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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

McCord Treasury’s Unclaimed Property Program Reaches $1 Billion Milestone in Collections, Surpasses $600 Million Mark in Revenue Generation

Improved efficiency in unclaimed property program benefits all PennsylvaniansHarrisburg – State Treasurer Rob McCord today announced that Treasury’s unclaimed property program recently reached the $1 billion mark in collection of lost and forgotten money and valuables since he took office in January 2009. New innovations and efficiencies implemented by his administration have produced higher collections – his office took in 41 percent more property in 2012 than in 2008, the year before he became treasurer. As a result, the amount of money and property returned to owners has increased,

PA Treasurer Rob McCord and PA 529 College Savings Program Celebrate “529 Day” at Please Touch Museum

Families encouraged to join festivities, register to win one of five $529 college savings accounts at PA529.com Philadelphia – State Treasurer Rob McCord today encouraged visitors to Please Touch Museum to get started on the path to saving for higher education with the PA 529 College Savings Program. The program offers great tax benefits and can help to make higher education more affordable. Treasurer McCord and representatives of the PA 529 College Savings Program visited the museum to mark “529 Day,” a day dedicated to raising awareness about the importance of

PA Treasurer McCord Stresses Need for Greater Corporate Board Diversity Following Latest GMI Ratings Report

Suggests term limits could improve diversity, performance and governanceHarrisburg – Pennsylvania State Treasurer Rob McCord today continued his call for greater gender diversity on corporate boards after the global research firm GMI Ratings released its annual “Women on Boards” report, which showed little progress in the U.S. over the past year.  Among the companies studied in its report, GMI Ratings found the percentage of female directors in large companies – those among the S&P 500 – rose only one-half of a percentage point since December 2011. The rate of increase was slightly

Treasurer McCord Disputes Governor Corbett’s Unemployment Analysis

Illegal drug use is not a major factor in causing state’s joblessness, but administration policies are, McCord says.Harrisburg– State Treasurer Rob McCord took issue today with Gov. Tom Corbett’s recent characterization of Pennsylvania’s employment picture as “better than other states” and with the governor’s assertion that the state’s declining jobs level is due to the unemployed being unable to pass drug tests. “This is the typical blame game from someone who doesn’t understand the economy and doesn’t understand how to create jobs,” McCord said. “Drug use is not the cause of the state’

Important Deadline for Employers: Annual Unclaimed Property Reports Due by April 15 Deadline

PA Treasury has employer resources and information available online at www.patreasury.govHarrisburg – Businesses and organizations have until April 15 to report dormant financial assets and unclaimed tangible items to the Pennsylvania Treasury. This important annual deadline allows Treasury to return unclaimed property to the rightful owners or heirs. “The annual April 15 deadline to report unclaimed property to Treasury is a real, legal obligation for all ‘holders,’ as they are called in the state unclaimed property law,” State Treasurer Rob McCord said. “Our team of compliance

Treasurer McCord, Senator Corman Seek Return to State of PSU Penalties

Their lawsuit argues the NCAA must deposit money into an endowment fund for use in PennsylvaniaHarrisburg – State Treasurer Rob McCord today joined state Senator Jake Corman (R-Centre County) in suing the National Collegiate Athletic Association (NCAA) to recover the first installment of $12 million dollars in penalties that Penn State University paid in the wake of the Jerry Sandusky child sexual abuse case. A state law enacted earlier this year requires the money to be deposited into an endowment fund under the custodianship of Treasurer McCord. The suit was filed in Commonwealth Court.

Treasurer McCord Reminds Unemployment and Workers’ Comp Recipients to Activate New Debit Card

Funds no longer will go to blue card; future deposits to be made only to gold cardHarrisburg – State Treasurer Rob McCord today reminded those receiving unemployment compensation or workers’ compensation payments through a debit card to activate their new gold-colored card as soon as they receive it. The new gold cards, from JP Morgan Chase, were placed in the mail between February 28 and March 11 to those who are currently receiving payments. They replace the blue debit cards from Xerox that had been in use. Recipients must activate their new gold cards to access future payments made to

Treasurer McCord Asks Federal Court to Wait for State Resolution of Penn State/NCAA Case

Treasurer also cites his responsibility to keep university funds in stateHarrisburg – State Treasurer Rob McCord today asked a federal court to refrain from considering the National Collegiate Athletic Association’s (NCAA) lawsuit challenging control of Penn State University sanction funds until related pending state and federal court proceedings are resolved. McCord also signaled his intention to defend vigorously the state legislature’s attempt to spend those funds on sex abuse victim and prevention programs within Pennsylvania. McCord is among several defendants in the NCAA’s suit,

Treasurer McCord, National Experts Call Home Energy Efficiency Loan Sale a Milestone for Attracting Private Capital, Creating Secondary Market

$31 million sale reflects quality of PA’s loan portfolio; provides model for private sector investment in residential energy efficiencyHarrisburg – The Pennsylvania Treasury recently sold several thousand loans made through its nationally recognized Keystone Home Energy Loan Program, according to State Treasurer Rob McCord.  The sale, one of the first of its kind in the country, also marked an important milestone in national efforts to develop a secondary market for such loans. A secondary market is seen by many industry experts as a critical step in making low-cost capital readily

Treasurer McCord Sees Court Ruling as Victory for Working Poor

He calls on Corbett Administration to support expanded health care coverageHarrisburg – State Treasurer Rob McCord issued the following statement today regarding Commonwealth Court’s ruling that the transfer of money from the adultBasic program and the Medicaid for Disabled Workers program in 2010 and 2011 was unconstitutional: "The judge's ruling today that the Corbett Administration acted unconstitutionally when it eliminated the adultBasic program in 2011 is both an important victory for Pennsylvania's working poor as well as a reminder that this administration has repeatedly used

Treasurer McCord Issues Statement on Attorney General’s Rejection of Lottery Management Contract

Harrisburg – State Treasurer Rob McCord issued the following statement on Attorney General Kathleen Kane’s announcement today that she would not approve the Corbett Administration’s contract to turn management of the Pennsylvania Lottery over to a private company: “I commend the Attorney General for her independent review and subsequent rejection of the administration’s attempt to expand gambling through the state contracting process. “The administration was repeatedly warned, as early as last year, that the proposed contract would permit new forms of gambling not currently authorized

Pennsylvania Treasury’s Debit Card Program Earns Top Ranking from National Consumer Group

Treasurer McCord thanks NCLC for recommending improvementsHarrisburg – Pennsylvania was one of only three states to receive the highest rating for its unemployed workers prepaid debit card program in a report released today by the National Consumer Law Center (NCLC). Pennsylvania joined California and New Jersey in earning “two thumbs up.” The report devotes an entire page to highlighting the features of Pennsylvania Treasury’s new card program. NCLC rates debit card programs for their convenience of use with minimal fees. Lauren Saunders, one of the authors of today’s NCLC report, said

Treasurer McCord: Higher Tax Deduction Makes 2013 Great Time to Open a PA 529 College Savings Plan

McCord highlights PA 529 College Savings Program accomplishmentsHarrisburg – With the state income tax deduction for 529 college saving plan contributions now at $14,000 per person, per beneficiary, per year, Pennsylvania Treasurer Rob McCord called 2013 a great year to open and contribute to these tax-advantaged savings plans.   The new individual tax deduction of $14,000 represents a $1,000 increase from the 2012 level.  Married couples filing jointly may deduct up to $28,000 in contributions provided each spouse has at least $14,000 in taxable income.   “Reducing your state income

Treasurer McCord Announces $5.2 Million in Savings to Pennsylvanians through New Debit Card Program

Treasurer asks current cardholders to verify their addresses to avoid delays in receiving a new cardHarrisburg -- State Treasurer Rob McCord today announced significant improvements to the debit card program that Treasury uses to disburse unemployment and workers’ compensation payments – saving individual Pennsylvanians an estimated $5.2 million per year in transaction fees. The new program, administered by JP Morgan Chase, will offer cardholders a 25 percent increase in the number of in-network ATM machines where cardholders can make unlimited cash withdrawals and balance inquiries for

Treasurer McCord Opposes Pay Raise for SERS Official

Chief Investment Officer given 8 percent raise to $270,000Harrisburg – State Treasurer Rob McCord today voted against a salary increase for the chief investment officer of the State Employees Retirement System (SERS), saying that it was unjustified based on his length of service and the state’s current pension problems. The SERS board, at its regularly scheduled meeting today, awarded CIO Anthony Clark a $20,001 increase, from $250,016 to $270,017. McCord is a member of the board in his official capacity as Treasurer. “At a time when the state is struggling to find a way to meet its

State Treasurer Rob McCord Sworn In For Second Term

Pledges to continue innovative, efficient management that has paid off for taxpayersHarrisburg – Incumbent State Treasurer Rob McCord took office for a second term today, vowing to maintain the results-driven approach to government that has produced $1.6 billion in investment returns and averted hundreds of millions of dollars in wasteful spending during his first four years in office. McCord thanked his family members, as well as Treasury employees and others who have supported his work over the past four years. He went out of his way to note the efforts he and his office have made “to

Treasurer McCord Disputes Legality of Lottery Expansion

In response to Revenue Secretary, he says more specifics are needed on nature of video lottery games.Harrisburg – Lacking a precise description of the types of gaming to be deployed on video lottery terminals, it is currently impossible to determine whether such an expansion of the lottery under a private management agreement would be lawful, State Treasurer Rob McCord said today. McCord wrote to Secretary of Revenue Daniel Meuser, responding to a December 28 letter in which the secretary contended that the state lottery law already gives his agency the right to introduce video gaming

PA Treasury Strikes Major Consumer Protection Win with Rebate Settlement of Almost $2 Million, says Treasurer McCord

Consumers owed rebates from manufacturers, retail stores encouraged to contact Treasury’s Unclaimed Property Return TeamHarrisburg – A landmark settlement between the Pennsylvania Treasury and Parago, Inc. will make nearly $2 million in unclaimed promotional rebates from past retail purchases available to consumers, State Treasurer Rob McCord announced today. Parago is a Texas-based company that processes and pays promotional rebates to consumers on behalf of national consumer product manufacturers, retailers, and telecommunication service providers. Its clients include Staples, Home

TREASURER MCCORD QUESTIONS LEGALITY OF PAYMENTS TO PRIVATE MANAGER FOR LOTTERY EXPANSION

In letter to Revenue Department, McCord notes his responsibility to ensure that disbursements of public funds are lawful and correctHarrisburg -- State Treasurer Rob McCord today notified the Pennsylvania Lottery that depending upon the nature and extent of lottery expansion under a private management contract, his office would refuse to disburse payments to a private operator unless and until he is satisfied that the contract expenditure is lawful. McCord raised his concerns in a letter to Secretary of Revenue Dan Meuser. He noted that the draft Private Management Agreement (PMA)

Treasurer McCord Announces Appointment of Gary Tuma as Communications Director

Harrisburg – State Treasurer Rob McCord today announced Gary Tuma, a 40-year veteran of journalism and state government, will join the Treasury Department as its director of communications. Tuma will assume his new role on Tuesday, December 11. He replaces Michael Smith, who transitioned to deputy chief of staff earlier this year. “Gary is a seasoned professional who has served the public for years by making state government more effective, transparent, and responsive,” said Treasurer McCord.  “I share an interest in those objectives, and I am thrilled he will join Treasury to

Boost College Savings with Holiday Shopping through Upromise Rewards this Year, Urges PA Treasurer McCord

Upromise can help shoppers earn money for college with the Pennsylvania 529 College Savings ProgramHarrisburg – State Treasurer Rob McCord today encouraged shoppers to turn their holiday spending into college savings this season with the help of Upromise.com , where families can shop from more than 900 partners and earn cash back for higher education in the process. According to Treasurer McCord, participants in the Pennsylvania 529 College Savings Program can link their accounts with Upromise to earn rewards through online purchases at hundreds of eligible

Treasurer McCord: Great "Cyber Monday” Gifts Only a Click Away at Treasury’s eBay Store

Treasury’s online unclaimed property auction features jewelry, coins, collectibles and electronicsHarrisburg – Holiday shoppers who are seeking great deals on unique gifts should check out the Pennsylvania Treasury Department’s unclaimed property eBay store this “Cyber Monday,” said State Treasurer Rob McCord today.   “Treasury’s unclaimed property eBay auction offers collectibles and gifts that often aren’t found in traditional stores,” said Treasurer McCord. “So rather than fight crowds on ‘Black Friday,’ check out the deals we offer through our eBay store from the comfort and

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