Illinois State Treasurer Michael Frerichs announced that his office has returned more than $2 billion in unclaimed property, a record for the state's six-decade-old program. Over 1.7 million people have been reunited with their missing money during Frerichs’ tenure, thanks to streamlined electronic claims and efforts against insurance companies holding onto unpaid benefits.

Frerichs says he has never stopped fighting to return money to people who belong to them. Frerichs emphasized the positive economic impact of these returns on Illinois residents.

The milestone was reached in May when $500,000 was returned to a Lake County veteran, whose late wife had a life insurance policy unknown to him. Initially suspicious of the call, the veteran expressed gratitude for the financial support, crediting Frerichs and legislative outreach efforts for this unexpected boon.

State Senator Mary Edly-Allen recognized the collaborative efforts required to gain constituents' trust in reclaiming unclaimed property. This success is partly due to the 2017 Unclaimed Life Insurance Benefits Act, which mandated insurance companies pay out death benefits, uncovering over $550 million previously withheld.

Frerichs’ modernization of the claims process, including electronic submissions and reduced bureaucracy, has significantly increased the return rate. A Friends and Family “share” feature also aids in locating potential claims.

Notable returns under Frerichs’ leadership include $11 million to the estate of a Chicago man, $100,000 to a woman who adopted two children after an accident, $2 million to Chicago philanthropies, and $19,000 to the Carver Community Center from the Pryor Foundation.

Frerichs encourages residents to check the I-CASH site biannually for any unclaimed funds.