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Pennsylvania Treasury highlights Keystone Scholars, PA 529 options, PA ABLE and unclaimed property resources
Summary
Karen Carr of the Pennsylvania Department of Treasury explained Keystone Scholars (a $100 seed account for Pennsylvania-born children), the state's two PA 529 plans (guaranteed savings and investment options), PA ABLE features and eligibility changes, and how to search for unclaimed property at PAtreasury.gov/unclaim.
Karen Carr, outreach specialist at the Pennsylvania Department of Treasury, described several state programs intended to help Pennsylvanians save for education or to protect savings for people with disabilities, and she urged the public to search for unclaimed property held by the Treasury.
Carr said Keystone Scholars deposits $100 into an account for every child born to a Pennsylvania resident to encourage early savings for post–high-school education. "This $100 is intended to help parents start to think about saving early," she said, and advised recipients to register using the mailer code or birth certificate information so they can view and eventually use the funds once the child turns 18.
She also outlined Pennsylvania's two PA 529 plans: a Guaranteed Savings Plan that is designed to keep pace with tuition inflation (insulating savers from market fluctuations) and an Investment Plan that uses low-cost funds (Carr cited Vanguard-managed options) and can include target-enrollment (age-based) portfolios that become more conservative as the beneficiary approaches school age. Carr noted that 529 assets, when used for qualified educational purposes, have federal and state tax advantages and that qualified uses include college, technical and career training, K–12 expenses (public, private or religious), and certain student loan repayment provisions.
On PA ABLE, Carr described accounts that allow eligible individuals with disabilities and their families to save tax-free for disability-related expenses while generally preserving eligibility for federal benefits such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). She said ABLE annual contribution limits are currently $18,000 and will rise to $19,000 next year, that some working beneficiaries may have higher yearly limits, and that ABLE account protections allow SSI recipients to retain up to $100,000 in the account without impacting SSI eligibility. She explained current eligibility requires disability onset before age 26 but said the age threshold will expand in 2026 to onset before age 46, widening access for some veterans and others with later-onset disabilities.
Carr closed by urging viewers to search for unclaimed property at PAtreasury.gov/unclaim, noting the Treasury returns items such as lost checks, safe-deposit contents, insurance proceeds, securities and dormant bank accounts and that the site and the posted phone number can help people locate funds that belong to them.
Carr provided program names, registration guidance and examples of permissible uses for both 529 and ABLE accounts, and encouraged setting up payroll deduction for PA 529 contributions where available.
