Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today was joined by Senators John Gordner and Vincent Hughes, James Preston, CEO of the Pennsylvania Higher Education Assistance Agency, PHEAA Board Chair Rep. Michael Peifer and Vice-Chair Sen. Wayne Fontana, Rep. Duane Milne and others to announce a new program that would provide a $100 starter deposit to every child born or adopted in Pennsylvania to be used towards higher education expenses. A privately funded demonstration project will be available immediately in six Pennsylvania counties; the proposed legislation would extend it statewide.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that his office has opened an official inquiry into three financial institutions for information regarding mortgage approval rates and lending practices. The financial institutions—Wells Fargo, Santander Bank, and PNC Financial Services—have been identified in a recent analysis by the Center for Investigative Reporting that identified lending disparities within racial and ethnic groups, widely considered to be modern-day redlining.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced the repayment of the $600 million balance of the line of credit authorized on October 27, 2017 from Treasury’s Short Term Investment Pool (STIP) to the Commonwealth’s General Fund.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that Treasury has contracted to retain a Chief Integrity Officer (CIO). Kenya Mann Faulkner, who served as the Pennsylvania Inspector General under the Corbett Administration, has been appointed by the Treasurer to serve as Treasury’s first CIO.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that PA 529 Investment Plan (PA 529 IP) account holders will see a substantial fee reduction as the result of Treasury renegotiating contracts with its record-keeper, Ascensus, and investment manager, Vanguard, bringing the program’s fees down to among the lowest for any comparable state plan.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today convened the last of four public hearings to explore the state of retirement security in Pennsylvania. Today’s hearing focused on potential solutions to the looming retirement crisis. As part of the hearing, Treasury’s Task Force on Private Sector Retirement Security heard testimony from the state treasurers of Vermont, which introduced the first state-facilitated multiple-employer retirement plan in the nation and Oregon, which was the first state to launch an IRA program with automatic enrollment and payroll deduction, also known as an "auto-IRA.”
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced the Bureau of Unclaimed Property is full of lonely hearts. Heart pendants, diamond rings, and dozens of necklaces are a sampling of the unclaimed items waiting in the Treasury Vault for Mr. or Ms. Rightful Heir.
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that one year after launching a first-in-the-nation Transparency Portal, his office has gone live with increased capabilities that give taxpayers and policymakers expanded real-time access into how Commonwealth money is being spent.