Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that Treasury has received a request from the Office of the Budget to draw $650 million, at a variable interest rate equal to the SIFMA Swap Index plus 40 basis points, from the $1.5 billion line of credit authorized on November 1, 2019.
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.