Pennsylvania Treasurer Joe Torsella announced that for the third year in a row he will donate the full amount of his automatic pay increase in 2020 to the Keystone Scholars program.
“When Pennsylvanians elected me as our state’s treasurer, I knew what the salary was for the position. I didn’t ask for this automatic pay increase, and I again won’t accept it. At a time when our working and middle-class Pennsylvanians are not feeling the benefits of the new economy, I want to stay focused on increasing their salaries, not my own.
“One of the best ways we can help Pennsylvanians get ahead is to make sure our families have enough saved for whatever they pursue after high school. I’m deeply proud of our Keystone Scholars program, which gives every baby born or adopted in Pennsylvania a $100 starter deposit to help jumpstart those savings as soon as possible. I’m happy to continue to support that mission by donating my annual pay increase to Keystone Scholars for the third year.”
The Keystone Scholars Program provides a $100 starter deposit in a PA 529 account for every newborn who is a Pennsylvania resident or adopted by a Pennsylvania family to be invested for higher education.
Treasurer Torsella unveiled the Keystone Scholars program in February 2018 as Pennsylvania’s first universal children’s savings account program. It was later passed into law on a bipartisan basis as part of the 2018-19 state budget.