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PA Treasury Takes Important Step to Establish ABLE Tax-Exempt Savings Accounts for People with Disabilities and their Families

Harrisburg – Today, Pennsylvania Treasury is delivering to members of the state General Assembly draft legislation that, if enacted, would establish the PA ABLE Savings Program – tax-exempt savings accounts specifically for people with qualified disabilities and their families.  Treasury’s draft legislation is an important initial step on the road to providing a meaningful financial tool to pay for education, medical, transportation, and other disability-related expenses.  “People with disabilities and their families face many challenges.  Among them are planning for a financially secure

Rob McCord to Return to Private Sector

Plans to resign as State TreasurerHarrisburg – After six years of elected service – in which he helped deliver positive investment returns, modernize critical systems, and improve efficiencies and performance – state Treasurer Rob McCord announced today his intention to step down from his position, effective Feb. 12. A copy of his letter to Governor Tom Wolf is attached. “It has been the privilege of a lifetime to serve the citizens of Pennsylvania as their elected State Treasurer for the past six years,” McCord wrote to Gov. Wolf. “But with my goals at Treasury now achieved – and

Treasury's Extensive IT Transformation Program Nears Completion on Time, Under Budget

Treasurer McCord says upgrades will improve state’s efficiency well into the futureHarrisburg – The Pennsylvania Treasury is putting finishing touches on a comprehensive multi-year transformation and modernization of its Information Technology (IT) system, a massive infrastructure and application upgrade that will ensure reliable financial service to citizens of the commonwealth for years to come. The program will end on time and millions of dollars below a budget that was already lower than those of comparable efforts. “Treasury’s computer modernization is a once-in-a-generation

Budget Office Draws on Line of Credit from Treasury for 2nd Time This Year

Pennsylvania’s cash balance approaches zero againHarrisburg – Pennsylvania’s primary operating account, the General Fund, nearly ran out of cash for the second time in less than two months yesterday, causing the Corbett Administration to borrow additional money from the state Treasury. Treasurer Rob McCord said the state Budget Office drew $750 million from a previously established line of credit on Wednesday afternoon to avert another negative cash balance in the General Fund. That brings the total amount borrowed from the Treasury in the current fiscal year to $1.45 billion. The

Treasurer McCord Defends State Endowment Act in U.S. District Court

Brief refutes NCAA claims and supports keeping PSU money in Pa.Harrisburg - State Treasurer Rob McCord filed a brief in federal court yesterday, defending the constitutionality of the state Endowment Act. The law requires the $60 million in penalties that Penn State University is paying in the wake of the Jerry Sandusky case to be spent within Pennsylvania, and it designates the state treasurer as custodian of the funds. The National Collegiate Athletic Association (NCAA) asked the United States District Court for the Middle District of Pennsylvania to find the act unconstitutional under

Treasurer McCord Continues Call for More Women on Corporate Boards

Thirty Percent Coalition cites shareholder returns in letter urging gender diversityHarrisburg – State Treasurer Rob McCord has joined other institutional investors in writing to about 100 corporations on the Russell 1000 that lack women on their corporate boards, urging them to adopt policies that will increase their gender diversity. The letter originated from the Thirty Percent Coalition, a group that advocates for greater representation on corporate boards by women. McCord is a member of the coalition, whose specific goal is for qualified women to hold at least 30 percent of the

PA Treasury Launches Innovative Public-Private Financing Program to Help Public Nonprofit Organizations Make Advanced Energy Improvements

Treasurer McCord, Nobel laureate John Byrne, and state energy nonprofits announce Sustainable Energy Bond Program for municipalities, universities, schools and hospitalsHarrisburg – Local governments, schools, universities, and hospitals that want to reduce energy consumption or use alternative energy sources will have a new option for financing those improvements thanks to an innovative partnership between the Pennsylvania Treasury, the private sector, and leading nonprofits in the energy space. State Treasurer Rob McCord and Dr. John Byrne, who shares the 2007 Nobel Peace Prize and is

Treasury Creates $1.5 Billion Credit Line to Sustain State Operations

General Fund cash balance hit zero at earliest point in more than a decadeHarrisburg – Responding to a request from the administration, Pennsylvania Treasurer Rob McCord, in consultation with Auditor General Eugene DePasquale, has extended a $1.5 billion line of credit to the commonwealth so it can cope with a General Fund cash balance that plunged below zero earlier this week. The administration borrowed $700 million against that line of credit on Monday. The state’s main operating account dipped to around negative $20 million Monday morning prior to the transfer. It had not approached

PA 529 College Savings Program Continues to Prosper Serving 188000 Future Students with Nearly 34 Billion in Assets

New accounts save $50Harrisburg – State Treasurer Rob McCord today reported that the Pennsylvania 529 College Savings Program marked a strong, record-setting fiscal year in terms of number of accounts and total assets. “More families than ever before are realizing that one of the only ways truly to combat the rising costs of higher education is to save for those expenses – as early and often as possible,” said Treasurer McCord, who added that Pennsylvania ranks third in the nation in average college debt per student. “On average, Pennsylvania students leave school with $31,675 in student

New Law Protects Pennsylvanians Recovering Lost Money and Items

Unclaimed property “finders” will be subject to state approval and oversightHarrisburg – At the urging of state Treasurer Rob McCord, legislation enacted this month will guard Pennsylvanians against fraud and deceptive practices when they employ a service to help them claim their money or property that has been turned over to the state. With changes made through the Fiscal Code bill (Act 126 of 2014), new sections were added to the state’s unclaimed property law allowing the Treasury to oversee those who for a fee assist others in locating and recovering unclaimed property – commonly

Treasurer McCord Supports Same-Sex Couple in Unprecedented U.S. District Court Filing

State marriage law results in unequal financial treatment under Treasury programsHarrisburg – State Treasurer Rob McCord today petitioned federal court for permission to submit a friend-of-the-court brief in a pending marital rights case, seeking to ensure the court receives the balanced perspective of a statewide elected executive who is able to identify specific issues in which same-sex couples are deprived of equal treatment under the law when accessing state-sponsored programs and benefits.In the amicus brief attached to the filing with the United States District Court for the Eastern

State Treasury and BNY Mellon Resolve Sigma Claim

Treasury, SERS, PSERS will recoup portion of investments lost during recessionHarrisburg– The state Treasury and the two largest state public pension systems have reached an agreement with BNY Mellon to recover a portion of the funds lost in connection with an investment in Sigma Finance Inc. during the severe national economic downturn of 2007-08. Under the settlement, BNY Mellon will pay Treasury, the State Employees’ Retirement System (SERS) and the Public School Employees’ Retirement System (PSERS) a combined $19 million. Treasury also previously recouped $22 million in fees from BNY

Treasurer McCord Files Petition to Safeguard State Employee Safety

Commonwealth Court asked to decide if Right to Know Law applies where personal safety and security is in questionHarrisburg – Faced with the threat of a lawsuit, or releasing information that could jeopardize the safety and security of some public employees, Treasurer Rob McCord today asked Commonwealth Court to resolve a conflict concerning the application of the state Right to Know Law. “I take seriously my obligation to protect the safety and security of our public employees. By filing this motion, I hope to ensure the protection of our public employees as provided in the Right to

Treasurer McCord: Governor Should Not Appeal Voter ID Ruling

Law is unnecessary; money could be spent on state’s real problemsHarrisburg –State Treasurer Rob McCord today called on Governor Tom Corbett not to appeal the Commonwealth Court decision that a law requiring Pennsylvania voters to show photo identification at the polls is unconstitutional. “The governor should finally accept the court’s finding that there is no evidence of in-person fraud that threatens the integrity of elections in Pennsylvania, and he should not try to revive a statute now declared unconstitutional. Governor Corbett and his team provided a solution in search of a

Treasurer McCord Marks MLK Day with Service Project in Philadelphia

Notes impact on education of landmark Supreme Court decision 60 years agoPhiladelphia – State Treasurer Rob McCord participated in a service project at Girard College in Philadelphia this morning to observe Martin Luther King Jr. Day, while also noting two significant anniversaries -- 60 years since the U.S. Supreme Court's Brown v. Board of Education decision that dramatically affected educational opportunity in America, and 50 years since the passage of the Civil Rights Act."Today, we celebrate the life and legacy of one of our country's foremost leaders and pioneers of the civil rights

PA Treasury Returns $111 Million in Unclaimed Property in 2013

More than half a billion dollars reunited with owners since 2009 under strong push to collect dormant and forgotten propertyHarrisburg – The Pennsylvania Treasury returned $111 million in unclaimed property to rightful owners or heirs in 2013, the highest yearly return amount since the start of his administration, State Treasurer Rob McCord announced today. This brings the total of lost and forgotten money and items returned since January 2009 to more than $517 million, the Treasurer noted. Unclaimed property collections in 2013 also reached a new high for the McCord Treasury – $281

After Wasting $3.4 Million on Divisive and Flawed Lottery Privatization Plan, Gov. Corbett Now Says: Never Mind

McCord calls on Corbett to replenish wasted Lottery funds from his own budgetHarrisburg – More than a year after state Treasurer Rob McCord first questioned the legality of Gov. Corbett’s plan to privatize the Pennsylvania Lottery, Gov. Corbett today announced he is abandoning the proposal. “I am grateful that Gov. Corbett has finally heeded my call to put an end to this unwise and unnecessary ideological quest,” said McCord. "All of us who care about seniors can be thankful that Gov. Corbett has pledged not to waste any more seniors’ money on a failed effort to appease ideologues by

Treasurer McCord: Only Days Remain to Save on Taxes by Saving for College

Contribute before December 31 to maximize 2013 state tax deductions; New accounts open for freeHarrisburg – State Treasurer Rob McCord today reminded Pennsylvanians time is running out to reduce 2013 state taxes by saving for college with the Pennsylvania 529 College Savings Program. Pennsylvanians who open or contribute to a PA 529 account by Dec. 31 can take advantage of a state income tax deduction and gift tax exclusion, he said. “As families begin to think about resolutions for the New Year, there is still time to cross ‘saving for college’ off their 2013 list and be rewarded for

Treasurer McCord’s 2013 Year-end Tax Planning Tip: Save on Taxes by Saving for College

Contribute before December 31 to maximize 2013 state tax deductions; New accounts open for freeHarrisburg – With only weeks remaining in 2013, State Treasurer Rob McCord today reminded Pennsylvanians that there is still time to reduce 2013 state taxes by saving for college with the Pennsylvania 529 College Savings Program. Pennsylvanians who open or contribute to a PA 529 account by December 31 can take advantage of a state income tax deduction and gift tax exclusion, he said. “Last year, Pennsylvanians saved nearly $19 million on their state income taxes as a result of investing in a

Treasurer McCord Highlights Corbett’s Waste of Lottery Funds

$3.4 million for privatization consultants should have been used for senior servicesPittsburgh – Money wasted on consultants and law firms aiding Governor Tom Corbett’s misguided attempt to privatize the state Lottery should have been used to help senior citizens in Allegheny County and elsewhere in Pennsylvania, State Treasurer Rob McCord told a group of seniors today. He called on Corbett to abandon what he termed an “ideological pursuit of Lottery privatization.” During a visit to the Greenfield Community Senior Center in Pittsburgh, McCord highlighted the $3.4 million Corbett has so

Chase Debit Cardholders Should Take Advantage of Credit Monitoring

Treasurer McCord also reminds all consumers to check credit reports periodicallyHarrisburg – Eligible unemployment compensation and workers’ compensation recipients who use the J.P. Morgan Chase prepaid debit card for their benefits should sign up for two years of free credit monitoring and identity theft insurance, State Treasurer Rob McCord said today. Last week, J.P. Morgan Chase notified about 26,000 Pennsylvania debit cardholders that some of their personal information might have been improperly viewed between mid-July and mid-September. Chase said it found no evidence that any of

Holiday Shopping Alert: Turn Holiday Spending into College Savings with the Pennsylvania 529 College Savings Program

Helping a loved one make college more affordable is a gift they will never outgrowHarrisburg – State Treasurer Rob McCord today encouraged Pennsylvanians to give the gift of education by opening or contributing to a Pennsylvania 529 College Savings Program account.   According to Treasurer McCord, family members and friends may contribute to a child’s PA 529 account and also receive a Pennsylvania income tax deduction. The state income tax deduction for 529 college savings plan contributions was increased to $14,000 per taxpayer, per beneficiary, in 2013.  “Today’s shoppers work hard

J.P. Morgan Chase Cardholder Data Breached

Those with state UC or SWIF (workers compensation) benefit cards might be affectedHarrisburg – J.P. Morgan Chase said today that personal information of some prepaid debit cardholders in multiple states might have been improperly viewed on the bank’s servers from mid-July to mid-September. Pennsylvania offers debit cards from Chase as one option for those receiving unemployment compensation or workers compensation benefits. The bank has informed the state Treasury that approximately 26,000 accounts among Pennsylvania’s nearly 400,000 state debit cardholders could have been involved. The

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