About the Pennsylvania Treasury Department
Under Pennsylvania's state constitution, the State Treasurer serves as chief executive of the Pennsylvania Treasury Department (Treasury). Treasury is an independent agency responsible for the receipt and disbursement of funds by the Commonwealth, as well as the deposit, investment, and safekeeping of money and securities belonging to the Commonwealth.
Treasury serves as statutory custodian of the funds of virtually all state agencies, totaling more than $170 billion. Treasury also offers a wide range of programs and services to Pennsylvanians, including the PA 529 College and Career Savings Program; the PA ABLE Savings Program for people with disabilities; and the Unclaimed Property Program, which works to return billions of dollars in unclaimed property to its rightful owners.
As custodian, Treasury is responsible for monitoring and safeguarding money and securities, collecting dividends and interest, executing securities transactions, and handling daily settlements of trades. In addition to its custodial functions, Treasury is directly responsible for investing money deposited in Treasury bank accounts for most state agencies, the largest exceptions being the Public School Employees' Retirement System (PSERS), the State Employees' Retirement System (SERS), and the State Workers' Insurance Fund (SWIF).
Treasury also manages the state's reserve fund, known as the Rainy Day Fund, which provides a fiscal safety net for a possible economic downturn.
Stacy Garrity was elected on November 3, 2020, and was sworn into office on January 19, 2021, as the 78th Treasurer of the Commonwealth of Pennsylvania, and was reelected on November 5, 2024, for a second four-year term. Treasury currently has a staff of over 300.
The Treasurer manages a state or local government's money. The Treasurer collects and safeguards public funds, invests them, pays the government's bills, and in many places manages public debt, unclaimed property, or college savings plans.