Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today filed a complaint in Commonwealth Court against PPL Corporation (PPL) for its failure to cooperate with an ongoing unclaimed property audit by refusing to produce un-redacted documents and insisting on a limited visual inspection of thousands and thousands of records thereby preventing Treasury’s auditors from doing their necessary work to ensure compliance with the Pennsylvania Disposition of Abandoned and Unclaimed Property Act (DAUPA).
The legislature recently amended Pennsylvania’s Disposition of Abandoned and Unclaimed Property law (“Unclaimed Property Law”) to include language specifying that stock, dividends, and other passive investments are not reportable to Treasury until three years after the holder has “lost contact” with the owner. Act of June 22, 2018 (P.L. __, No. 42). Effectively, the reporting requirements for these types of investment accounts are now consistent with the requirements pertaining to retirement accounts.
Final Report and Recommendations: Public Pension Management and Asset Investment Review Commission
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella has been appointed as lead plaintiff by Judge Jed S. Rakoff of the Federal District Court for the Southern District of New York in a proposed antitrust class action against 16 financial institutions that allegedly conspired to fix the prices of bonds issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Treasurer Torsella initiated the class action in February of 2019 on behalf of all Commonwealth funds under his custodial care.
Scranton, PA - Pennsylvania Treasurer Joe Torsella today was joined by Representatives Kyle Mullins, Marty Flynn, and Bridget Kosierowksi to celebrate the new Keystone Scholars program. Keystone Scholars provides a $100 starter deposit to a PA 529 account for every child born or adopted to a Pennsylvania family, on or after January 1, 2019, to be used for future postsecondary education expenses.