Office of Chief Counsel
Represents the Treasurer and Treasury in any legal matters that may arise. The Office oversees investigative staff that help protect against fraud involving Commonwealth checks, accounts, and claims presented to Treasury relating to Commonwealth-held funds.
Board of Finance and Revenue
The State Treasurer is the Chair of the Board of Finance and Revenue, which selects banks to serve as state depositories, sets interest rates paid on Commonwealth deposits, and hears and decides state tax appeals.
Bureau of Internal Audits
The Bureau of Internal Audits conducts research on possible fraud involving Commonwealth checks, accounts and claims presented to Treasury relating to Commonwealth-held funds.
Bureau of Legislative Affairs
The Bureau of Legislative Affairs works closely with members of the General Assembly to build support for Treasury’s legislative priorities, answer questions regarding legislative issues involving Treasury, and to better serve their constituents by offering support and direction about Treasury’s programs through trainings and webinars.
Bureau of Communications and Graphics
The Bureau of Communications and Graphics informs the public about Treasury programs, policies, and initiatives. The Bureau prints all materials and oversees the maintenance and support of the Contracts e-Library in accordance with the Right-to-Know Law. The Bureau works with the Office of Chief Counsel to respond to Right-to-Know requests submitted to Treasury. The Bureau works with the Comptroller’s Office and the Bureau of Information Technology Solutions to update OpenBookPA, a web-based service providing public access to volumes of state budget data and more.
Office of the Comptroller
The Office of the Comptroller prepares Treasury’s budgets, accounts for more than $1 billion in state appropriations each year, processes over 20 million payments in FY 2024-25, tracks more than 12 million state disbursements each year, oversees the reconciliation of state bank accounts, maintains and reconciles all state funds, state and federal appropriations, executive authorizations, and revenue codes established by the Governor’s Budget Office.
The Comptroller’s Office also investigates the loss, theft, fraudulent conversion or mutilation of checks issued by the state. Other duties include preparation of program financial statements and coordination of external audit requests.
Treasury Accounting Bureau
The primary responsibilities of Treasury Accounting Bureau (TABS) consist of recording receipts of all money collected by the Pennsylvania Department of Revenue and the processing of all disbursements approved by Treasury’s Bureau of Fiscal Review. TABS maintains the cash and investment balances of all state funds. TABS also maintains the budgetary balance of all state and federal appropriations, executive authorizations, and revenue codes established by the Governor’s Budget Office.
TABS is the source of fund reporting for all agencies. Receipts and disbursements processed through TABS are incorporated into a cash forecasting report that provides a detailed listing of fund balances available for investment purposes. TABS also warrants disbursements, which is the final step of the payment process.
Bureau of Savings Programs
Treasury administers several consumer programs which expand financial opportunities for Pennsylvania families.
The PA 529 College and Career Savings Program, named for Section 529 of the IRS Code and created by the General Assembly more than 30 years ago, helps families save for education expenses, allowing invested money to grow tax-free, including both federal and state tax advantages, and providing numerous financial benefits. Families can choose one of two plans – the PA 529 Guaranteed Savings Plan (GSP) or the PA 529 Investment Plan (IP) – to save for future post-high school education expenses.
The PA 529 GSP is a lower-risk way to save. When used for post-high school education expenses, growth is based on college tuition inflation. For example, if a family saves enough for 16 credits at a Pennsylvania State System of Higher Education university, they will have enough for the same number of credits at that type of university in the future – no matter how much tuition has increased in the meantime. If the account is not used for education, the minimum amount refunded is the remaining principal, minus any fees.
The PA 529 IP offers multiple investment options, including Target Enrollment Portfolios, provided by The Vanguard Group. These options include varying asset allocations, ranging from 100 percent equities to inflation-protected securities.
In 2023 and 2024, Morningstar awarded the PA 529 IP two consecutive Gold Ratings. This is a prestigious designation and marks the PA 529 IP as one of the best plans in the nation.
The PA ABLE Savings Program, which started in 2017, allows Pennsylvanians with disabilities and their families to save money with various investment options without affecting eligibility for important means-tested benefits such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Medicaid. PA ABLE, like PA 529, offers numerous tax benefits. It’s one of the largest ABLE programs in the nation.
The passage of the federal ABLE Age Adjustment Act, which takes effect on January 1, 2026, raises the age limit for onset of disability from 26 to 46 and will make six million more Americans, including one million more veterans, eligible to save with ABLE programs.
In 2019, Treasury launched Keystone Scholars – the first legislated, at-birth, universal, Children’s Development Account (CDA) in the nation. Keystone Scholars provides a $100 for every baby born to, or adopted by a Pennsylvania family, in 2019 and after. The program is funded strictly with surplus earnings from the PA 529 Guaranteed Savings Plan Fund. Keystone Scholars serves as a catalyst for families to continue saving on their own with a PA 529 account to make higher education more affordable for the next generation of Pennsylvanians.
Bureau of Unclaimed Property
Treasury administers the Commonwealth’s Unclaimed Property Program. Treasury is the custodian for unclaimed property, which includes any financial asset that has been left with a bank, insurance company, public entity, or other business (known as “holders”) without property owner activity or contact for a period set by state law – three years, in most cases. Treasury’s Bureau of Unclaimed Property is tasked with reuniting Pennsylvanians with the property – which can be money or, in some cases, tangible property such as jewelry, coins or comic books – to be returned to the rightful owner (or its heirs).
Treasury’s vault holds nearly 500 military awards – ribbons, pins, and medals – that belong to Pennsylvania’s veterans and their families. Military decorations are never liquidated and will be kept in perpetuity until the rightful owners claim them.
Outreach
Treasury’s Consumer Programs’ outreach team represents Treasury in various public, business and government forums to increase awareness of Treasury’s consumer programs. Regional relationship managers communicate the value and benefits of PA ABLE, PA 529, Keystone Scholars, unclaimed property, and unclaimed military decorations to a wide variety of audiences to better connect with communities and develop meaningful partnerships to share Treasury’s message.
Bureau of Cash Management and Investments
The Bureau of Cash Management and Investments directs, monitors, and safeguards approximately $170 billion in securities, bonds and other investments owned by the Commonwealth and the state pension funds. It is responsible for the management of money flowing in and out of approximately 212 separate funds, 50 state depository banks, and investments of more than 60 state agencies, boards, commissions, and authorities. The Bureau also directly invests or oversees management of the investment of all excess revenue daily.
The Bureau is Comprised of five divisions: Trading, Custody, Compliance, Banking, and Financial Analysis. The Bureau functions as a steward for cash from its receipt at approved depositories through investment and safeguarding at the sub-custodian bank, as well as ensuring funds are available for the Commonwealth’s expenses. Banking and Trading coordinate to manage the daily liquidity need of approximately 200 state funds, as well as multiple programs administered by Treasury. Custody performs daily settlements with the sub-custodian bank to ensure the proper movement of cash and assets. Trading, with separate oversight by Compliance, monitors investments on a daily basis to ensure all Treasury investments comply with adopted Investment Policy Statements and state and federal laws. Financial Analysis calculates investment performance and income earned and produces reports for staff and the Treasurer to monitor the risks and performance of the pools and programs.
INVEST PA
Treasury also runs the INVEST PA program, which manages investments for local governments and nonprofit groups. INVEST PA offers short-term investment pools for these entities, as well as periodic custom investment opportunities for long-term investment needs. The INVEST PA program’s pools maintain an AAAm rating by S&P, the highest rating possible.
Bureau of Support Services
Maintains the automotive fleet, handles the mailing of more than three million documents annually, and is responsible for purchasing and distributing all supplies, equipment, and services required by Treasury. Support Services manage Treasury-occupied physical workspaces and play a crucial role in managing safety preparedness and continuity of operations planning.
Bureau of Human Resources
The Bureau of Human Resources is responsible for personnel, labor relations, recruitment, and organizational development for all Treasury employees. In addition, the Bureau is responsible for keeping Treasury employees informed of new programs, benefits, changes, updates to policies and procedures, organizing, planning and implementing appropriate training programs for Treasury.
Through strategic partnerships and collaboration, the Bureau of Human Resources recruits, develops and retains a high performing and diverse workforce and fosters a healthy, safe, and productive work environment for employees, their families, bureaus, and the public in order to maximize individual and organizational potential and position Treasury as an employer of choice.
Bureau of Fiscal Review
The Bureau of Fiscal Review pre-audits state agency expenditure requests to ensure disbursements are legal and correct. The Fiscal Code requires Treasury to pre-audit requisitions in accordance with Generally Accepted Auditing Standards. Treasury pre-audits all payments, which prevented approximately 19,000 improper payments valuing nearly $820 million in FY 2024-25.
Bureau of Unemployment Compensation Disbursement
The Bureau of Unemployment Compensation Disbursement annually processes and distributes payments for the Pennsylvania Department of Labor and Industry, Pennsylvania Department of Human Services, and the State Workers’ Insurance Fund. The Bureau is responsible for the replacement of lost and forged checks and document retention of cashed checks for Unemployment Compensation and the State Workers’ Insurance Fund.
The Bureau processes millions of payments annually to recipients of Unemployment Compensation, State Workers’ Insurance Fund, and several Bureau of Human Resources programs. The Bureau retains related data, manages the payment method including a low-fee debit card, and provides customer service for recipients.
Office of Policy
The Office of Policy develops the Treasurer’s policy agenda, oversees research of ongoing and emerging issues, and works with the Bureau of Communications and Graphics to communicate policy priorities internally and externally. The Office coordinates initiatives related to Treasury’s fiscal, custodial, and investment responsibilities, as well as those related to transparency and economic opportunity.
Bureau of Information Technology Solutions
The Bureau of Information Technology Solutions provides technical computer support to all Treasury functions and manages and maintains the hardware, software, data security, and networking of the Treasury’s computer systems. The Bureau also coordinates the automation of business units, the interaction between business partners, and facilitates payment processing, including check production and Automated Clearing House (ACH) transmissions.
The State Treasurer is the Chair of the Board of Finance and Revenue, which selects banks to serve as state depositories, sets interest rates paid on Commonwealth deposits, and hears and decides state tax appeals.
The State Treasurer also serves as a member of the following: Board of Commissioners of Public Grounds and Buildings; State Employees’ Retirement System Board; Public School Employees’ Retirement System Board; Pennsylvania Municipal Retirement System Board; State Public School Building Authority; Pennsylvania Higher Education Facilities Authority; Pennsylvania Housing Finance Agency; Tuition Account Program Advisory Board; State Workers’ Insurance Fund Board; Mine Subsidence Insurance Board; Delaware River Port Authority; PA/NY Joint Interstate Bridge Commission; Pennsylvania Community Development Bank Operational Committee; Local Government Records Committee; and the Pennsylvania Gaming Control Board (non-voting member).
