DES MOINES, IA (07/16/2015)(readMedia)-- State Treasurer Michael L. Fitzgerald announced that, as a result of Tuesday's online auction, $100 million will be deposited in thirty-four banks across the state. The state will receive an average rate of return of 0.23% on these six-month certificates of deposit. "This was our most successful auction to date," Fitzgerald said. "This is the largest amount we have distributed at one time through this program."

Fitzgerald created the Invest in Iowa program in 1983 as a way to deposit state funds in Iowa financial institutions. The treasurer's office uses an auction format offering state deposits to Iowa banks six times a year, which allows the state to earn a competitive return on the funds while ensuring local banks have the money they need to keep the economy moving. The financial institutions hold the funds as CDs and use the money to make loans. Currently the Invest in Iowa program has over $262 million invested in Iowa banks

"Demand for funds has been great this year," Fitzgerald stated. "This is a reflection of the current market. I am glad this program is available to help facilitate lending around the state."

Invest in Iowa quarterly auctions are held on the second Tuesday of January, April, July and October. In response to growing interest in this program, two auctions offering one-year term CDs are also held throughout the year. The next auction is scheduled for August 18, 2015 at 10 a.m and will offer one-year term CDs. Each auction has an established minimum interest rate and a minimum bid. To learn more about the Invest in Iowa program, visit IowaTreasurer.gov, select "Invest in Iowa" under the "For Businesses" tab or contact the treasurer's office at 515-281-5368.

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SPRINGFIELD - Lance Trover, Director of Communications, issued the following statement:

"Speaker Madigan and the legislators he controls will leave town without a responsible, balanced budget and without any reforms while taking a pay raise for themselves. That's unfair to taxpayers and the people they represent. It is time to stop protecting the political class at the expense of the middle class.

"Everyone knows the status quo is broken and Illinois needs to change. Governor Rauner is committed to enacting a true balanced budget and real reforms to grow the economy and free up resources to protect the most vulnerable. The legislature should join the governor in committing to move the state forward."

Q: How does Social Security measure up 80 years after being signed into law?

A: Generations of Americans have been protected against poverty thanks in large measure to this social safety net signed into law 80 years ago on August 14, 1935. Without question, Social Security is tightly woven into the social fabric of America. The fundamental foundation of the program hasn't changed in the last eight decades. Payroll tax revenues are collected on wages (12.4 percent is evenly divided between employee and employer) that finance retirement and disability benefits. Any excess revenue not used to pay current benefits is invested in interest-bearing government securities. The Social Security trust funds reflect payroll taxes plus interest accrued. The 15-year bonds are managed within the U.S. Treasury. These IOUs are redeemed to pay current benefits.

Although the foundation of Social Security hasn't changed in 80 years, the nation's demographics have changed considerably. Today 58 million people collect Social Security benefits funded by payroll taxes collected from 163 million workers. In 1945, the worker to retiree ratio was 40 to 16.  That ratio has declined to fewer than three workers per beneficiary today. This downward decline presents a challenging situation to policymakers, especially considering the retirement of the baby boom population. When more people exit the workforce than enter or stay in the labor pool, benefits will outpace revenue. In 1983 policymakers took big steps to restore financial solvency to Social Security. Bipartisan reforms were put in place 35 years ago to help strengthen this retirement safety net for millions of Americans to help protect the nation's elderly from impoverishment in retirement.

As Social Security observes an 80-year milestone this summer, it has outlasted plenty of political demagoguery. Those who use the nation's public's retirement program to score political points undermine the public trust. Although plenty of myths and misunderstandings may fray the edges of the safety net, the reality is that Social Security is a social contract among Americans that was built in 1935 and intended to last for generations yet to come.

Q: What are some of the most common myths or questions you are asked about Social Security?

A: With the rapid spread of rumors that circulate on the Internet and ripple across the spectrum of social media outlets, the durability of some misunderstandings is not surprising. The one I hear quite often is posed during town meetings and call-in programs. People believe members of Congress don't pay into Social Security and ask why not. As the lead Senate author of the Congressional Accountability Act, I am a long-time champion for holding lawmakers accountable to the same workplace laws that apply to Main Street.  And the fact is that federal lawmakers do pay Social Security taxes just like everyone else covered by the program. Since the 1983 reforms, all members of Congress pay into Social Security no matter how long they have been in office.

Another common question concerns Social Security Disability Insurance (SSDI). The Social Security Administration also manages this public insurance program for workers who have a medical disability that is expected to keep them from being able to work for at least 12 months. This program has experienced dramatic growth in recent years and it has put a financial toll on the disability trust fund. Nearly nine million workers now qualify for SSDI benefits. Recipients who receive monthly cash benefits are required under federal law to meet strict eligibility standards that are medically determinable physical or mental impairments.  Iowans who have questions about eligibility requirements, backlogged applications or the appeals process often contact my office for assistance navigating red tape.

As the former chairman and a senior member of the Senate Finance Committee, which has legislative and oversight jurisdiction of Social Security, I have worked to weed out fraud in this important program to keep it intact. That includes calling attention to application fraud and backlogs that are choking the system from functioning effectively and hindering the disability insurance program from serving those it was intended to serve. Wrongdoers who game the system weaken the solvency of the cash-strapped SSDI trust fund and foster dependency at the expense of those truly in need of this lifeline.

The Jane Lee Team of RE/MAX Top Performers in Lake Bluff, Ill., the Kombrink-Lobrillo Team of RE/MAX Great American North, St. Charles, Ill., and the Leslie McDonnell Team of RE/MAX Suburban, Libertyville, Ill., took honors in both categories. Lee ranked 85th in closed transactions and 111th in sales volume. Kombrink-Lobrillo ranked 98th in closed transactions and 224th in sales volume. McDonnell ranked 248th in closed transactions and 220th in sales volume.

Also named to the top 250 teams in closed transactions is the HomesByMarco Team of RE/MAX Suburban, Libertyville, which ranked 140th.

Among individual brokers, RE/MAX professionals in the top 250 based on closed transaction sides are Sarah Leonard of RE/MAX Suburban, Schaumburg, Ill., ranked 63rd; Ed Lukasik, Jr., of RE/MAX Professionals, Bolingbrook, Ill., ranked 94th; Steve Malik, RE/MAX Professionals Select, Naperville, Ill., ranked 199th; and Rich Bassford of RE/MAX Elite Homes, Moline, Ill., ranked 201st.

"We congratulate these outstanding brokers and teams on earning this honor," said Brian Reagan, president of RE/MAX Northern Illinois.  "Our goal is to make RE/MAX the logical home for our region's top professionals."

RE/MAX agents across the country claimed 154 of the 1,000 positions. No other brand held more positions this year.

RE/MAX agents consistently rank among the most productive in the industry. In the United States, RE/MAX agents averaged 15.6 years of real estate experience and 16.0 transaction sides in 2014. RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,200+ sales associates and 105 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app, available for download at www.illinoisproperty.com, provides comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, a global real estate organization with 100,000+ sales associates in 90+ nations.

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