PA Treasury Rep Steve Shope to Visit DACC The Danville Area Community Center (DACC) will host Steve Shope, a representative from Pennsylvania Treasurer Stacy Garrity’s Office on Wednesday, May 28, from 9:30 to 11:00 a.m. to assist local residents in searching for unclaimed property in the state’s archives. The event is free and open to the public, with no reservations or documents required. He will give a brief overview of consumer programs before helping attendees check for unclaimed property in their name. Unclaimed property can include forgotten bank accounts, uncashed checks, insurance payouts, and more. Statewide, more than $4.5 billion in unclaimed property is waiting to be returned — including over $15 million owed to Lycoming County residents alone. The average claim is worth $1,600, and about one in ten Pennsylvanians is owed money. For more information, contact DACC Director of Community Engagement Mark Giesen 570-275-3001.
PA Treasurer Stacy Garrity Announces 500 Military Decorations Returned Treasurer Stacy Garrity today announced that 500 military decorations and memorabilia have been returned to Veterans and their families since she took office in 2021. “As state treasurer, I safeguard every taxpayer dollar, but one of my favorite parts of the job isn’t about the money at all – it’s the work Treasury does to honor and thank our Veterans and their families by returning military medals that become unclaimed property,” Treasurer Garrity said. “Each item that comes to our vault is an important part of someone’s story, and returning each one to the rightful owner who earned it or their family is a way to show our gratitude for their immense sacrifices for our nation’s defense.” The 500 medals and memorabilia returned by Treasurer Garrity include 12 Purple Hearts, three Bronze Stars and one Gold Star Medal. Treasury’s vault in Harrisburg still holds about 500 military decorations, including those from every branch of service and most major conflicts. Items include medals, pins, buttons, ribbons and more. Military decorations most often come to Treasury’s unclaimed property program as the contents of abandoned safe deposit boxes. “The team at Treasury is dedicated to finding the Veterans and families whose medals are in our care,” Treasurer Garrity said. “From cold calls to deep-dive internet searches, and digging through records, they leave no stone unturned in the search for a Veteran. As long as I’m Treasurer, we will never stop searching for the rightful owners. I encourage everyone to help us in the search for these Veterans and their families.” Anyone can help find the owners of the medals in Treasury’s care by visiting patreasury.gov/unclaimed-property/Medals. A few notable military returns include: A Bronze Star and engraved military funeral bullet casing to the family of Frank Musto, a U.S. Army Veteran who served his country during World War II. Musto, from Westmoreland County, enlisted when he was 19, and he was wounded in France. He was also the recipient of the Purple Heart, WWII Victory Medal, Good Conduct Medal, American Campaign Medal, and European-African-Middle Eastern Campaign Medal. Multiple Medals including the Army Good Conduct Medal, National Defense Service Medal, Korean Service Medal, United Nations Korea Medal and Korean War Service 50th Anniversary Medal earned by the late Timothy Marahoris of Harrisburg were returned to the Holy Trinity Greek Orthodox Cathedral. Marahoris served in the U.S. Army during the Korean War. He had no living relatives, and his church family accepted his decorations in his honor. A Gold Star Mothers and Widows Pilgrimage Medal was returned to the Morrison family. The medal, presented to Agnes Morrison in 1933 when she visited her son, Joseph William Morrison’s grave in France. Morrison, from Schuylkill County, was a member of the 554th Ambulance Service in World War I. He was killed in action just ten days before the end of the war. He was also the recipient of the Croix de Guerre with palm for his bravery. “As a Veteran myself, every return is near and dear to my heart,” Treasurer Garrity said. “It’s my solemn duty to make sure every medal in our care is returned to the Veteran who earned it or to their family who also made tremendous sacrifices for our country.” Along with the hundreds of military decorations waiting to be reunited with Veterans, Treasurer Garrity is working to return more than $5 billion worth of unclaimed property in Treasury’s care. More than one in ten Pennsylvanians has unclaimed property, and the average value of a claim is $1,000. Unclaimed property includes things like dormant bank accounts, uncashed checks, insurance policies, and more. Most tangible unclaimed property comes from abandoned safety deposit boxes and can include things like jewelry, baseball cards, and other collectibles and family valuables. Visit patreasury.gov/unclaimed-property to search for unclaimed property.
PA Treasurer Announces Increased Contribution Limit for PA ABLE Accounts Treasurer Stacy Garrity today announced that the annual contribution limit for PA ABLE, a savings program for people with disabilities, increased to $19,000. The change is a result of IRS inflation adjustments for 2025 and took effect January 1, 2025. The previous limit was $18,000. “This increase in the contribution limit expands opportunities for Pennsylvanians with disabilities to live more independently by saving for the future without hurting their eligibility for important benefits,” Treasurer Garrity said. “More than 10,000 people have opened PA ABLE accounts, and they’ve saved more than $144 million. It’s a program that has truly changed lives for the better.” PA ABLE accounts offer tax-advantaged savings options to people with qualifying disabilities, so they can save and build assets without affecting eligibility for means-tested federal and state benefits such as Supplemental Security Income and Medical Assistance. Additionally, account owners who are employed may be able to contribute beyond the $19,000 limit. PA ABLE offers seven investment options to choose from, plus a checking account with a debit card. Funds are easy to access and may be used for a wide range of expenses, such as healthcare, housing, education, assistive technology, adaptive vehicles, and more. No federal or state income tax is paid on account growth or withdrawals when used for qualified expenses. In November, Treasurer Garrity announced a fee cut for ABLE account owners after the National ABLE Alliance, of which Pennsylvania is the largest member, surpassed 45,000 funded ABLE accounts. That marked the fifth time PA ABLE fees have been reduced since Treasurer Garrity took office. Starting in 2026, the federal ABLE Age Adjustment Act, championed by former U.S. Senator Bob Casey, will make millions more Americans – including one million Veterans – eligible to save with ABLE accounts. Currently, a person’s disability must have onset prior to their 26th birthday to save in an ABLE account. The ABLE Age Adjustment Act will increase that age to 46. To learn more about how to save with PA ABLE, including eligibility, visit paable.gov, call 855-529-ABLE (2253), or register for an upcoming webinar at paable.gov/webinars.
Treasurer Stacy Garrity Announces $5.5 Million in Savings for PA 529 GSP Owners Treasurer Stacy Garrity today announced that asset-based fees will be waived for PA 529 Guaranteed Savings Plan (GSP) account owners for the third year in a row. This year’s fee waiver will save families $5.5 million and is funded by PA 529 GSP surplus earnings. “Waiving these fees makes our fantastic PA 529 Guaranteed Savings Plan even stronger for the families using it to save for their child’s future education,” Treasurer Garrity said. “The PA 529 GSP helps families meet their savings goals no matter what path their child will take in the future, whether that’s career training, an apprenticeship, technical school, community college or a four-year university. For families, this means more money saved for the future, which means less to borrow when a child chooses their path.” This year’s PA 529 GSP fee waiver went into effect on July 1, 2024, and account owners will not see any asset-based fees on quarterly account statements through June 30, 2025. Treasurer Garrity has also cut fees multiple times for the Morningstar Gold-Rated PA 529 Investment Plan (IP). In total, fee cuts and waivers for all PA 529 College and Career Savings Program accounts will save families more than $16.5 million by the end of the current fiscal year. PA 529 accounts are designed to help Pennsylvania families steadily and strategically save for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. There are significant state and federal tax benefits when saving with PA 529, and PA 529 assets do not impact eligibility for Pennsylvania state financial aid. The PA 529 GSP allows families to save at today’s tuition rates to meet tomorrow’s tuition costs. Account earnings are based on college tuition inflation rates, and families can choose the tuition credit rate they wish to save at from community colleges to Ivy League universities. The PA 529 IP offers a variety of investment options. Account earnings are dependent upon financial market performance. PA 529 has been helping families meet their savings goals for more than 30 years. There are more than 300,000 PA 529 accounts, including more than 113,000 PA 529 GSP accounts and more than 187,000 PA 529 IP accounts. Families currently have nearly $8 billion saved for future education expenses. To learn more about PA 529, visit pa529.com or call 800-440-4000.
Treasurer Stacy Garrity Announces Month of ABLE Webinars Treasurer Stacy Garrity, Chair of the national ABLE Savings Plans Network (ASPN) announced today that to celebrate the first national ABLE Savings Day on August 14, multiple free webinars will be hosted by ABLE (Achieving a Better Life Experience) program experts throughout August. Webinars will explain how ABLE accounts can help individuals with disabilities and their families save without affecting eligibility for important benefits. “ABLE programs provide fantastic opportunities for people with disabilities and their families to save for the future, which used to be impossible,” Treasurer Garrity said. “It’s my goal to make sure everyone who can benefit from an ABLE account learns about their benefits and knows how to open one. Our own PA ABLE is one of the largest programs in the country, and it’s growing quickly.” This month’s webinars include: ABLE Account 101 Monday, August 12, at 2:00 p.m. Join Mark Raymond, Jr., and other ABLE experts to learn about ABLE accounts. Mark will do a 30-minute presentation covering all ABLE topics (what is ABLE, who qualifies, how it works – and much more). After the presentation, participants can ask questions live. Learn About PA ABLE Tuesday, August 13, at 6:00 p.m. Webinar topics include eligibility requirements for opening a PA ABLE account, the federal and state tax benefits of PA ABLE, and how a PA ABLE account interacts with current benefits. How Can Employers Promote ABLE as an Accessibility Tool? Wednesday, August 14, at 2:00 p.m. This webinar is designed for self-advocates, Employers, Providers, and Human Resources executives to learn about the power of ABLE accounts and innovative ways employers are supporting their employees with disabilities and family members through ABLE accounts. Webinar attendees will gain tools and strategies to help employers and jobseekers best take advantage of ABLE accounts. I Have an ABLE Account, Now What? Wednesday, August 21, at 2:00 p.m. This webinar is designed for self-advocates, family members and caregivers, who have opened an ABLE account or are considering opening an ABLE account. It will guide you through the ins and outs of ABLE accounts, helping you make the most of your financial opportunities. All times are Eastern Standard. The PA ABLE Savings Program provides people with disabilities and their families the opportunity for greater control of their finances and to plan a more secure future. To find out if you are eligible for a PA ABLE account, visit paable.gov.
Treasurer Stacy Garrity Visits Pocono Raceway to Return Unclaimed Property Treasurer Stacy Garrity and ABC News’ Good Morning America (GMA) teamed up to return more than $8,000 in unclaimed property to NASCAR fans at Pocono Raceway during NASCAR Race Weekend on Saturday, July 13. “What a tremendous event! Returning money to enthusiastic NASCAR fans at the iconic Pocono Raceway with Gio Benitez and the great team from GMA was a thrill,” Treasurer Garrity said. “We couldn’t ask for better partners – huge thanks to everyone at the Raceway and GMA. I encourage everyone to search for any unclaimed property that might be available to them. It’s so easy to do. Pennsylvanians can search online and find their unclaimed property in less time than it takes a NASCAR driver to finish a lap at the Tricky Triangle!” “It’s always a pleasure hosting Treasurer Garrity and her team at the raceway,” said Ben May, President of Pocono Raceway. “We’re thrilled for all the Pennsylvanians that were reunited with their property. This was a fun way to add some extra excitement to our NASCAR Race Weekend by surprising fans.” Treasurer Garrity, her staff and GMA co-anchor Gio Benitez were busy all afternoon, reuniting $8,086.29 worth of unclaimed property with more than 34 attendees. One woman visited the booth to see if her mother had any unclaimed property, but instead discovered more than $2,800 for herself. “That’s a great example of why it’s important to search our website,” Treasurer Garrity said. “I hear from people all the time who say they’re absolutely certain that they couldn’t possibly have any unclaimed property… and then they search, and they do!” At the July 13 event, Treasurer Garrity returned $2,607.17 to Pocono Raceway. Unclaimed property includes things like dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safe deposit boxes and more. State law requires businesses to report unclaimed property to Treasury after three years of dormancy. Treasury is working to return more than $4.5 billion in unclaimed property to its rightful owners. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600. To learn more about unclaimed property and to search Treasury’s database, visit patreasury.gov/unclaimed-property.
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.”
Treasurer Stacy Garrity Announces S&P’s Highest Credit Rating Pennsylvania Treasurer Stacy Garrity announced today that Standard and Poor’s Global Ratings (S&P) has reaffirmed the highest credit rating possible, AAAm, for Treasury’s INVEST program pools. INVEST, managed by the Pennsylvania Treasury Department, is an investment tool specifically designed for local government agencies and nonprofit organizations. “Earning S&P’s highest rating for our INVEST pools is a tremendous honor, and it reflects the hard work we’re doing to help local governments and nonprofits across Pennsylvania maximize their investment capabilities,” Treasurer Garrity said. “Many of these entities have extremely tight budgets, so helping them invest and grow their funds is important. Treasury is glad to provide this program to help organizations fund critical projects that improve the lives of Pennsylvanians.” INVEST participants include local government agencies and nonprofits including municipalities, counties, school districts, fire companies, libraries and many others. There are two pools in INVEST, the Daily Pool for local governments and the Community Pool for nonprofit organizations. Ratings affirmations were for both pools. Both pools provide daily liquidity, with no minimum balance requirements, no minimum deposit amounts and no limit on the number of transactions an organization can make. Treasury may also offer periodic custom investment opportunities for longer-term financial needs of participants. AAAm is the highest rating established by S&P. Criteria for this rating includes a fund that, according to S&P, “demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.” Treasury’s investment staff has managed INVEST for over 30 years. In Fiscal Year 2023-24, participants shared more than $75 million in earnings. More than 450 INVEST participants currently have over $1.6 billion in assets. To learn more about becoming a participant with INVEST, visit patreasury.gov/invest or email investoperations@patreasury.gov.
Treasurer Stacy Garrity Praises General Assembly Treasurer Stacy Garrity today praised the General Assembly for unanimously approving legislation to enact Pennsylvania Money Match, which will allow the Pennsylvania Treasury Department – for the first time ever – to automatically return unclaimed property to its rightful owners. Senate Bill 24, sponsored by Sen. John DiSanto (R-15), was sent to Governor Josh Shapiro for his signature last week. Similar legislation, House Bill 2092, was introduced by Rep. Ryan Bizzarro (D-3) in the House. “This is a huge and exciting step forward,” Treasurer Garrity said. “With Pennsylvania Money Match, we’ll be able to return unclaimed money directly to thousands of hardworking Pennsylvanians. Government isn’t known for removing red tape – but that’s exactly what this bill will do. I want to thank Sen. DiSanto for his strong leadership in the Senate and Rep. Bizzarro for the great work he did in the House. Money Match absolutely deserves the bipartisan support it received.” “I am pleased to have partnered with Treasurer Garrity on drafting SB 24 to make it easier for the Pennsylvania Treasury to return unclaimed property to its rightful owners,” Sen. DiSanto said. “And I am thankful to my legislative colleagues for passing this commonsense legislation that makes government work better.” Pennsylvania Money Match will authorize Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs. Pennsylvania Money Match will not affect 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 supporting documentation. More than one in ten Pennsylvanians is owed some of the $4.5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600. Since taking office, Treasurer Garrity has returned more than $700 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. To search Treasury’s unclaimed property database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Announces Results of Spring Unclaimed Property Auction Treasurer Stacy Garrity announced today that Treasury’s Spring unclaimed property auction brought in more than $262,000. All proceeds are carefully logged by Treasury and will remain available for the rightful owners to claim no matter how much time passes. “This is another tremendously successful auction, and I’m pleased that it generated such an incredible result,” Treasurer Garrity said. “We work for at least three years to find the rightful owners of every item that comes to Treasury’s vault. But eventually, we have to auction items to make room in our vault for incoming property. All auction proceeds are held in perpetuity at Treasury for a rightful owner to claim anytime – whether that’s tomorrow, a few months from now, or many years down the road.” Nearly 4,400 items were sold during the auction that took place online in March this year. Treasury partners with Pook & Pook, Inc., of Downingtown for auctioneer and appraisal services. The top price for an item was $18,000 for 27.22 ounces of palladium (a form of platinum). Other high-price items included: 18K yellow gold bracelet with 14K yellow gold charms sold for $4,600 14K white gold ring with an old European cut diamond sold for $3,200 18K yellow gold wristwatch, with .40 ctw of round brilliant cut diamonds sold for $3,000 Platinum ring with 1.71 carat diamond sold for $3,000 “This was another successful collaboration between Pook & Pook, Inc., Auctioneers and Appraisers and the Pennsylvania Treasury,” said Deidre Pook Magarelli, President of Pook & Pook. “Across the board, in all categories of coins and jewelry, we saw strong prices. The Pennsylvania Treasury puts forth a heroic effort each year to reunite unclaimed property with its original owners, but, when that’s not possible, they make sure the monetary compensation for that unclaimed property is available to those individuals in perpetuity. It’s a huge undertaking, and Pook & Pook appreciates playing a small part in this important process.” Treasury expects to net $262,840.16 after Pook & Pook receives its 12 percent commission of the full auction total, $298,682.00. The proceeds from the auction were nearly $80,000 over the high estimate. Items that are not sold at auction, or those not paid for by a winning bidder, are returned to Treasury to be listed in future auctions. Treasury receives unclaimed property from businesses if the property has been dormant for three years. Tangible property, most often the contents of forgotten safe deposit boxes, is stored in Treasury’s vault for another three years while Treasury tries to find the rightful owners. Treasury never auctions military decorations or memorabilia. More than $4.5 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 about $1,600. To learn more about unclaimed property or to search Treasury’s database, visit patreasury.gov/unclaimed-property.
