Investing in People
June 2019 Treasurer’s Note by Treasurer Michael Frerichs
As Illinois Treasurer, I am the state’s chief investment and banking officer. The office invests approximately $30 billion on behalf of taxpayers, college savers, and units of local government.
However, I firmly believe we must invest in people.
Investing in people creates the building blocks of better neighborhoods and communities. This leads to job creation and stronger local economies.
Many are familiar with our most visible investments because they are designed to help people who take the proactive steps to help themselves. The Bright Start and Bright Directions college savings programs have earned top honors by independent analysts. Ag Invest is a linked-deposit program that has been helping family farmers and locally owned financial institutions since 1983. Our unclaimed property division has returned record amounts of forgotten money and property for four consecutive years.
However, some of our lesser-known efforts are as equally vital.
The Illinois Funds follows a simple concept: the greater the investment, the greater the return. Local government leaders pool investment dollars to access higher-returning investments. The Illinois Funds complements, not replaces, local banking relationships.
ABLE — Achieving a Better Life Experience — makes it possible for people with disabilities and their families to save and invest for expenses without losing means-tested benefits such as SSI, SSDI, and Medicaid. Earnings and withdrawals are tax-free when spent on qualified expenses including housing, health and wellness, education and training, therapy, and basic living expenses.
The Community Uplift Program helps business owners obtain loans at below-market rates to fund business growth that will lead to more jobs or operational efficiencies. It is a linked-deposit program similar to Ag Invest with a focus on struggling communities, especially in small towns in rural Illinois.
Fallen Heroes honors the men and women of Illinois who gave their lives to ensure the safety and prosperity of our fellow Americans. This college scholarship fund assists dependents of members of the Armed Forces as well as police, firefighters, paramedics, and other first responders who have died while serving our state or country.
Helping people who want to help themselves has been a hallmark of the treasurer’s office since I first walked through the doors. I believe it is wise to invest money in a manner that supports individual growth and community development while meeting our primary investment objectives of safety, liquidity, and return on investment. These programs do exactly that. Learn more by visiting www.illinoistreasurer.gov
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