News Releases - December 2019

Pennsylvania Treasury Donates Approximately $25,000 Worth of Unclaimed Property to Charity

Harrisburg, PA - Treasurer Joe Torsella today announced the donation of approximately $25,000 worth of physical property held in the Bureau of Unclaimed Property vault to Central Pennsylvania non-profits. The donated items were turned over to the state as part of the Commonwealth’s unclaimed property program with no known rightful owner.

Treasurer Torsella Celebrates Fifth Anniversary of Federal Able Act

Federal Achieving a Better Life Experience legislation paved the way for state ABLE programs

Harrisburg, PA - Treasurer Joe Torsella today celebrated the fifth anniversary of the passage of the national Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE). This legislation, sponsored by Pennsylvania’s U.S. Senator Bob Casey, paved the way for states to create ABLE programs. ABLE programs give people with disabilities access to savings options, without impacting eligibility for essential federal benefits.

Global Settlement Reached in Bond Price-Fixing Lawsuit

Remaining 12 banks agree to robust antitrust compliance measures and a $250 million settlement, bringing total recovery to $386.5 million

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that a Proposed Stipulation of Settlement has been filed to resolve all outstanding claims against all remaining defendant banks in a lawsuit alleging price-fixing of government-sponsored entity (“GSE”) bonds. The case is presently before the U.S. District Judge for the Southern District of New York, Judge Jed. S. Rakoff.

Keystone Scholars Doubles Likelihood of Participation in PA 529 College and Career Savings Program

Preliminary findings show $100 starter deposit from Keystone Scholars had positive impact on new parents

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced the results of the 6-county Keystone Scholars pilot program, which showed that families in pilot counties were twice as likely, across every demographic, to continue saving for their child’s future education using a PA 529 account, than non-pilot counties.

Treasurer Torsella Renews Call For Independent Board Chair at Facebook

Widely-supported proposal would separate the positions of Board Chair and CEO, increasing accountability

Harrisburg, PA - Pennsylvania State Treasurer Joe Torsella joined five other institutional investors to call for an independent board chair at Facebook, Inc. The investors have re-filed their proposal to separate the positions of Board Chair and CEO, which earned 68% support from shareholders outside of Facebook’s headquarters in May of 2019. The proposal will be voted on at Facebook’s 2020 Annual Shareholder Meeting.

Treasurer Torsella Commends SERS for Reducing Risk in Asset Allocation

SERS Board of Trustees approved a 12% reduction to illiquid investments

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today issued the following statement regarding the approval of SERS’ newest Investment Policy Statement, which increases transparency and liquidity of investments, while reducing management fees paid to external advisors: