Harrisburg, PA - Treasurer Joe Torsella today announced the PA ABLE Savings Program (PA ABLE) has more than doubled its assets in just one year. PA ABLE currently has more than $18.4 million in assets, up from $8.6 million in July 2018. The program continues to be one of the fastest growing members of the National ABLE Alliance, with more than 2,500 PA ABLE accounts opened since the program’s beginning in 2017.
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.