Illinois State Treasurer

What Illinois State Treasurer does

The Illinois State Treasurer's Office is a constitutional state office, founded in 1818, that serves as the State's Chief Investment and Banking Officer under Treasurer Michael Frerichs (in office since 2015). It actively manages approximately $60 billion in state funds, administers two Section 529 college savings plans (Bright Start and Bright Directions) holding $24 billion in assets as of 2025, runs the AAAmmf-rated Illinois Funds local government investment pool, and operates the ePAY electronic payment processing system. Consumer-facing programs include ICash (unclaimed property, with over $2.5 billion returned to more than 2.5 million people since 2015 and over 540,000 claims paid in 2025), My Illinois Savings (an Auto IRA program with 170,151 enrolled workers saving $339 million since 2018, transitioned to Vestwell's platform in June 2026), Illinois ABLE disability savings accounts (eligibility expanded to age 46 onset in 2026), and First Steps $50 seed deposits for newborn 529 accounts.

The office employs approximately 190 full-time staff across eight regional offices (Chicago, Springfield, Champaign, Marion, Peoria, Rock Island, Rockford, and an additional Springfield site) and distributes services through web portals, mobile applications (including a 20-language app for My Illinois Savings), and employer-side payroll integrations with Gusto, Paychex, and QuickBooks Online. Business-facing programs include Ag Invest agricultural loans, Community Invest (including cannabis banking), Business Loan Guarantee, Finally Home mortgage guarantees, the Illinois Growth and Innovation Fund, the Student Empowerment Fund, and the FIRST Fund infrastructure/real estate investment program (which has invested in projects such as Crosstown Fiber and a $10 million IFF affordable-housing partnership). Community initiatives include Operation Purple Heart (18 medals returned), the Charitable Trust Grant Program, and the Midwest Investors Diversity Initiative. All services are provided free or at minimal cost to participants; the office is funded through state appropriations (FY24 operating budget of $46.4 million) rather than commercial revenue.

Name

Illinois State Treasurer

Legal name

Office of the Illinois State Treasurer

Website

https://illinoistreasurer.gov

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

The Illinois State Treasurer's Office is a constitutional state office managing approximately $60 billion in state funds, administering ICash unclaimed property, My Illinois Savings Auto IRA, 529 college savings, ABLE disability accounts, and the AAAmmf-rated Illinois Funds local government investment pool for Illinois residents, employers, and municipalities.

Ownership category

akta.pro rank

Product category

State Treasury and Public Finance

NAICS

Executive, Legislative, and Other General Government Support (921), Administration of Economic Programs (926), Pension Funds (525110)

SIC

Finance Services (6199)

akta.pro primary industry

Government Investment Pools & Treasury Funds (FSAAAGAE)

akta.pro secondary industries

Treasury & Cash Management (BPAIAEAB), Pensions & Retirement Benefits Administration (BPAIAKAA), Government Bonds & Agencies (Sovereigns, Supras, Munis) (FSAAAHAA)

Keywords

• State treasury management
• Unclaimed property program
• Retirement savings facilitation
• 529 college savings
• Local government investment pool

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. State Investment Income: The Illinois State Treasurer's Office acts as the state's Chief Investment and Banking Officer, actively managing approximately $60 billion in state funds. Investment earnings (interest income, capital gains within permitted investment parameters) on state funds generate returns that support state operations, local governments, and public transit. The General Assembly has directed that investment earnings from the Road Fund and State Construction Fund be earmarked to support transit funding. The office cannot invest in the stock market and is limited to conservative instruments such as U.S. Treasuries.
2. Unclaimed Property Return (Consumer Protection): The office safeguards and returns unclaimed property (bank accounts, insurance benefits, safe deposit box contents, uncashed checks) to Illinois residents and businesses. This is a consumer-protection function, not a revenue generator — the goal is to return property to owners. The office has returned over $2.5 billion since Frerichs took office in 2015, with over 540,000 claims paid in 2025 alone.
3. Retirement Savings Facilitation (My Illinois Savings / Auto IRA): The office facilitates the My Illinois Savings (formerly Illinois Secure Choice) Auto IRA program for private-sector workers without access to workplace retirement plans. The program is state-facilitated at no cost to employers. Vestwell serves as the program manager. Workers save through Roth IRA payroll deductions. The program does not generate direct revenue for the state but addresses a retirement savings gap and supports workforce financial security.
4. 529 College Savings Plan Administration (Bright Start, Bright Directions): The office administers two Section 529-qualified college savings plans. These plans had $24 billion in assets as of 2025, with families contributing approximately $2.1 billion annually. Morningstar has awarded Bright Start a gold rating multiple times. The plans are managed by third-party program managers; the office's role is as plan administrator and steward.
5. Illinois Funds Local Government Investment Pool: The office operates The Illinois Funds, a local government investment pool rated AAAmmf by Fitch. Local governments deposit funds to earn interest income managed by the Treasurer's Office. The pool helped local governments earn nearly $900 million in interest income in 2025. Earnings reduce the need for local property tax increases.

Pricing tiers

Distribution channels6 records

Marketing channels10 records

Core offering

The Illinois State Treasurer's Office is a constitutional state office that serves as the state's Chief Investment and Banking Officer, actively managing approximately $60 billion in state funds. It administers a portfolio of consumer-protection, savings, and economic-development programs including ICash unclaimed property, My Illinois Savings Auto IRA, Illinois 529 college savings (Bright Start/Bright Directions), Illinois ABLE disability savings, the AAAmmf-rated Illinois Funds local government investment pool, ePAY electronic payment processing, and linked-deposit business lending programs such as Ag Invest and Community Invest.

Product overview

The Illinois State Treasurer's Office operates a broad portfolio of financial programs organized around consumer protection, savings/investment products, and business/economic development. Core programs include ICash unclaimed property, My Illinois Savings retirement accounts, Illinois 529 college savings (Bright Start and Bright Directions), Illinois ABLE disability savings, Illinois Funds local government investment pool, and ePAY electronic payments. Business-facing programs include Ag Invest agriculture loans, Community Invest, Business Loan Guarantee, and Finally Home mortgage guarantees. Additional initiatives cover Operation Purple Heart medal returns, charitable grants, and sustainable investing through the Raising the Bar initiative.

Differentiator

Problem solved

Functional benefit

Products and services

• ICash Unclaimed Property Consumer-protection program that holds and returns unclaimed property (bank accounts, insurance benefits, safe-deposit-box contents, uncashed checks) to Illinois residents and businesses; over $5 billion held and more than $2.5 billion returned since 2015.
• My Illinois Savings State-facilitated Auto IRA retirement savings program offering Roth IRA accounts through automatic payroll deductions for private-sector workers without employer-sponsored plans; free to employers and one of the lowest-cost Auto IRA programs nationally.
• Illinois 529 College Savings Tax-advantaged 529 college savings plans (Bright Start and Bright Directions) for higher-education and trade-school expenses; $24 billion in assets and approximately $2.1 billion in annual contributions.
• Illinois ABLE Tax-advantaged savings accounts for individuals with disabilities that allow saving and investing without risking federal benefits.
• Illinois Funds (Local Government Investment Pool)

Quantifiable outcome

• Over $2.5 billion returned to more than 2.5 million people through ICash unclaimed property since 2015
• +10 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

13 partnerships are on record, tiered core and supporting.

• VestwellcoreTechnology or Integration · 6 May 2026Vestwell was selected as the new program manager for My Illinois Savings (formerly Illinois Secure Choice) through a competitive bidding process. Beginning June 15, 2026, Vestwell oversees day-to-day operations including online account access, contribution processing, customer service, and investment administration. Vestwell powers 13 of 15 active state Auto IRA programs nationally (over 90% of live programs). The transition aims to reduce fees and improve the user experience with a new online portal and mobile app in 20 languages.
• AARP IllinoiscoreGTM or Marketing PartnerAARP Illinois, representing 1.7 million members, has been a long-standing advocate for My Illinois Savings since its inception. The organization continues to support program expansion to reach more Illinois workers who lack access to traditional employer-sponsored retirement plans. AARP has actively lobbied for Auto IRA programs at both state and federal levels.
• Woodstock InstitutesupportingGTM or Marketing PartnerThe Woodstock Institute, a nonprofit focused on financial equity, publicly supports My Illinois Savings as a model public-private partnership that enables people of modest means to own retirement accounts and build wealth. The organization's president and CEO, Horacio Mendez, provided a quote endorsing the program at the May 2026 relaunch.
• GustocoreTechnology or IntegrationGusto, a leading payroll provider, is integrated with the My Illinois Savings employer portal to enable automated payroll deductions and contribution submissions. This integration reduces administrative burden for employers offering the retirement benefit.
• PaychexcoreTechnology or IntegrationPaychex, a major national payroll provider, is integrated with the My Illinois Savings employer portal for automated payroll deductions and contribution processing.
• QuickBooks Online (Intuit)coreTechnology or IntegrationQuickBooks Online, a widely used accounting and payroll platform, is integrated with the My Illinois Savings employer portal to enable seamless automated payroll deduction setup for retirement savings contributions.
• Bright Start / Bright Directions (529 Program Managers)coreTechnology or IntegrationBright Start and Bright Directions are the two 529 college savings plans administered by the Illinois State Treasurer's Office. Bright Start has received Morningstar's Gold Rating multiple times. Both plans collectively hold $24 billion in assets as of 2025. The office serves as plan administrator; third-party firms serve as program managers.
• Federal Government (ABLE Act provisions)coreStrategic or Co-development PartnerFederal legislation (ENABLE Act provisions) made permanent ABLE to Work contributions, the ABLE saver's credit, and 529-to-ABLE rollovers. This federal action enabled Illinois to expand ABLE account eligibility from onset age 26 to 46, making approximately 250,000 more Illinoisans eligible. The Treasurer's Office implemented these federal provisions at the state level.
• IFF (nonprofit housing and community development)supportingStrategic or Co-development PartnerIFF (formerly Illinois Facilities Fund) is a nonprofit that provides loans, real estate consulting, and capital for community development. The Treasurer's Office announced a $10 million partnership with IFF to build affordable housing through nonprofit investment, generating investment returns for the state while supporting affordable housing development.
• Chicagoland Chamber of CommercesupportingGTM or Marketing PartnerTreasurer Frerichs traveled to Vatican City accompanying a Chicagoland Chamber of Commerce delegation, using the trip as a public awareness opportunity for the ICash unclaimed property program.
• 529 Education Savings Plans ConsortiumsupportingStrategic or Co-development PartnerIllinois is a founding partner of a new consortium to expand participation in 529 education savings plans, announced June 2026. Treasurer Frerichs proposed the idea while serving as President of NAST (National Association of State Treasurers).
• Illinois Financial Wellness Hub (Enrich)supportingTechnology or IntegrationThe Financial Wellness Hub (FinWell Hub), powered by Enrich.org, provides free financial coaching, online courses, and tools including retirement readiness assessments and savings calculators. Available to all Illinois residents at no cost; appointments available with Certified Personal Finance Coaches.
• Fitch RatingscoreOthersFitch Ratings has consistently assigned a AAAmmf rating to The Illinois Funds local government investment pool, most recently affirming the rating in January 2025. S&P has also provided top ratings historically.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Oregon State Treasury: Operates OregonSaves, the nation's first state-facilitated Auto IRA program, and serves as a fellow state constitutional treasury office with comparable investment, retirement-savings, and unclaimed-property functions. Highly comparable to Illinois State Treasurer.
• CalSavers Retirement Savings Board: California's state-facilitated Auto IRA program serving private-sector workers without workplace plans. Directly comparable to My Illinois Savings in mandate, target population, and program design, and the largest Auto IRA by enrolled employers.
• California State Treasurer's Office: California's constitutional state treasurer office that issues debt, manages bond programs, oversees state investments, and supports CalSavers. Most direct large-state counterpart to the Illinois State Treasurer's mandate.
• New York State Comptroller: New York's statewide elected financial officer managing the Common Retirement Fund, unclaimed property, and state investments. Closely comparable in scale, breadth of programs, and constitutional authority to the Illinois State Treasurer.
• Texas Comptroller of Public Accounts: Texas's chief financial officer managing state investments, unclaimed property, and treasury operations. A peer state treasury/comptroller office with comparable scale and program breadth, though Texas does not have a state-facilitated Auto IRA.
• Pennsylvania Treasury Department: Pennsylvania's elected state treasurer administering PA 529 plans, unclaimed property, and the Keystone Scholars program. Directly comparable in product mix (529, unclaimed property, financial education) and Auto IRA program offering.
• MassSaves (Massachusetts Office of the State Treasurer): Massachusetts' state-facilitated Auto IRA program administered by the state treasurer, targeting private-sector workers without workplace plans. Highly comparable to My Illinois Savings in design, target market, and program manager model.

Broad incumbents

• CalPERS: California Public Employees' Retirement System — the largest U.S. public pension fund with broad asset-allocation authority including equities. Comparable to Illinois State Treasurer's institutional asset management function but with a broader investment mandate and a focused pension mission.
• TIAA: National retirement and 529 savings provider serving academic, nonprofit, and public-sector employees. Comparable in 529 plan administration and retirement savings facilitation, but operates nationally and for-profit versus Illinois' public-sector, in-state model.

Emerging players

• Vestwell: Recordkeeping and program-management platform that powers 13 of 15 active state Auto IRA programs including My Illinois Savings. Comparable technology and operating layer; an ecosystem partner that could in principle compete as a direct state-savings program manager.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ILTreasurer
• YouTubeyoutube.com/channel/UCqZXaLI5po2MJSTAgoxA6rw
• Facebookfacebook.com/TreasurerMichaelFrerichs
• LinkedInlinkedin.com/company/illinois-state-treasurer
• Instagraminstagram.com/ILTreasurer

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois State Treasurer