Treasurer Stacy Garrity and Senator John DiSanto Announce Legislation

Standing just outside the Finance Building’s historic vault, Treasurer Stacy Garrity and Sen. John DiSanto (R-15) announced that legislation automating the process of returning unclaimed property to rightful owners – known as Pennsylvania Money Match – was introduced this week.

“This will be a huge step forward in our efforts to return unclaimed property to Pennsylvanians as quickly as possible,” Treasurer Garrity said. “Pennsylvania Money Match will get more money back into the wallets of hard-working Pennsylvanians, where it belongs. Many people don’t know they have unclaimed property, and we should make it as easy as possible to get these funds back where they belong. In today’s economy, every extra dollar can go a long way to helping families make ends meet.”

“I am pleased to join Treasurer Garrity to announce this new legislation that will return people’s unclaimed property more quickly, and without the burden of having to search and submit a claim,” Sen. DiSanto said. “This initiative, which has strong bipartisan support, is truly commonsense and has tremendous potential to help residents get back unclaimed funds during this period of high-inflation and stretched family budgets.”

Pennsylvania Money Match will authorize Treasury to automatically return single-owner property for living individuals valued up to $5,000 to the rightful owner after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs to automatically reunite their residents with many millions of dollars in unclaimed property.

For larger and more complex claims, owners would continue to fill out a claim form and submit additional information required to confirm their identity and rightful ownership.

Senator DiSanto introduced Senate Bill 24 to create Pennsylvania Money Match. SB 24 was referred to the Senate Finance Committee.

“I applaud Senator DiSanto for taking the lead on this important legislation,” Treasurer Garrity said. “I look forward to working with him and the entire General Assembly to make this much-needed change to our unclaimed property program. And, as always, I encourage all Pennsylvanians to search our database for money that may be theirs.”

Since taking office, Treasurer Garrity has implemented multiple improvements to the unclaimed property program, including:

Treasury returned more than $211 million worth of unclaimed property in 2022. More than $4 billion is currently waiting to be claimed. One in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600.

Treasurer Stacy Garrity Announces America Saves Week Webinars

Treasurer Stacy Garrity today announced three upcoming webinars as part of America Saves Week, which runs February 27 through March 3. America Saves Week is an annual event to encourage families to make informed choices when it comes to saving and protecting money, reducing debt, and building wealth.

“America Saves Week is the perfect time to highlight Treasury’s great savings programs and let families across Pennsylvania know that we can help them save more effectively,” Garrity said. “I’m excited to work with the Pennsylvania Bankers Association and PHEAA for these webinars to help get the word out about the great financial resources available to Pennsylvanians.”

Treasury is partnering with experts to present three free webinars that will cover cybersecurity, student financial aid, and an overview of Treasury’s savings programs, including the PA 529 College and Career Savings Program, Keystone Scholars and the PA ABLE Savings Program.

The America Saves Week webinar schedule is:

This session, presented by the Pennsylvania Bankers Association, will share information about the current cybersecurity landscape and provide tips on safeguarding your financial information. 

Presented by Treasury and the Pennsylvania Higher Education Assistance Agency (PHEAA), this session will cover affordable ways to pay for college, including the benefits of PA 529 plans and other aspects of financial aid to cover funding gaps, such as PA Forward Student Loans.

Presented by Treasury, this session will illustrate how families can use Treasury’s savings programs to build a brighter future, including PA 529, Keystone Scholars, and PA ABLE.

The PA 529 College and Career Savings Program helps families steadily and strategically save for future education expenses. Treasury offers two plans; the PA 529 Guaranteed Savings Plan, which allows families to save at today’s tuition rates to meet tomorrow’s tuition costs, and the PA 529 Investment Plan that offers a number of investment options. Both plans offer significant state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses.

Keystone Scholars jumpstarts educational savings by providing a $100 investment for every child born to a Pennsylvania family on or after January 1, 2019. The program uses no taxpayer money, and the funds are invested by Treasury to grow as the child grows. The funds can be used after a child’s 18th birthday for a wide variety of postsecondary educational expenses.

PA ABLE is a tax-free way for Pennsylvanians to save for disability-related expenses while maintaining government disability benefits. PA ABLE allows for up to $17,000 in savings annually, and up to $100,000 total without impacting important benefits like Supplemental Security Income (SSI) and Medicaid. Funds are easy to access and may be used for a wide range of expenses.

To register for one or more of these free webinars, visit pa529.com/webinars.

To learn more about all of Treasury’s Consumer Savings Programs, visit patreasury.gov/consumer.

Media contact:
Samantha Heckel, Press Secretary, 717-418-0206 or sheckel@patreasury.gov

Treasurer Stacy Garrity Features All 67 Counties in Campaign

Treasurer Stacy Garrity announced today that manufacturers and makers from all 67 counties across the Commonwealth have been featured in the #MadeInPAMondays social media campaign since the initiative began in May 2021.

“Manufacturing is the driving force behind Pennsylvania’s economy, employing millions of hardworking Pennsylvanians and generating billions of dollars for our economy,” Treasurer Garrity said. “The time I spent in the private sector showed me firsthand the difference a business can make in its community. That’s why I make it a priority to visit manufacturers and makers from all corners of our state and highlight the incredible work they do through this social media campaign.”

“Manufacturing upholds the quality of life in communities across the commonwealth,” said David N. Taylor, President & CEO of the Pennsylvania Manufacturers’ Association. “Our sector adds the most value, generates the most jobs in related industries, and provides the best wages and benefits in the marketplace. Manufacturers are also significant local taxpayers, sustaining important public services including schools, first responders, and public infrastructure. We are grateful to Treasurer Garrity for showcasing our amazing Pennsylvania manufacturers and the way they innovate, invest, and make the goods that sustain our American civilization.”

The #MadeInPAMondays campaign, which can be seen on Instagram (@PATreasury), Twitter (@PATreasurer) and Facebook (PA Treasurer Stacy Garrity), features a different Pennsylvania manufacturer or maker every Monday.

Manufacturers and makers from a range of industries have been highlighted, including agriculture, chemical, machinery, and electronics.

Some of the recent companies featured in #MadeInPAMondays are Dynamic Manufacturing in Armstrong County, Ebtech Industrial Building Solutions in Fayette County, and Logyard Brewing in McKean County.

Dynamic Manufacturing, which was acquired by Matric Group in 2005, has provided electronics contract services for a variety of industries, including aerospace and transportation, for more than 30 years.

“As a Pennsylvania manufacturer dealing with the current decline in the workforce, we must invest more in our youth, so they want to stay and work in the area,” said Brad G. Turner, Vice President of Business Development & Marketing at Matric Group. “Matric and Dynamic Manufacturing continue collaborating with the region’s education system to promote electronic manufacturing job opportunities to high school juniors and seniors. Through co-ops, internships, and apprenticeship programs, students learn about what we do and the jobs we offer. When they graduate and join our team full-time, they can take advantage of our tuition reimbursement program. Electronics manufacturing is an exciting industry, and we invite you to join us!”

Founded in 1995, Ebtech Industrial is a global manufacturer of modular building solutions and leading defense contractor for shelters.

“When we bought Ebtech Industrial Building Solutions 15 years ago, we had worked with five states to discuss the relocation of this business from Missouri,” said Donald Travis, Managing Partner at Ebtech Industrial Building Solutions. “The state of Pennsylvania stepped up and provided us with a package that incentivized us to move here. Since that time, Ebtech Industrial has grown to a GSA listed defense contractor and global supplier of modular buildings and is the largest manufacturer and provider of some very specific types of structures in the USA. We are very proud of our people and our company’s growth and the support we have had by being in Pennsylvania.”

Located in the Allegheny National Forest, Logyard Brewing is a hyper-local brewery with a designated PA Preferred status through the Pennsylvania Department of Agriculture.

“We chose Kane, Pennsylvania, over Arlington, Virginia, for our home base and production facility for Logyard Brewing because we knew the positive economic impact it could have on our rural communities,” said Royce Novosel-Johnson, Co-Founder of Logyard Brewing. “We’re very proud of being a PA Preferred brewery, which shows our commitment to Pennsylvania agriculture and farmers. It means a lot to us to be featured and included in #MadeInPAMondays because being made in PA is something we’re very proud of.”

Treasurer Stacy Garrity News

Treasurer Stacy Garrity Elected Chair of National ABLE Savings Plan Network

Treasurer Stacy Garrity has been elected as the inaugural Chair of the new ABLE Savings Plan Network (ASPN), a group formed by the National Association of State Treasurers. ABLE programs allow Americans with disabilities to save tax-free without affecting their eligibility for means-tested government benefits.

“ABLE accounts help Americans with disabilities live more independently and enjoy better financial security,” Treasurer Garrity said. “I’m honored to lead this new organization to advance the reach of ABLE programs. We’re all dedicated to making sure these programs are accessible and affordable, and I will be a tireless advocate to ensure our ABLE programs are successful and continue to grow and help more Americans.”

The Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act, passed in 2014, allowing states to create ABLE programs. It was sponsored by U.S. Senator Bob Casey of Pennsylvania.

“ABLE programs help Americans with disabilities save for the future and work towards financial security. I can fortunately say that these programs are benefiting Pennsylvanians every day, helping them lead independent lives,” said Senator Casey. “Treasurer Garrity is knowledgeable and well-qualified for this position. I have faith that she will work to ensure the accessibility of these programs to Pennsylvanians with disabilities.”

ASPN will provide strategic leadership on advancing ABLE accounts by monitoring federal actions, including any legislative or regulatory changes, that impact state ABLE plans, developing strategies to improve ABLE plans at the federal level, and analyzing best practices for those with an eligible disability who want to save and invest for a better life, achieve financial empowerment, and prepare for a more independent future.

Treasurer Stacy Garrity Announces Third Consecutive Morningstar Silver Rating for PA 529 Investment Plan

Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program Investment Plan (IP) received a Morningstar Silver Rating for the third consecutive year. The honor comes as part of Morningstar’s review of the top 529 education savings plans of 2022, and designates the PA 529 IP as a best-in-class plan nationwide.

“I’m very pleased that Morningstar has again affirmed the quality of our PA 529 Investment Plan,” Garrity said. “Saving for education can seem daunting, but the first step is the most important. Opening a PA 529 account is a simple way for families to help give their children a brighter future.”

Morningstar specifically recognized the PA 529 IP as “a straightforward and low-cost offering that is overseen by a capable steward” and praised the Pennsylvania Treasury Department for its “team-based approach and demonstrated ability to effectively oversee the program.”

Treasurer Garrity Announces $2.1 Billion Transfer to Rainy Day Fund

Treasurer Stacy Garrity today announced the deposit of $2.1 billion into Pennsylvania’s Rainy Day Fund, formally known as the Budget Stabilization Reserve Fund. The transfer, which was officially made yesterday, was authorized as part of the state budget for Fiscal Year 2022-23.

“Our state reserves are the strongest they’ve been in decades,” Garrity said. “Thanks to this deposit, the Rainy Day Fund is approaching $5 billion, positioning Pennsylvania to be able to weather a future economic downturn. Everyone knows that a fiscal cliff is looming, so saving as much as possible in the Rainy Day Fund is the right thing to do. I applaud the General Assembly and Governor Wolf for prioritizing our state’s future.”

Treasurer Garrity Announces Auction of Unclaimed Property

Treasurer Stacy Garrity today announced that the next online auction of unclaimed property items from Treasury’s vault will take place tomorrow, October 26, and Friday, October 28. This auction includes fine jewelry, coins, currency and more.

“This is a unique opportunity to highlight our unclaimed property program and get more people interested in finding what is theirs,” Garrity said. “We work diligently to locate the rightful owners of every piece of property that comes into our vault – and I encourage everyone to search for themselves at patreasury.gov/unclaimed-property. But, even though we have the largest working vault in the United States, there is limited space. So, from time to time, we have to auction some of the physical items we receive.”

Pook & Pook, Inc., of Downingtown handles item appraisal and auctioneer services. Auction items can be previewed at pookandpook.com, which is also where interested bidders can register.

More than 3,900 items from Treasury’s vault will be on the auction block over the two days, including:

  • Multiple 1 ozt. fine gold South African Krugerrands;
  • A Liberty Eagle 1 ozt. gold coin;
  • Three U.S. $500 notes featuring President William McKinley;
  • A 14K gold, diamond, and gemstone bracelet;
  • A 10K gold necklace with a 14K University of North Carolina diamond-studded pendant;
  • An Omega 18K gold wristwatch; and
  • A custom Breitling stainless steel and black diamond wristwatch.

Some items will be combined into Treasury-only lots. Items from other consignors will also be featured in the auctions but are never comingled with Treasury items.

Items are kept in Treasury’s vault for at least three years before they head to auction. Those sold at auction are carefully tracked and documented. Treasury updates its unclaimed property records to reflect the proceeds from an item’s sale, so if a rightful owner one day comes forward the proceeds of the sale are available for them to claim.

Treasury employees and immediate family members are prohibited from bidding in the auctions.

Unclaimed property comes to Treasury in accordance with state law. Tangible property, like the items being auctioned, most often comes from abandoned safe deposit boxes, with other items coming from college dorms, nursing homes, or police evidence rooms. Unclaimed property also includes balances of forgotten bank accounts, uncashed checks, stocks, insurance policies and more.

About one in ten Pennsylvanians is owed some of the more than $4 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is $1,500.

Treasurer Stacy Garrity: Account Validation Makes Payments More Secure

Treasurer Stacy Garrity today announced that the list of vendors qualified to provide new electronic payment security protocols (Account Validation Services, or AVS) for state government agencies has been posted to Treasury’s website.

“AVS is a powerful tool in the never-ending fight against fraud and identity theft,” Garrity said. “Criminals are constantly looking for new ways to steal taxpayer dollars, and we will do everything possible to stop them. I thank the General Assembly and Governor Wolf for giving Treasury the authority to require AVS across all state agencies.”

Act 54 of 2022 authorized Treasury to require the implementation of AVS, a significant step forward in detecting and preventing the fraudulent expenditure of public funds. AVS, which is almost instantaneous, uses bank account information and other unique identity data fields to confirm a payee’s relationship with the receiving bank account.

The list of qualified vendors includes 10 companies capable of providing AVS. Every agency, board or commission for which Treasury makes payments must choose one of the vendors to use for its payments no later than January 2024. Act 54 requires Treasury to update the list of approved vendors at least every two years.

Treasurer Stacy Garrity Announces Winners of PA 529 Day Promotion

Treasurer Stacy Garrity today announced the top award winner of Treasury’s 529 Day promotion, which was available for new PA 529 GSP accounts opened in May 2022. The winning account owners, Zach and Brittany Hebert of Allegheny County, received a deposit of $5,290 in the new PA 529 Guaranteed Savings Plan (GSP) account they opened for their son.

PA 529 College and Career Savings Program accounts are designed to help PA families steadily and strategically save for future educational expenses – including universities, community colleges and trade schools – with significant state and federal tax advantages.

“It’s tremendous to be able to help families save for their child’s future in this impactful way,” Garrity said. “This one-time infusion will certainly boost the Hebert family’s savings for their child, and I hope their story will motivate more families to start saving with PA 529. I look forward to providing more incentives for PA 529 account owners, and to those who may be thinking about opening a PA 529.”

“As new parents, countless everyday expenses constantly pop up and make saving for the future challenging,” said promotion winner Zach Hebert. “Through the PA 529 program, we have been able to set-up recurring, consistent contributions to an account for our son’s education. We’ve been able to enjoy peace of mind that comes with knowing we’re setting our son up for success. Although college is certainly not the only path for success, the PA 529 program, and this extremely generous award, help to ensure our son will have a full range of educational opportunities. And for that, we are incredibly grateful.”

The 529 Day Promotion also included 59 county-specific winners of $529 deposits for their new PA 529 GSP accounts. Awards were available for all 67 counties as part of the promotion, and 59 counties had at least one new account opened. All award deposits were paid for with surplus earnings from the GSP fund.

“Continuing education is extremely important to both my husband and I,” said Franklin County winner Melinda Rush. “We each obtained bachelor’s degrees immediately after graduating high school and went into the workforce afterwards. We want to set ourselves up financially to provide our children with the same opportunity.”

“I was so excited to win,” said Wayne County winner Susan Grosso. “I just moved to PA and decided to start my kid’s college savings in my new home state. I rarely win contests, but my kids are the real winners here.”

“Opening a PA 529 College Savings Plan is a win-win proposition,” said McKean County winner Mary Pierotti. “Anyone can open an account with whatever amount they choose and receive professional money management to save for postsecondary education for a loved one. You can choose a plan that fits your investment style. I’m glad I opened a 529 account when my son attended college years ago. Now, I’m taking care of my grandson’s future, too.”

“This promotion reached all corners of the Commonwealth,” Garrity said. “The extra deposits will help new account owners as they save for their children’s future. We’re excited to help families save and to see their children succeed.”