Difference between revisions of "Dan Hynes"
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Revision as of 11:36, 7 January 2010
|Comptroller of Illinois|
| Assumed office|
January 11, 1999
| Current term ends|
Dan Hynes was elected as Illinois Comptroller on November 3, 1998. He was reelected to a third term in 2006. In 2009 Hynes announced he would not seek a fourth term and would be running for Governor of Illinois in 2010.
While in office, Hynes established Illinois' first "Rainy Day Fund" which was designed to secure funding for the state in the event of a slowdown in revenue.
Pre-Need Trust Fund Scandal
Over the course of 2009, details unfolded in an investment scandal involving millions of dollars of taxpayer money that was supposed to be set aside for their funerals. The Illinois Funeral Directors Association Pre-Need Trust Fund lost millions of dollars from 2001-2009.
A Pre-need funeral trust is a fund that allows citizens to pay for their funerals in advance. The arrangements are made and paid for at the time of purchase, and the money then goes into an investment fund. The returns on that investment are to cover any inflation that occurs between the time of purchase and the time the funeral actually occurs.
The Illinois fund reached 300 million dollars invested at its high point, but has been losing money throughout Dan Hynes' term as comptroller. The program in practice has been described as "Ponzi"-style by Illinois Governor Pat Quinn's campaign. The fund is facing investigation and lawsuits brought by members. Many association members claim that Hynes' office failed to protect them.