Stacy Garrity, Republican Party, Candidate for State Treasurer
As State Treasurer, I safeguard more than $160 billion of state funds and directly invest about $50 billion. My focus is always on making sure that the hard-earned tax dollars sent to the Commonwealth by Pennsylvania families are protected and invested wisely. For example, when I took office the state's Rainy Day Fund – which exists to guard against tax hikes or program cuts during economic downturns – was basically empty. I advocated for big deposits, and today we have more than $7 billion set aside. That puts us above the national median. I also implemented a new investment strategy for the Rainy Day Fund which has generated $50 million more than would have been earned under the old method. I serve on the boards of the state's largest pension systems, including PSERS for school employees. On that board, I worked with board members of both parties, including my predecessor, to reform the investment process. Pew has reported that those reforms are saving $100 million every single year. That money will help fund pension payments to our teachers instead of being wasted on outside investment consultants. Immediately after Vladimir Putin’s illegal invasion of Ukraine in 2022, I told my investment team to divest from Russian-held companies. We promptly divested $2.8M to protect taxpayer investments – and we were the only fund in the Commonwealth to complete this process before the Russian markets closed. Finally, I want to mention the Keystone Saves retirement plan. Right now, 2 million Pennsylvania workers can't save for retirement where they work, and everyone agrees that’s the best way to save for retirement. We’re facing a silver tsunami as our population ages, and we absolutely have to do something. The lack of retirement savings is costing Pennsylvania taxpayers $1B every year – that’s according to the Pew Charitable Trusts, big supporters of Keystone Saves. AARP supports Keystone Saves. It has bipartisan support in the General Assembly. It’s in Governor Shapiro’s State Plan for Aging. Similar plans are working in 17 other states – and it’s working. It’s time for us to give every Pennsylvania worker a real chance to save for retirement.
(No response)
(No response)
(No response)
(No response)
(No response)
(No response)
(No response)
This issue is very important to me because I was the first person in my family to graduate college. As State Treasurer, I oversee the PA 529 College and Career Savings Program, which helps families save for a wide variety of educational expenses, including college tuition. (PA 529 accounts provide significant state and federal tax benefits, and PA 529 assets do not impact eligibility for Pennsylvania state financial aid.) I've cut fees for PA 529 that program multiple times, saving account owners $17 million. That's money that goes directly to saving for education. And last year, for the first time ever, the PA 529 Investment Plan earned a Gold Rating from Morningstar – that's a huge deal because it means that we're officially recognized as one of the top two plans in the country. I've also focused on making PA 529 work for all Pennsylvania families by eliminating the minimum deposit required to open an account, and allowing contributions to be as low as $1. I want everyone in the state to have access to this powerful program, and it has been growing significantly. We now have over 300,000 accounts with assets of more than $8 billion – that’s up more than 40,000 accounts and about $2 billion more in assets since I took office. Everyone who wants to continue their education after high school should have the opportunity to do so, and I will continue doing everything I can to make the PA 529 program work for every Pennsylvania family.
I think it's the State Treasurer's responsibility to fight for taxpayers, making state government work for every Pennsylvanian. I've developed a reputation as someone who works with members of both parties to do exactly that. I've worked closely with Gov. Josh Shapiro on numerous issues, with Sen. Bob Casey to improve the PA ABLE savings program for people with disabilities, and with Democrats in the state General Assembly to improve our unclaimed property program, streamline the process for tax appeals in Pennsylvania, and much more. I'm proud of the fact that I've been endorsed by many unions and also business organizations. If elected to a second term, I will continue working across the aisle to make our state a better place to live, work and raise a family.