Illinois Treasurer: “I don’t support a retirement tax”

Posted on March 21, 2022
Illinois Treasurer Mike Frerich. (Photo courtesy: Dave Dahl/WJBC)

By Dave Dahl

SPRINGFIELD – A celebration of Illinois Treasurer Mike Frerichs’ Secure Choice retirement program took a left turn because of politics.

Republicans – now including Frerichs’ election opponent, State Rep. Tom Demmer (R-Dixon) – have been dogging Frerichs over a supposed suggestion to tax retirement income. Frerichs says that’s untrue.

“I don’t support a retirement tax. I have proposed no retirement tax. I am not going to propose any sort of retirement tax,” said Frerichs at a Capitol news conference. “My opponent keeps talking about this, because he does not want to talk about the real issues of retirement: his numerous votes to reduce retirement benefits; his votes against the creation of Secure Choice, which will give people a better retirement.”

Then there’s the word Republicans love to use against Democrats: Madigan.

The GOP identified $275,000 in contributions over the years from funds controlled by former House Speaker and former Democratic Party of Illinois chairman Mike Madigan, indicted on charges that include racketeering and extortion. Now Democrats are being asked whether they’ll refund those campaign donations. Asked about it Monday, Frerichs said he did not know what the $275,000 refers to.

As for the news conference itself, it was to announce 100,000 people have entered Secure Choice, a retirement program for people who do not otherwise have access to a retirement program. Those accountholders have invested more than $80 million.

Dave Dahl can be reached at [email protected].

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