News Releases - November 2019

Treasurer Torsella Announces Transition Out of Expensive, Underperforming Hedge Funds in Treasury Investment Portfolio

Hedge funds exit will save taxpayers $14 million annually, $404 million over 20 years

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that he will be transitioning Treasury’s portfolio out of all so-called “hedge fund” investments, resulting in $14 million in annual fee savings and $404 million over 20 years. This move is a further development in Treasury’s overall low-cost, index-based investment strategy and brings total fee savings over 20 years to more than $700 million.

Treasurer Torsella Announces $20 Million Milestone for PA ABLE Program

Assets grew by more than $9 million so far in 2019

Harrisburg, PA - Treasurer Joe Torsella today announced that the PA ABLE Savings Program (PA ABLE) has surpassed $20 million in assets, reaching more than $21.1 million. PA ABLE is the largest program in the National ABLE Alliance, with assets increasing by more than $9 million since January 1, 2019. There are currently nearly 3,000 individual PA ABLE accounts open.

Treasurer Torsella Authorizes $1.5 Billion Line of Credit to General Fund

Administration makes initial draw of $400 million

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced the authorization of a $1.5 billion line of credit from Treasury’s Short-Term Investment Pool (STIP) to the Commonwealth’s General Fund to be paid back by April 21, 2020, at a variable interest rate equal to the SIFMA Swap Index Yield plus 40 basis points. The administration today made an initial draw of $400 million, at an interest rate of 1.52 percent.