News Releases - February 2018

Treasurer Torsella Unveils Universal Children’s Savings Accounts For Higher Ed

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.

Treasurer Torsella Opens Inquiry Into Findings of Lending Disparities at Financial Institutions Handling PA Funds

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.

Treasurer Torsella Announces Substantial Fee Reduction For Pa 529 Investment Plan Account Holders

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.

Treasurer Torsella Hears Testimony On Possible Solutions To State’s Private Sector Retirement Security Crisis

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.”