HARRISBURG, PA — Pennsylvania’s Treasury Department has once again passed an independent verification confirming its compliance with the Global Investment Performance Standards, a distinction that state officials say makes it the only state treasury in the nation to achieve and maintain the globally recognized benchmark.
Treasurer Stacy Garrity announced that the verification was conducted by The Spaulding Group, a nationally recognized firm specializing in investment performance measurement and GIPS verification. The review affirms that Pennsylvania Treasury’s investment reporting meets the rigorous standards established and administered by CFA Institute.
“Successfully undergoing verification and maintaining compliance is a reflection of our ongoing commitment to the highest standards of financial stewardship,” Garrity said, adding that the designation provides assurance to taxpayers that the Commonwealth’s assets are managed and reported with transparency, integrity, and adherence to global best practices.
The GIPS framework is widely regarded as the gold standard for investment performance reporting, designed to ensure accuracy, comparability, and full disclosure for asset owners and managers. Treasury officials said continued compliance reinforces accountability in how public funds are managed and reported.
Alongside the verification, The Spaulding Group also completed a performance examination of the state’s PA 529 Guaranteed Savings Plan. As of December 31, 2025, the plan was reported to be 152 percent funded, allowing families to save for future higher education costs at today’s rates. The Guaranteed Savings Plan operates alongside the PA 529 Investment Plan, which Garrity announced in November received its third consecutive Morningstar Gold Rating.
Treasury officials said the additional performance examination provides an extra layer of independent oversight, strengthening public confidence in the Commonwealth’s long-term financial planning and investment management.
“This is a testament to the integrity, hard work and professionalism of the Treasury team,” Garrity said. “It ensures our financial reporting is not only accurate but also accessible, comparable and trustworthy.”
The latest verification marks Pennsylvania Treasury’s second successful GIPS review. According to industry data cited by Pensions & Investments, the standards are adopted by more than 1,600 firms and asset owners across over 50 global markets, including all of the world’s top 25 asset management firms for some or all of their assets.
State officials said maintaining GIPS compliance underscores Pennsylvania’s position as a national leader in transparent, accountable public investment management.
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