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.”