Treasurer Garrity: Unclaimed Property In celebration of National Roller Coaster Day, Treasurer Stacy Garrity announced today that nearly $43 million is owed to more than 208,000 Pennsylvanians who are ready to take the ride of their lives – those with a name or business name that includes the words coaster, ride, loop, up, down, thrill, summer, park, Edwin or Prescott. “The last few years have been a wild ride, and we could all use a little extra cash in our wallets,” Garrity said. “Please keep your arms and legs inside the ride at all times, and get ready to search for unclaimed property – you don’t even have to stand in line! The average roller coast ride is about two minutes long, but it doesn’t even take that long to see if Treasury has unclaimed property waiting for you.” Unclaimed property includes things like dormant bank accounts, uncashed checks, forgotten stocks, insurance policies, tangible property like the contents of abandoned safe deposit boxes, and more. The state’s unclaimed property law requires assets to be turned over to Treasury after certain periods of time, generally three years. “When Edwin Prescott patented the first looping roller coaster in North America in 1898, he had no idea how many smiles his invention would bring to millions of people,” Garrity said. “Finding unclaimed property is another reason to smile, especially since the average claim is about $1,500. One in ten Pennsylvanians is owed unclaimed property, so there’s a good chance you might end up with money in your pocket!” Last year, Treasury returned more than $135 million to Pennsylvanians. Treasury is currently seeking the owners of more than $4 billion in unclaimed property. Tangible property received by Treasury may be auctioned after approximately three years, but any proceeds from a sale will be kept in perpetuity until an owner is found. Military decorations and memorabilia are never auctioned, and Treasury works diligently to find veterans and their families to reunite them with these priceless symbols of service. Search Treasury’s unclaimed property database to see if you or someone you know has property waiting to be claimed at patreasury.gov/unclaimed-property.
Treasurer Garrity Announces New Chief Investment Officer Treasurer Stacy Garrity today announced that Thomas J. Waters, former Vice President of Corporate Finance with Armstrong World Industries in Lancaster, is joining her senior staff as Treasury’s new Chief Investment Officer (CIO). “I’m extremely confident in Tom’s ability to lead our investment staff, and I’m pleased to welcome him to Treasury as our new CIO,” Garrity said. “Treasury’s CIO plays a crucial role in making sure that state dollars are invested soundly and prudently, and Tom’s experience and leadership will serve taxpayers well. He also has a proven track record of successful mentoring and team building. I look forward to working with him.” Most recently at Armstrong World Industries, Waters directed Armstrong’s treasury and investor relations functions. During his more than two decades with Armstrong, he held a variety of operational and corporate finance roles. Waters also served as the President of TJW Advisory and has held positions with American Airlines, Shearson Lehman Brothers, and E.F. Hutton. Waters, who will start at Treasury in September, earned his bachelor’s degrees in economics and history from Binghamton University and an MBA in finance from the University of California, Berkeley. “I’m thrilled to join the team at the Pennsylvania Treasury and work alongside Treasurer Garrity and her staff,” Waters said. “I will work every day to ensure the best possible investment outcomes for Pennsylvania taxpayers. Managing the state’s assets responsibly and with the highest fiduciary standards is my top priority.” The CIO serves as a chief advisor to the Treasurer and is responsible for the direct management of approximately $40 billion in state assets and provides insight and analysis for Commonwealth investment assets under custody totaling $150 billion, including the state’s three largest pension funds.
Treasurer Stacy Garrity Announces $100 Deposits, Waived Fees for PA 529 GSP Account Owners Treasurer Stacy Garrity today announced that qualifying PA 529 Guaranteed Savings Plan (GSP) account owners will receive a $100 account deposit. In addition, all PA 529 GSP account owners’ asset-based fees will be waived for the fiscal year, beginning July 1, 2022. The deposit and fee waivers are being funded by PA 529 GSP surplus earnings. “The PA 529 GSP is a great way to offset the effects of inflation,” Garrity said. “Any family looking to make postsecondary education more affordable should consider the benefits of the PA 529 GSP. Giving participants this deposit and a year of waived asset-based fees is a way to share the success of the plan with families who are dedicated to saving for their child’s education.” To be eligible for the $100 deposit, a PA 529 GSP account must have a minimum of $100 in contributions as of June 30, 2022. Account earnings do not count toward the qualifying $100. “Investing in the PA 529 GSP gives parents peace of mind,” Garrity said. “They know that as tuition rates climb, they’ve already locked in their child’s future education at today’s price.” There are nearly 110,000 PA 529 GSP accounts with $2.2 billion already saved for future postsecondary education expenses. Account earnings are based on college tuition inflation rates, and families can select the tuition credit rate they wish to save at, whether that’s a community college or an Ivy League university. Saving at today’s credit rate will cover the same credit in the future. PA 529 College and Career Savings Program accounts are designed to help Pennsylvania families steadily and strategically save for future educational expenses. Treasury offers two plans: the PA 529 GSP, which allows families to save at today’s tuition rates to meet tomorrow’s tuition costs, and the Morningstar Silver Rated PA 529 Investment Plan, which offers a variety of investment options. PA 529 plans have significant state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. To learn more, visit pa529.com or call 800-440-4000.
Treasurer Garrity Returns Bronze Star to WWII Veteran’s Family During a ceremony at VFW Post 92, Treasurer Stacy Garrity returned a Bronze Star to the family of the late Frank Musto, a U.S. Army veteran who served his country in World War II. “It’s an incredible honor to return this Bronze Star to the Musto family,” Garrity said. “Frank Musto enlisted when he was just 19 years old and served our country during World War II. He was wounded during battle in France. As a fellow veteran, and on behalf of the entire Commonwealth, I extend my deepest appreciation and gratitude for Frank’s service and his and his family’s sacrifices for our country.” “We’re all very proud of our father’s service in World War II, and it means the world to us that the Bronze Star is now back with his family,” said Ron Musto, one of Frank Musto’s sons. “Our entire family would like to thank Treasurer Garrity and her team at the Treasury Department for taking care of these military decorations and for making sure they were reunited with us.” In addition to the Bronze Star and related military decorations, an engraved bullet casing from Musto’s military funeral was returned to his family at the ceremony, including several of his children and grandchildren. Like most tangible unclaimed property, these military decorations – along with a black and white photo of Frank Musto and several other items – were received by Treasury as the contents of a safe deposit box. It was determined that the box owner was Frank’s late son Jody Musto, so Treasury staff researched by scouring newspaper articles and the internet to find prospective family members or heirs to the property. Treasury staff made cold calls and eventually connected with the family to start the return process. The Musto family had thought the contents of the box were lost for good after an unsuccessful attempt to obtain a list of its contents from the bank. For his military service, Frank Musto was also awarded a Purple Heart, WWII Victory Medal, Good Conduct Medal, American Campaign Medal, and European-African-Middle Eastern Campaign Medal. Those medals were already in the family’s possession. The Pennsylvania Treasury works diligently to return all unclaimed property with special attention given to military decorations and memorabilia. Since taking office, and including today’s returns, Treasurer Garrity has returned 262 military decorations including 3 Purple Hearts and 2 Bronze Stars. Treasury has returned a total of 560 military decorations and memorabilia. Treasury’s vault still holds hundreds of military decorations including Purple Hearts, Bronze Stars, Legion of Merit awards, campaign medals, military identification tags and more representing every branch of the military and nearly every major conflict. These items are never auctioned and are held in Treasury’s care in perpetuity or until a rightful owner is found. Treasury’s dedicated military decoration database can be searched by visiting patreasury.gov/unclaimed-property/medals.
Treasurer Garrity Celebrates #MadeInPAMondays Anniversary Treasurer Stacy Garrity today announced the first anniversary of her #MadeInPAMondays social media campaign, which highlights the great work of manufacturers and makers all across Pennsylvania. “Pennsylvania’s manufacturers and makers are such a vital part of our economy, and it’s so much fun to share the great work they do,” Garrity said. “Manufacturing is the backbone for so much of our state’s rich history, it’s a vibrant part of our present – and a strong manufacturing base is essential for our future.” “Pennsylvania’s manufacturing sector employs more than a half-million people on the plant floor, sustaining millions of additional jobs among suppliers, distributors, and vendors,” said David N. Taylor, President and CEO of the Pennsylvania Manufacturers’ Association. “Manufacturing creates over $92 billion in value for Pennsylvania’s economy every year, while also offering the highest wages and benefits in the marketplace. Our manufacturing employers anchor the local tax base, too, upholding the quality of life in our communities. The people who make things in Pennsylvania have amazing stories, and we are grateful to Treasurer Garrity for sharing them every week.” The #MadeInPAMondays campaign has put the spotlight on companies both large and small across a wide array of industries, including athletic apparel, automotive, batteries, candy production, concrete, control systems, data storage, glassware, iron, leatherworking, locomotives, medical, military & national defense, pottery, steel, woodworking, and many more. So far, #MadeInPAMondays has included 53 businesses representing 50 counties. Yesterday’s feature highlighted Wilson Forest Products in Greene County. The family-owned company has been in business since 1931 and produces premium grade cooperage stock for a world-wide marketplace, including recent expansion of premium cast production for the wine and spirits industry. All of the highlighted businesses can be seen on this interactive map. “It’s been great to connect with these impressive Pennsylvania businesses and highlight some of the many products made right here in PA,” Garrity said. “I’m excited to visit more businesses and continue promoting all that our great state has to offer.” To recommend a Pennsylvania-based business to be highlighted as part of the #MadeInPAMondays campaign, email PATreasuryNews@patreasury.gov.
Treasurer Garrity Visits Lackawanna College School of Petroleum and Natural Gas Treasurer Stacy Garrity toured Lackawanna College School of Petroleum and Natural Gas, then took part in a roundtable discussion about education opportunities and economics in the region. Representatives of Lackawanna College, the Susquehanna County Career & Technology Center, Northern Tier Industrial Education Center, Commonwealth Charitable Management, the Wyoming County Chamber of Commerce, the Wyoming County Community Alliance, and Coterra took part in the roundtable discussions. Treasurer Garrity shared the importance of the PA 529 College and Career Savings Program as a tool to support workforce development and help families save to make education of all types more affordable. She also emphasized the need for the Keystone Saves legislation. Keystone Saves allows employers who don’t currently have retirement plans for employees to provide retirement savings options to more than two million Pennsylvanians. “Lackawanna College’s School of Petroleum and Natural Gas is a crucial resource here in the northeast, where local industries need highly skilled workers,” Garrity said. “Programs like Treasury’s PA 529 program can help make education more affordable for students by offering tax-advantaged savings options to help pay for any type of higher education, including the many career-focused certificates and two-and four-year degrees offered right here in their own backyard.” The PA 529 College and Career Savings Program offers families two plans to choose from, the PA 529 Investment Plan (IP) and the PA 529 Guaranteed Savings Plan (GSP). IP account earnings are based on financial market performance, while GSP earnings are based on college tuition inflation. Both plans offer generous tax benefits including a state income tax deduction on contributions (up to $16,000 per beneficiary per year; $32,000 for married couples); PA state and federal tax-free contribution growth; no income tax paid on account growth when used for qualified expenses; and gift and inheritance tax benefits. Families can learn more about how to start saving with PA 529 plans at pa529.com or by calling 800-440-4000. “The Pennsylvania 529 plan is a great benefit for families and our communities,” said Sue Gumble, Director of the Lackawanna School of Petroleum and Natural Gas. “A career in the energy industry can be life-changing. This program financially prepares students for college, providing them with the means to pursue a degree and graduate prepared to enter the workforce.” “While our PA 529 program helps students pay for critical job-force training, there is potential for the same model to work to help them save throughout their careers and be better prepared for retirement,” Garrity said. “Proposed Keystone Saves legislation is by far the most business-friendly state retirement program out there, and it is so important that we make it a reality to help our friends and neighbors — our favorite waitress, hairstylist or mechanic — people we all know — have an easy way to save for retirement. It’s also a big boost for employers who would be able to offer retirement benefits to attract and retain more workers.” Keystone Saves, which will be introduced as HB 2156 by prime sponsor Rep. Tracy Pennycuick (R) and co-sponsor Rep. Michael Driscoll (D), will expand retirement savings opportunities for more than two million Pennsylvanians. The business-friendly program lets employers offer retirement plans without having to worry about start-up costs, program liability, and other red tape that keeps them from doing so. Businesses will simply provide an employee census to Treasury and process a payroll deduction. Keystone Saves will be administered much like the PA 529 program as a public-private partnership. Employees maintain complete control of their accounts, and the accounts can follow them from job to job. The proposed legislation already has more than 50 co-sponsors from across the commonwealth. Ten other states have enacted similar legislation. “Keystone Saves is a win, win, win,” Garrity said. “Employers can offer a great benefit, hardworking Pennsylvanians get an easy way to save for retirement, and taxpayers save billions of dollars, because it’s estimated that without action unprepared retirees will cost Pennsylvanians more than $14 billion over 15 years to cover extra social services costs.” “It’s clear that Treasurer Garrity understands the crucial role that energy plays in our country’s economy and workforce development,” said George Stark, Director of External Affairs at Coterra Energy. “Her eagerness to learn about our industry is refreshing and we’re excited for the chance to share more about our commitment to the community and environmental excellence.”
