Treasurer Stacy Garrity Announces $5.5 Million in Savings for PA 529 GSP Owners Treasurer Stacy Garrity today announced that asset-based fees will be waived for PA 529 Guaranteed Savings Plan (GSP) account owners for the third year in a row. This year’s fee waiver will save families $5.5 million and is funded by PA 529 GSP surplus earnings. “Waiving these fees makes our fantastic PA 529 Guaranteed Savings Plan even stronger for the families using it to save for their child’s future education,” Treasurer Garrity said. “The PA 529 GSP helps families meet their savings goals no matter what path their child will take in the future, whether that’s career training, an apprenticeship, technical school, community college or a four-year university. For families, this means more money saved for the future, which means less to borrow when a child chooses their path.” This year’s PA 529 GSP fee waiver went into effect on July 1, 2024, and account owners will not see any asset-based fees on quarterly account statements through June 30, 2025. Treasurer Garrity has also cut fees multiple times for the Morningstar Gold-Rated PA 529 Investment Plan (IP). In total, fee cuts and waivers for all PA 529 College and Career Savings Program accounts will save families more than $16.5 million by the end of the current fiscal year. PA 529 accounts are designed to help Pennsylvania families steadily and strategically save for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. There are significant state and federal tax benefits when saving with PA 529, and PA 529 assets do not impact eligibility for Pennsylvania state financial aid. The PA 529 GSP allows families to save at today’s tuition rates to meet tomorrow’s tuition costs. Account earnings are based on college tuition inflation rates, and families can choose the tuition credit rate they wish to save at from community colleges to Ivy League universities. The PA 529 IP offers a variety of investment options. Account earnings are dependent upon financial market performance. PA 529 has been helping families meet their savings goals for more than 30 years. There are more than 300,000 PA 529 accounts, including more than 113,000 PA 529 GSP accounts and more than 187,000 PA 529 IP accounts. Families currently have nearly $8 billion saved for future education expenses. To learn more about PA 529, visit pa529.com or call 800-440-4000.
Treasurer Stacy Garrity Announces Month of ABLE Webinars Treasurer Stacy Garrity, Chair of the national ABLE Savings Plans Network (ASPN) announced today that to celebrate the first national ABLE Savings Day on August 14, multiple free webinars will be hosted by ABLE (Achieving a Better Life Experience) program experts throughout August. Webinars will explain how ABLE accounts can help individuals with disabilities and their families save without affecting eligibility for important benefits. “ABLE programs provide fantastic opportunities for people with disabilities and their families to save for the future, which used to be impossible,” Treasurer Garrity said. “It’s my goal to make sure everyone who can benefit from an ABLE account learns about their benefits and knows how to open one. Our own PA ABLE is one of the largest programs in the country, and it’s growing quickly.” This month’s webinars include: ABLE Account 101 Monday, August 12, at 2:00 p.m. Join Mark Raymond, Jr., and other ABLE experts to learn about ABLE accounts. Mark will do a 30-minute presentation covering all ABLE topics (what is ABLE, who qualifies, how it works – and much more). After the presentation, participants can ask questions live. Learn About PA ABLE Tuesday, August 13, at 6:00 p.m. Webinar topics include eligibility requirements for opening a PA ABLE account, the federal and state tax benefits of PA ABLE, and how a PA ABLE account interacts with current benefits. How Can Employers Promote ABLE as an Accessibility Tool? Wednesday, August 14, at 2:00 p.m. This webinar is designed for self-advocates, Employers, Providers, and Human Resources executives to learn about the power of ABLE accounts and innovative ways employers are supporting their employees with disabilities and family members through ABLE accounts. Webinar attendees will gain tools and strategies to help employers and jobseekers best take advantage of ABLE accounts. I Have an ABLE Account, Now What? Wednesday, August 21, at 2:00 p.m. This webinar is designed for self-advocates, family members and caregivers, who have opened an ABLE account or are considering opening an ABLE account. It will guide you through the ins and outs of ABLE accounts, helping you make the most of your financial opportunities. All times are Eastern Standard. The PA ABLE Savings Program provides people with disabilities and their families the opportunity for greater control of their finances and to plan a more secure future. To find out if you are eligible for a PA ABLE account, visit paable.gov.
Treasurer Stacy Garrity Visits Pocono Raceway to Return Unclaimed Property Treasurer Stacy Garrity and ABC News’ Good Morning America (GMA) teamed up to return more than $8,000 in unclaimed property to NASCAR fans at Pocono Raceway during NASCAR Race Weekend on Saturday, July 13. “What a tremendous event! Returning money to enthusiastic NASCAR fans at the iconic Pocono Raceway with Gio Benitez and the great team from GMA was a thrill,” Treasurer Garrity said. “We couldn’t ask for better partners – huge thanks to everyone at the Raceway and GMA. I encourage everyone to search for any unclaimed property that might be available to them. It’s so easy to do. Pennsylvanians can search online and find their unclaimed property in less time than it takes a NASCAR driver to finish a lap at the Tricky Triangle!” “It’s always a pleasure hosting Treasurer Garrity and her team at the raceway,” said Ben May, President of Pocono Raceway. “We’re thrilled for all the Pennsylvanians that were reunited with their property. This was a fun way to add some extra excitement to our NASCAR Race Weekend by surprising fans.” Treasurer Garrity, her staff and GMA co-anchor Gio Benitez were busy all afternoon, reuniting $8,086.29 worth of unclaimed property with more than 34 attendees. One woman visited the booth to see if her mother had any unclaimed property, but instead discovered more than $2,800 for herself. “That’s a great example of why it’s important to search our website,” Treasurer Garrity said. “I hear from people all the time who say they’re absolutely certain that they couldn’t possibly have any unclaimed property… and then they search, and they do!” At the July 13 event, Treasurer Garrity returned $2,607.17 to Pocono Raceway. Unclaimed property includes things like dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safe deposit boxes and more. State law requires businesses to report unclaimed property to Treasury after three years of dormancy. Treasury is working to return more than $4.5 billion in unclaimed property to its rightful owners. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600. To learn more about unclaimed property and to search Treasury’s database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Commends General Assembly and Governor Pennsylvania Treasurer Stacy Garrity today praised the General Assembly and the Governor for adding about $740 million to the state’s Rainy Day Fund as part of the state budget for Fiscal Year 2024-25 – bringing the state’s reserve fund to a record high, nearly $7 billion. “Building Pennsylvania’s Rainy Day Fund strengthens our fiscal outlook as we prepare for the future,” Treasurer Garrity said. “When I took office, we had one of the worst reserve funds in the country – the Rainy Day Fund was so small that it would barely cover the Commonwealth’s bills for two days. Now, thanks to four consecutive years of strong savings, we’re well above the national median. A big part of responsible budgeting is setting money aside when you can, and I strongly support this smart decision by the General Assembly and the Governor.” The balance of the state’s reserve fund, currently $6.25 billion, will increase to approximately $6.987 billion when the deposit is made. That’s enough money to run the Commonwealth for 53.6 days. According to The Pew Charitable Trusts, the national median is 46.0 days. In November, Treasurer Garrity announced that the Treasury Department created a new investment pool dedicated exclusively to the Rainy-Day Fund. The new pool is creating greater investment returns for the fund while maintaining necessary liquidity. The Rainy Day Fund, formally known as the Budget Stabilization Reserve Fund, provides a fiscal safety net for possible economic downturns to help prevent tax hikes and cuts to discretionary programs. Building and maintaining the Rainy-Day Fund are integral to responsible state budgeting. Moody’s emphasized the need for a strong Rainy-Day Fund in its September 2023 Rating Action which upgraded Pennsylvania’s outlook from stable to positive and affirmed our state’s Aa3 rating: “Maintenance of adequate reserves is particularly important in Pennsylvania given a history of protracted budget negotiations, as well as demographic weaknesses that could have negative implications for long-term job growth, overall economic performance and state revenue.”
Treasurer Stacy Garrity Announces S&P’s Highest Credit Rating Pennsylvania Treasurer Stacy Garrity announced today that Standard and Poor’s Global Ratings (S&P) has reaffirmed the highest credit rating possible, AAAm, for Treasury’s INVEST program pools. INVEST, managed by the Pennsylvania Treasury Department, is an investment tool specifically designed for local government agencies and nonprofit organizations. “Earning S&P’s highest rating for our INVEST pools is a tremendous honor, and it reflects the hard work we’re doing to help local governments and nonprofits across Pennsylvania maximize their investment capabilities,” Treasurer Garrity said. “Many of these entities have extremely tight budgets, so helping them invest and grow their funds is important. Treasury is glad to provide this program to help organizations fund critical projects that improve the lives of Pennsylvanians.” INVEST participants include local government agencies and nonprofits including municipalities, counties, school districts, fire companies, libraries and many others. There are two pools in INVEST, the Daily Pool for local governments and the Community Pool for nonprofit organizations. Ratings affirmations were for both pools. Both pools provide daily liquidity, with no minimum balance requirements, no minimum deposit amounts and no limit on the number of transactions an organization can make. Treasury may also offer periodic custom investment opportunities for longer-term financial needs of participants. AAAm is the highest rating established by S&P. Criteria for this rating includes a fund that, according to S&P, “demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.” Treasury’s investment staff has managed INVEST for over 30 years. In Fiscal Year 2023-24, participants shared more than $75 million in earnings. More than 450 INVEST participants currently have over $1.6 billion in assets. To learn more about becoming a participant with INVEST, visit patreasury.gov/invest or email investoperations@patreasury.gov.
Treasurer Stacy Garrity Praises General Assembly Treasurer Stacy Garrity today praised the General Assembly for unanimously approving legislation to enact Pennsylvania Money Match, which will allow the Pennsylvania Treasury Department – for the first time ever – to automatically return unclaimed property to its rightful owners. Senate Bill 24, sponsored by Sen. John DiSanto (R-15), was sent to Governor Josh Shapiro for his signature last week. Similar legislation, House Bill 2092, was introduced by Rep. Ryan Bizzarro (D-3) in the House. “This is a huge and exciting step forward,” Treasurer Garrity said. “With Pennsylvania Money Match, we’ll be able to return unclaimed money directly to thousands of hardworking Pennsylvanians. Government isn’t known for removing red tape – but that’s exactly what this bill will do. I want to thank Sen. DiSanto for his strong leadership in the Senate and Rep. Bizzarro for the great work he did in the House. Money Match absolutely deserves the bipartisan support it received.” “I am pleased to have partnered with Treasurer Garrity on drafting SB 24 to make it easier for the Pennsylvania Treasury to return unclaimed property to its rightful owners,” Sen. DiSanto said. “And I am thankful to my legislative colleagues for passing this commonsense legislation that makes government work better.” Pennsylvania Money Match will authorize Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs. Pennsylvania Money Match will not affect claims for properties valued above $500 or those that have multiple owners or other complexities. Those claimants will still need to file a claim and provide any required supporting documentation. More than one in ten Pennsylvanians is owed some of the $4.5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600. Since taking office, Treasurer Garrity has returned more than $700 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including: Completing a total system upgrade for the first time in more than 15 years. Implementing a fast-track process for many claims; and Allowing direct deposit payments for many claimants. To search Treasury’s unclaimed property database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Announces Results of Spring Unclaimed Property Auction Treasurer Stacy Garrity announced today that Treasury’s Spring unclaimed property auction brought in more than $262,000. All proceeds are carefully logged by Treasury and will remain available for the rightful owners to claim no matter how much time passes. “This is another tremendously successful auction, and I’m pleased that it generated such an incredible result,” Treasurer Garrity said. “We work for at least three years to find the rightful owners of every item that comes to Treasury’s vault. But eventually, we have to auction items to make room in our vault for incoming property. All auction proceeds are held in perpetuity at Treasury for a rightful owner to claim anytime – whether that’s tomorrow, a few months from now, or many years down the road.” Nearly 4,400 items were sold during the auction that took place online in March this year. Treasury partners with Pook & Pook, Inc., of Downingtown for auctioneer and appraisal services. The top price for an item was $18,000 for 27.22 ounces of palladium (a form of platinum). Other high-price items included: 18K yellow gold bracelet with 14K yellow gold charms sold for $4,600 14K white gold ring with an old European cut diamond sold for $3,200 18K yellow gold wristwatch, with .40 ctw of round brilliant cut diamonds sold for $3,000 Platinum ring with 1.71 carat diamond sold for $3,000 “This was another successful collaboration between Pook & Pook, Inc., Auctioneers and Appraisers and the Pennsylvania Treasury,” said Deidre Pook Magarelli, President of Pook & Pook. “Across the board, in all categories of coins and jewelry, we saw strong prices. The Pennsylvania Treasury puts forth a heroic effort each year to reunite unclaimed property with its original owners, but, when that’s not possible, they make sure the monetary compensation for that unclaimed property is available to those individuals in perpetuity. It’s a huge undertaking, and Pook & Pook appreciates playing a small part in this important process.” Treasury expects to net $262,840.16 after Pook & Pook receives its 12 percent commission of the full auction total, $298,682.00. The proceeds from the auction were nearly $80,000 over the high estimate. Items that are not sold at auction, or those not paid for by a winning bidder, are returned to Treasury to be listed in future auctions. Treasury receives unclaimed property from businesses if the property has been dormant for three years. Tangible property, most often the contents of forgotten safe deposit boxes, is stored in Treasury’s vault for another three years while Treasury tries to find the rightful owners. Treasury never auctions military decorations or memorabilia. More than $4.5 billion in unclaimed property is available to be claimed. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600. To learn more about unclaimed property or to search Treasury’s database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Announces Property Tax/Rent Rebate Payments Treasurer Stacy Garrity announced that approximately 442,000 payments totaling about $266 million were disbursed today to Pennsylvanians who have been approved for this year’s Property Tax/Rent Rebate Program. “This is an all-time record for day one of the Property Tax / Rent Rebate Program,” Treasurer Garrity said. “More people than ever before are eligible for rebates, thanks to great work by the General Assembly and the Governor to expand the program. This money can make a huge difference – especially for the many Pennsylvanians who are struggling to make ends meet, and I encourage everyone who is eligible to apply for their rebate. Treasury will continue to make payments on a rolling basis as we receive approvals from the Department of Revenue.” Of the payments sent today, 56 percent were processed via direct deposit, while 44 percent were paper checks mailed via the U.S. Postal Service. The General Assembly and the Governor expanded the Property Tax/Rent Rebate Program this year to increase household income limits for rebates to $45,000 for homeowners and renters (up from $35,000 and $15,000, respectively). Claimants may exclude half of their Social Security income. The maximum standard rebate is now $1,000 (up from $650). Payments will continue to be processed as applications are approved by the Department of Revenue and received by Treasury. The deadline to apply has been extended to December 31, 2024. The Property Tax/Rent Rebate Program benefits Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. For more information about eligibility and how to apply, Pennsylvania residents can contact their state legislators, visit the Department of Revenue’s website or call 888-222-9190. Applications can be submitted online with Revenue’s myPATH system. Those who have already applied can check the status of their rebate by clicking on the “Where’s My Rebate?” tool available on this page.
Treasurer Stacy Garrity Announces PA ABLE Website Treasurer Stacy Garrity today announced the launch of the redesigned PA ABLE Savings Program website, paable.gov. The new website makes it easier for individuals to learn about the many benefits of PA ABLE, open a new account, and access their existing PA ABLE account. “With the launch of our new PA ABLE website, we’re making it easier than ever for people to learn about, and access, this amazing program,” Garrity said. “Making sure every Pennsylvanian with a disability knows about PA ABLE is the first step to helping them live more independently. Revamping our resources to make them as accessible as possible is just one way we’re helping more Pennsylvanians save for a secure future.” The new paable.gov was built from the ground up. It streamlines navigation and content, integrates frequently asked questions within relevant pages, and includes changes that make it easier and more convenient for account owners and prospective account owners to find the information they need about PA ABLE. It also gives users the ability to easily translate every page on the new site to Spanish. This feature is powered by Google Translate. More than 9,000 PA ABLE accounts are open with over $120 million in assets. PA ABLE gives individuals with qualifying disabilities a tax-free way to save and invest without impacting important benefits. All federal benefits are protected, including Medical Assistance (Medicaid) and, with some limitations, Supplemental Security Income (SSI) benefits, as are many Pennsylvania state benefits. As savings earn interest or returns over time, neither federal nor Pennsylvania income tax is owed – and, when a withdrawal including that growth is taken, no income tax is owed as long as the withdrawal is used to pay for qualified disability expenses. PA ABLE offers seven different investment options, including an interest-bearing checking account. Account owners, along with family members and friends, can contribute up to $18,000 per year to a PA ABLE account. Contributions can be deducted on Pennsylvania state income taxes. Currently, to be eligible to save with PA ABLE, a person’s disability must onset prior to their 26th birthday – but the age limit will increase to 46 starting on Jan. 1, 2026. This is thanks to the ABLE Age Adjustment Act, which will expand ABLE eligibility to millions more Americans including one million Veterans. PA ABLE is one of the largest ABLE programs in the country and the largest program in the 19-member National ABLE Alliance, accounting for more than 25% of total Alliance assets. Since taking office, Treasurer Garrity has reduced fees three times for PA ABLE account owners. She is the inaugural chair of the National ABLE Savings Plans Network, a part of the National Association of State Treasurers dedicated to growing awareness, engagement and growth of ABLE Plans nationally. To learn more, visit paable.gov or call (855) 529-2253.
Treasurer Stacy Garrity Announces Upgrades to Transparency Portal Treasurer Stacy Garrity announced today that new features have been added to Treasury’s award-winning Transparency Portal, improving access to state budget and spending details. Users can now, for the first time ever, easily compare current revenue received in the current budget year with that received in previous years. The new features also include the ability to dive deeper into both total and federal funds, and to more easily navigate the portal on both desktop and mobile devices, including quick links to budget details, revenue comparisons, and federal funds. “Transparency must always be a central goal of government, especially when it comes to how taxpayer dollars are being spent,” Treasurer Garrity said. “As a fiscal watchdog, I’m always focused on increasing transparency, and Treasury’s Transparency Portal is a vital part of that work. These new updates make it easier than ever for Commonwealth residents to see where their money is going and to hold their government accountable.” The new Transparency Portal updates include: Revenue Comparison – Users can compare revenue received in the current fiscal year with revenue received in previous years back to FY 2018-19. Federal Funds – Users can see funds received from the federal government and how they are used by the Commonwealth. Easy Access to Fund Details – A dropdown menu allows users to easily review the status of a specific fund (such as the General Fund, the Motor License Fund and the Lottery Fund). More Options – When reviewing fund details, users can choose to display data over 1 year, 3 years and 5 years (in addition to 1 month, 3 months, 6 months, year-to-date, and all available). Improved homepage navigation. The Transparency Portal also includes tools to review state budget details, the Fiscal Health Scorecard, which presents financial data comparing Pennsylvania with similar states, and the Treasury Checkbook that discloses payments made by Treasury to its vendors. The Contracts e-Library allows anyone to review more than 500,000 state agency contracts, purchase orders, and amendments valued at $5,000 or more. Treasury’s Transparency Portal includes data back to 2014. Since taking office, Treasurer Garrity has added numerous features to the site, including access to Ledger 5, which tracks unappropriated expenses, and the ability to see county- and state-level data about Pennsylvania’s unclaimed property program, the PA 529 College and Career Savings Program, Keystone Scholars, and the PA ABLE Savings Program. Treasury’s Transparency Portal has won numerous awards, including the 2022 Government Experience Project Award from the Center for Digital Government, the 2018 CIO 100 Award, a Digital Edge 50 Award, and the 2017 PA Excellence in Technology Award. It was a finalist for the NASCIO 2018 Data Management and Analytics Award. Visit Treasury’s Transparency Portal at patreasury.gov/transparency.
