First and only state treasury to claim compliance with the GIPS standards 

Harrisburg, PA — Pennsylvania Treasurer Stacy Garrity announced that the Pennsylvania Treasury Department has once again passed an independent verification of its claim of compliance with the Global Investment Performance Standards (GIPS^®). This distinction makes Pennsylvania Treasury the only state treasury in the nation to achieve and maintain GIPS compliance. The independent verification was conducted by The Spaulding Group (TSG), a nationally recognized firm specializing in GIPS verification and investment performance measurement.

“Successfully undergoing verification and maintaining compliance is a reflection of our ongoing commitment to the highest standards of financial stewardship,” said Treasurer Garrity. “This verification offers assurance to Pennsylvania taxpayers and stakeholders that we are managing and reporting our state’s assets with complete transparency, integrity, and in strict accordance with globally recognized best practices.”

The GIPS standards, established and administered by the CFA Institute, are internationally recognized as the gold standard for investment performance reporting. By adhering to these rigorous guidelines, Treasury continues to demonstrate its dedication to transparency, accuracy, and accountability in investment performance.

In addition to the verification, The Spaulding Group also conducted a performance examination of Treasury’s PA 529 Guaranteed Savings Plan, which is 152 percent funded as of Dec. 31, 2025, and allows Pennsylvanians to save for tomorrow’s higher education costs at today’s rates. It is the companion to Treasury’s PA 529 Investment Plan, which Treasurer Garrity announced in November was awarded its third consecutive Morningstar Gold Rating. The performance examination provides an added layer of independent oversight and assurance.

“This is a testament to the integrity, hard work and professionalism of the Treasury team,” Treasurer Garrity added. “It ensures our financial reporting is not only accurate but also accessible, comparable and trustworthy, reinforcing the public’s confidence in how we manage taxpayer dollars and in our long-term financial planning for the Commonwealth.”

This second successful GIPS verification assures taxpayers and investors alike that the Pennsylvania Treasury remains steadfast in its commitment to upholding the highest standards of financial and investment performance reporting.

GIPS, administered globally by CFA Institute, are adopted by more than 1,600 firms and asset owners across more than 50 markets worldwide, including all the top 25 asset management firms for some or all their assets, according to Pensions & Investments.

GIPS^® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Information provided to TVL by:
Steven Chizmar,