Treasurer Stacy Garrity Announces INVEST PA Program Enhancements New management partnership, Federated Hermes, Inc., will enhance benefits for INVEST PA participants. Pennsylvania Treasurer Stacy Garrity announced today that Treasury’s INVEST PA program, formerly called INVEST, will see significant positive changes for program participants thanks to the program’s first upgrade in more than 20 years. These enhancements are possible through the hiring of Pittsburgh-based Federated Hermes, Inc., as the new program manager for INVEST PA. INVEST PA is an investment tool designed specifically for local government entities and nonprofit organizations that has daily liquidity, no minimum balances, no minimum deposits and no limit on the number of transactions that can be made. “I’m thrilled to announce this new partnership with Federated Hermes that will bring lower fees and anticipated higher yields for INVEST PA participants,” Treasurer Garrity said. “Federated Hermes boasts a long-term track record of providing competitive performance, diligent credit analysis, a transparent framework and a participant-centered service model, and we’re excited to work with them to bring the best results for our local governments and nonprofits that rely on INVEST PA to meet their financial goals and fulfill their missions.” INVEST PA’s more than 400 participants include municipalities, counties, school districts, fire companies, libraries and many others. In total, participants have $1.4 billion in assets. There are two INVEST PA pools, the Daily Pool for local government agencies and the Community Pool for nonprofit organizations. Both pools maintain the highest S&P rating, AAAm. There are also periodic custom investment opportunities for longer-term needs. Investment management services will be provided by Federated Hermes’ wholly owned registered investment advisor subsidiary, Federated Investment Counseling. Federated Hermes’ investment team of more than 140 liquidity and fixed income analysts, portfolio managers, and traders averaging more than 20 years of experience, will provide investment management for both INVEST PA pools. Through the new management relationship, new and existing INVEST PA participants can expect to experience: Lower fees; Anticipated higher yields; Extended trading hours; New website & interactive portal; Enhanced security features; INVEST PA Academy, providing educational opportunities for participants; More frequent wire distributions; Ability to mail in checks; Enhanced program oversight; and Improved customer service, with dedicated resources for INVEST PA participants. “Federated Hermes has a heritage of working with state treasurers to deliver customized investment solutions. With our global headquarters in Pennsylvania, we are honored that the Commonwealth has selected Federated Hermes to manage its investment pools,” said J. Christopher Donahue, president and chief executive officer of Federated Hermes, Inc. “We look forward to continuing to enhance relationships that provide government investment pools with compelling, high-quality liquidity management services.” To learn more about INVEST PA, click here.
Treasurer Garrity Announces Relief Funding for Children and Most Vulnerable Pennsylvanians Pennsylvania Treasurer Stacy Garrity announced today that the Pennsylvania Treasury Department will make $500 million available for Pennsylvania’s Head Start providers and county governments through a short-term, investment loan effort designed to ease the financial burden being faced by these entities, which serve Pennsylvania’s most vulnerable populations, due to the lack of an enacted state budget. “Our most vulnerable Pennsylvanians, especially our children, should not suffer because of ongoing state budget negotiations in Harrisburg,” Treasurer Garrity said. “Pennsylvania’s taxpayers expect their hard-earned tax dollars to be put to work, not be put on hold. We should not stand by and watch Head Start providers and county-level agencies like those that provide mental and behavioral health support struggle to provide necessary services to families relying on them while they wait for a state budget that is nearly three months late. Treasury is here to do its part to bridge the gap until an agreement is reached.” “We support the Treasurer’s bold leadership for this program that provides an important safety net to ensure counties can continue serving our communities without interruption, even during times of delayed state funding,” said Julie Wheeler, York County President Commissioner & Treasurer, County Commissioners Association of Pennsylvania. “This initiative directly aligns with a resolution CCAP passed at our conference this past summer to support direct deposits from the State Treasury into county accounts.” “In a time of financial distress for many counties, the Treasury’s offering of short-term, investment loans is a welcomed option,” said Kyle Kopko, Executive Director, County Commissioners Association of Pennsylvania. “The uncertainty surrounding the state budget is putting immense pressure on Pennsylvania counties, and while this new opportunity may provide some relief, our prime emphasis continues to be urging the Governor and General Assembly to work together to finalize a budget without delay.” Treasury will make outreach directly to Head Start programs and county governments. Funds will be received within two business days of approval. Those who enter into a loan agreement will be required to pay back the initial Treasury investment plus a 4.5 percent annual interest rate within 15 days of state funds being released following the enactment of a state budget for Fiscal Year 2025-26. To be eligible for this program, Head Start providers and county governments must indicate the investment will be used for immediate operating expenses and agree to the loan’s standard terms and conditions. “We have no greater responsibility than to take care of our most vulnerable Pennsylvanians, and that’s exactly what’s being achieved by making these funds available,” Treasurer Garrity said. Click here to find the press conference
Treasurer Garrity Announces Fee Reduction for PA ABLE Pennsylvania Treasurer Stacy Garrity today announced that a new fee reduction for PA ABLE (Achieving a Better Life Experience) account owners went into effect on Sept. 1, 2025 — the sixth PA ABLE fee reduction since she took office in 2021. “Every dollar counts for Pennsylvanians with disabilities, and this latest fee cut is another step in making sure PA ABLE account owners are saving as much as possible,” Treasurer Garrity said. “PA ABLE is a tremendous program that helps our friends and neighbors with disabilities live more independently and build financial stability.” This latest fee cut is the result of the National ABLE Alliance (NAA) surpassing $700 million in assets. PA ABLE is the largest member plan in the NAA with total assets of more than $175 million. The reduction of two basis points lowers program management fee ranges from 0.30%-0.36% to 0.28%-0.34%. This reduction results in about $35,000 in savings across the PA ABLE program. PA ABLE offers tax-advantaged savings options for people with disabilities. Saving with PA ABLE does not impact eligibility for important benefits such as Supplemental Security Income and Medical Assistance. PA ABLE allows contributions of up to $19,000 annually. With ABLE to Work this limit may be higher for employed individuals who do not contribute to an employer-sponsored retirement plan. Funds saved with PA ABLE are easily accessible and can be used for a wide range of disability-related expenses, from day-to-day things like groceries and rent, to bigger expenses like assistive technology, vehicle adaptations and more. No federal or state income tax is paid on PA ABLE account growth or withdrawals when used for qualified expenses. Currently to save with PA ABLE, a person’s disability must be onset prior to the age of 26. Starting in 2026, this age rises to 46, expanding to include millions more Americans, including one million Veterans.
Treasurer Stacy Garrity Announces Appointment of Dave White Pennsylvania Treasurer Stacy Garrity today announced that she has appointed Dave White to serve as her designee on the Delaware River Port Authority (DRPA) Board of Commissioners. White has more than 40 years of experience in the HVAC industry, and his background includes time in both the public and private sector. “Dave White is a highly experienced and qualified professional who has earned a reputation of getting things done on-time and within budgets,” Treasurer Garrity said. “His background is perfectly suited to the expectations and demands of this role and it gives him an immense understanding of the infrastructure needs of the greater Philadelphia area — I’m confident that Dave will be a vital asset to help ensure the DRPA is doing its best work to improve our vital transportation infrastructure.” “It is an honor to be appointed to this position for Treasurer Garrity, and I look forward to representing her and the people of Pennsylvania,” said Dave White. White is a third-generation Steamfitter with Local 420 in Philadelphia, who has risen through the ranks to apply his knowledge of mechanical systems towards the conception of DWD Mechanical Contractor Inc. He has worked as a professional Union Pipefitter and has prioritized building strong client relationships.
PA Treasury Stacy Garrity Announces New Deputy Treasurer Treasurer Stacy Garrity today announced a key addition to her administration, naming Steve Chizmar as Deputy Treasurer for Communications. “Steve’s extensive knowledge and experience as a veteran communications professional will serve our team at Treasury well,” said Treasurer Garrity. “Over the course of his career, he has developed a reputation for seeking meaningful progress and smarter public service. I’m excited to have someone with such dedication fill a valuable role here at Treasury to help us best communicate with the Pennsylvanians we serve every day.” “I’m honored to join Treasurer Garrity’s team,” Chizmar said. “I’m grateful for the opportunity to serve the people of Pennsylvania and contribute to the important work of the Treasury Department. I look forward to helping advance Treasurer Garrity’s vision for fiscal responsibility, transparency and innovation in state government.” Prior to joining Treasury, Steve spent 30 years as a Commonwealth employee having held various communications roles at the Pennsylvania Department of Transportation (PennDOT) including Community Relations Coordinator, Deputy Press Secretary and Press Secretary. He also worked in the office of Governor Tom Corbett as a Deputy Director of Communications. While serving in the Corbett Administration, he worked on key legislative initiatives that helped shape Pennsylvania’s transportation policy landscape. Most recently, Chizmar worked at PennDOT where he led a bureau dedicated to driving internal efficiencies and elevating employee engagement. Under his leadership, the team launched initiatives that encouraged staff innovation and generated cost-saving improvements across the department.
Treasurer Stacy Garrity Commends General Assembly and Governor Pennsylvania Treasurer Stacy Garrity today praised the General Assembly and the Governor for adding about $740 million to the state’s Rainy Day Fund as part of the state budget for Fiscal Year 2024-25 – bringing the state’s reserve fund to a record high, nearly $7 billion. “Building Pennsylvania’s Rainy Day Fund strengthens our fiscal outlook as we prepare for the future,” Treasurer Garrity said. “When I took office, we had one of the worst reserve funds in the country – the Rainy Day Fund was so small that it would barely cover the Commonwealth’s bills for two days. Now, thanks to four consecutive years of strong savings, we’re well above the national median. A big part of responsible budgeting is setting money aside when you can, and I strongly support this smart decision by the General Assembly and the Governor.” The balance of the state’s reserve fund, currently $6.25 billion, will increase to approximately $6.987 billion when the deposit is made. That’s enough money to run the Commonwealth for 53.6 days. According to The Pew Charitable Trusts, the national median is 46.0 days. In November, Treasurer Garrity announced that the Treasury Department created a new investment pool dedicated exclusively to the Rainy-Day Fund. The new pool is creating greater investment returns for the fund while maintaining necessary liquidity. The Rainy Day Fund, formally known as the Budget Stabilization Reserve Fund, provides a fiscal safety net for possible economic downturns to help prevent tax hikes and cuts to discretionary programs. Building and maintaining the Rainy-Day Fund are integral to responsible state budgeting. Moody’s emphasized the need for a strong Rainy-Day Fund in its September 2023 Rating Action which upgraded Pennsylvania’s outlook from stable to positive and affirmed our state’s Aa3 rating: “Maintenance of adequate reserves is particularly important in Pennsylvania given a history of protracted budget negotiations, as well as demographic weaknesses that could have negative implications for long-term job growth, overall economic performance and state revenue.”
