Illinois Treasurer Michael Frerichs wins reelection

Michael Frerichs has secured a third term as Illinois treasurer.

The Associated Press called the race for Frerichs, defeating challengers Tom Demmer and Preston Nelson. With 94% of precincts reporting, Frerichs led with 54% of the vote to Demmer’s 43.8% and Nelson’s 2.2%.

A former state senator from Champaign, Frerichs, 49, ran a campaign touting his accomplishments as state treasurer over two terms in office.

He said he returned more unclaimed property to residents, improved the state’s Bright Start college savings program and launched new investment programs.

As a candidate for treasurer, Demmer, 36, promised to serve as a check on a state government that is dominated by Democrats. He also noted that as a state representative from Dixon, he was a budget point person for House Republicans in Springfield.

Demmer was one of only two candidates on a Republican slate backed by billionaire Ken Griffin to survive the primary in June. During the general election campaign, Demmer attacked Frerichs over remarks the treasurer made in 2020 when he said voter approval of a graduated income tax on the ballot that November could open the door to conversations about whether the wealthiest retirees should have some of their retirement income taxed.

The graduated income tax referendum failed, and Frerichs insisted he opposed any state tax on retirement income.