasurers' (NASACT) Executive Committee.[94]

Personal life[edit]

Frerichs married Laura Appenzeller in 2003.[95] They had one daughter in 2008 and divorced in 2013.[96] Frerichs is a member of Good Shepherd Lutheran Church (ELCA) in Champaign, Illinois. Frerichs stands 6 feet, 8 inches, making him one of the tallest politicians in Illinois' history, four inches taller than Abraham Lincoln.[97]

Electoral history[edit]

2006 General Election Results – Illinois’s 52nd Senate District [13]
Party Candidate Votes %
Democratic Mike Frerichs 27,149 48.8
Republican Judith Myers 26,607 47.8
Socialist Joseph Parnaraukis 1,894 3.4
Democratic gain from Republican
2010 General Election Results- Illinois's 52nd Senate District [98]
Party Candidate Votes %
Democratic Mike Frerichs (incumbent) 32,583 61.5
Republican Al Reynolds 20,450 38.5
Democratic hold
2012 General Election Results- Illinois's 52nd Senate District [99]
Party Candidate Votes %
Democratic Mike Frerichs (incumbent) 48,493 100
Democratic hold
2014 General Election Results – Illinois’s State Treasurer[100]
Party Candidate Votes %
Democratic Mike Frerichs 1,694,884 48.05
Republican Tom Cross 1,685,659 47.79
Libertarian Matt Skopek 146,654 4.16
Democratic gain from Republican
2018 General Election Results – Illinois’s State Treasurer
Party Candidate Votes %
Democratic Mike Frerichs (incumbent) 2,593,816 57.6
Republican Jim Dodge 1,710,082 38.9
Libertarian Mike Leheney 155,256 3.5
Democratic hold

References[edit]

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External links[edit]

Illinois Senate
Preceded by Member of the Illinois Senate
from the 52nd district
2007–2015 		Succeeded by
Political offices
Preceded by Treasurer of Illinois
2015–present 		Incumbent
Retrieved from "https://en.wikipedia.org/w/index.php?title=Mike_Frerichs&oldid=1072551039"