PA Treasury Announces Second Round of Money Match Checks Pennsylvania Treasury is returning unclaimed property automatically through Pennsylvania Money Match Program Treasurer Stacy Garrity, Senator Frank Farry (R-6), Senator Scott Hutchinson (R-21) and Representative Ryan Bizzarro (D-3) announced today that the second round of Pennsylvania Money Match checks, totaling more than $9.2 million, have hit Pennsylvanians’ mailboxes and are encouraging folks to cash them. Pennsylvania Money Match is a program that allows Treasury to return certain unclaimed property to rightful owners automatically, which was approved unanimously by the General Assembly and signed by the Governor last year. “It’s exciting to see so many people getting money they didn’t know they had,” Treasurer Garrity said. “It’s now important that people cash these checks. We want everyone to know this is a real program and this is real money. Every dollar we return to Pennsylvania families is money they can use to buy groceries, fill up their cars with gas, or pay their rent or mortgage. This money belongs to them, not the state.” “We sent postcards to more than 700 residents in my district notifying them they had unclaimed property – and I’m thrilled to share that these efforts from the Money Match program have already led to more than $170,000 being returned,” said Sen. Frank Farry. “The Money Match program makes it easier than ever for Pennsylvanians to reclaim what’s rightfully theirs, and I’ll continue to support efforts that reduce financial burdens on our families and neighbors.” “Pennsylvania is doing right by its workers and taxpayers by automatically returning more than $10 million in unclaimed property back to its rightful owners through the first two rounds of the Money Match program. Anytime we can cut red tape and return money directly to taxpayers is a reason to celebrate,” said state Rep. Ryan Bizzarro. “As a prime sponsor of the Money Match program, I’m working with my House and Senate colleagues to expand this initiative and return even more money to the people of our commonwealth. It’s a commonsense approach to giving back the more than $5 billion in unclaimed property sitting in the PA Treasury.” In early May, Treasury sent notification letters to Pennsylvanians indicating that unclaimed property would be automatically returned to them. This second round of Pennsylvania Money Match includes 39,045 checks, totaling $9.2 million in returned unclaimed property. Money Match checks will be sent quarterly. The next batch, which will include about 40,000 letters, will go out in August. Treasury plans to return $30 million through Pennsylvania Money Match in 2025. Pennsylvania Money Match authorizes Treasury to automatically return single-owner properties valued at up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs. There is movement in both chambers of the General Assembly to legislate an increased threshold for Pennsylvania Money Match, allowing even more unclaimed property to be returned automatically. Legislation includes Senate Bill 844 and House Bill 1189. Pennsylvania Money Match does not apply to claims for properties valued above $500 or those that have multiple owners or other complexities. Those claimants will still need to file a claim and provide any required documentation. Anyone can search online at patreasury.gov/unclaimed-property. Unclaimed property includes things such as dormant bank accounts, uncashed checks, forgotten stocks, insurance policies, tangible property like the contents of abandoned safe deposit boxes, and more. In most cases, state law requires businesses to report unclaimed property to Treasury after three years of dormancy. Treasury is working to return more than $5 billion in unclaimed property to its rightful owners. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth more than $1,000. Since taking office, Treasurer Garrity has returned more than $900 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including: Completing a total system upgrade for the first time in more than 15 years; Implementing a fast-track process for many claims; and Allowing direct deposit payments for many claimants. More information about Pennsylvania Money Match is available at patreasury.gov/MoneyMatch.
PA Treasurer Stacy Garrity Announces Additional $25 Million Investment in Israel Bonds On Thursday, the Pennsylvania Treasury Department invested an additional $25 million in Israel bonds. “Israel is our greatest ally in the Middle East, and I will continue to stand by them in their fight to achieve peace,” Treasurer Garrity said. “Israel bonds are a smart, dependable investment with a proven track record – and it’s especially important to show our support at a time when Israelis and Jews — both abroad and here in the United States — continue to face horrific acts of antisemitism. I’m proud to announce this significant new investment, continuing the strong relationship between Pennsylvania, Israel, and the Jewish Community.” As of July 1, the Pennsylvania Treasury Department will have $64.5 million in Israel Bond investments. This includes the $20 million that Treasurer Garrity invested following the Hamas terrorist attacks in October 2023. These new bonds will earn the Commonwealth a return of 4.96% – roughly 100 bps more than comparable U.S. Treasury Bonds. The Commonwealth has invested in Israel bonds for more than 30 years. “We are grateful to State Treasurer Stacy Garrity and Pennsylvania for their continued confidence in Israel Bonds,” said Dani Naveh, Global President and CEO of Israel Bonds. “This powerful investment affirms our shared values. We are proud to stand together in building a secure and prosperous future for both Israel and the United States.” Development Corporation for Israel (known as Israel Bonds) and its affiliates around the world have generated over $54 billion in worldwide investments since it was founded over seven decades ago. With strong rates, Israel bonds are a smart and meaningful investment serving as a symbolic connection with Israel and the people. Learn more at israelbonds.com.
PA Treasurer Stacy Garrity Announces Results of Unclaimed Property Auction More than $468,000 in proceeds will be held in perpetuity for rightful owners to claim Treasurer Stacy Garrity announced today that Treasury’s spring unclaimed property auction brought in more than $468,000. All proceeds are carefully logged by Treasury and will remain available for the rightful owners to claim no matter how much time passes. “Treasury’s first goal is always to return items in our vault to the rightful owners,” Treasurer Garrity said. “But eventually we do have to auction items to make room for incoming property. I’m incredibly pleased this was another successful auction, and I encourage everyone to check for unclaimed property at least once a year by visiting our website, patreasury.gov/unclaimed-property.” More than 5,500 items were sold during the online auction last spring. Items not sold at auction, or those not paid for by a winning bidder, are returned to Treasury to be listed in future auctions. Treasury partners with Pook & Pook, Inc., of Downingtown for auctioneer and appraisal services. “It was a pleasure to once again partner with the Pennsylvania Treasury on this important initiative,” said Cindy Hauer, Auctioneer at Pook & Pook, Inc. “The strong results achieved during our March 26th and 27th auctions underscore the continued public interest in these remarkable offerings of unclaimed coins and jewelry. We’re proud to support the Treasury’s mission – not only to reunite unclaimed property with its rightful owners but also to ensure enduring financial benefit when that’s not possible. We look forward to our next collaborative effort, another Coins & Jewelry auction scheduled for October 29th.” Some of the high-price items sold in the auction include: 14K yellow gold chain, 115.90 dwt sold for $7,400; 14K gold Knights Templar presentation medal with engraving, 90.6 dwt sold for $5,800; 22K yellow gold bangle bracelets, 44.8 dwt sold for $4,600; Switzerland Helvetia fine gold proof set including 1 ozt, ½ ozt, ¼ ozt, and 1/10 ozt sold for $4,300; and 18K yellow gold jewelry to include two bangle bracelets, 64.7 dwt sold for $4,060. Treasury expects to receive $402,772.40 after Pook & Pook receives its 14 percent commission. The profits from the auction were more than $32,000 over the high estimate. Treasury’s fall 2024 auction generated more than $605,000, breaking a record for the most ever generated by an unclaimed property auction in Pennsylvania. Prior to any item being auctioned, Treasury searches for the rightful owner for at least three years. Military decorations and memorabilia received as tangible unclaimed property are never auctioned, and Treasury will continue to search for the Veteran who earned them or their family. More than $5 billion in unclaimed property is available to be claimed. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth more than $1,000. To learn more about unclaimed property or to search Treasury’s database, visit patreasury.gov/unclaimed-property.
Pennsylvania Treasury Department Praised for PA 529 Pennsylvania Treasury Department has been praised for PA 529 Investment Plan. Morningstar, a financial services company that rates 529 plans across the country, recently reinforced the reasons it awarded the Pennsylvania Treasury Department’s PA 529 College and Career Savings Program Investment Plan (IP) its Gold Rating in November – making it one of only two plans in the nation to receive Morningstar’s highest rating. In a recent article (“Morningstar’s Top-Ranked 529 Plans”), Morningstar praised Treasury’s “aggressive negotiations for lower fees and additional fee breakpoints” which “led to a more positive investor experience.” It also highlighted the department’s “effective and steadfast advocacy on behalf of its investors [which] puts the plan a notch above peers.” “My team and I are proud of the fact that we earned Morningstar’s Gold Rating because it means that we’re doing a great job for the hardworking Pennsylvania families who use the PA 529 IP to save for education,” Treasurer Stacy Garrity said. “Our focus is always on the people who are saving every dollar they can to give their children and grandchildren the education they want and deserve. We will continue working day in and day out to give Pennsylvania families even more reasons to save for their child’s bright future with PA 529.” The PA 529 IP allows families to choose from a variety of investment portfolios, including target enrollment date options, which automatically adjust asset allocations to become more conservative as a child reaches the anticipated date of enrollment in post-high school education. PA 529 IP earnings are dependent upon financial market performance. Since taking office in 2021, Treasurer Garrity has overseen several changes to PA 529 plans, making them more accessible and affordable for Pennsylvania families, including eliminating the minimum deposit to open an account and reducing the minimum contribution to one dollar, on top of multiple fee reductions that have saved more than $11.5 million for families across the whole PA 529 program, which also includes the PA 529 Guaranteed Savings Plan (GSP). There are nearly 301,000 combined PA 529 IP and GSP accounts with more than $7.7 billion in assets. The PA 529 College and Career Savings Program helps families steadily and strategically save for future educational expenses like tuition, fees, books, equipment, room and board and more at qualifying technical, collegiate and apprenticeship programs. PA 529 plans offer significant state and federal tax advantages and saving with PA 529 does not impact Pennsylvania state financial aid eligibility. To learn more about PA 529 accounts visit pa529.com, call 800-440-4000 or email pa529@patreasury.gov.
The Pennsylvania Treasury Department Warns Against Scammers Treasurer Stacy Garrity today warned Pennsylvanians that scammers are calling residents who have applied for a Property Tax/Rent Rebate and asking for bank account information in an effort to steal valuable personal information. She reminded people that the Pennsylvania Treasury Department will never call and ask for bank information. In this scam, the caller claims to be from Treasury and asks for a bank account number – supposedly so a Property Tax/Rent Rebate payment can be made by direct deposit. “The sad reality is that scammers never stop, and we all need to be constantly on guard,” Treasurer Garrity said. “It sickens me that they’re targeting the seniors and people with disabilities who applied for a Property Tax/Rent Rebate, but these criminals have no conscience or compassion.” She added that people should never give out their bank account information or other personal financial information simply because someone calls and asks for it. “If someone claims to be from the Pennsylvania Treasury Department, do not hesitate to contact us to confirm that it’s really us,” Treasurer Garrity said. The best way to contact Treasury is with the form available at https://www.patreasury.gov/contact/. Direct deposit is available for Property Tax/Rent Rebates, but recipients must include that information on their application before submitting it to the Department of Revenue. Treasury recommends direct deposit over U.S. mail to expedite the process of receiving payment. The Property Tax/Rent Rebate Program benefits Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. The maximum standard rebate this year is $650. Some homeowners may qualify for supplemental rebates. So far this year, Treasury has processed more than 355,000 payments totaling more than $167 million. More than half of those payments were sent electronically. Applications can be filed online through the Department of Revenue’s myPATH system. Anyone who has already applied for this year’s rebate can check the status by using the Department of Revenue’s Where’s My Rebate? online tool.
