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Pennsylvania Treasury Department
The Pennsylvania Treasury Department, which sponsors TAP 529, also has custody of $80 billion in state investments and manages the billion-dollar INVEST program for local governments and non-profit groups. The Treasury also operates multi-million-dollar loan programs for small business and for farmers, and is responsible for paying all the state's bills. To learn more about the Pennsylvania State Treasury, click here.
TAP 529 was created by the Pennsylvania Legislature* to allow families to save for higher education expenses — college and career schools — while enjoying special tax and other advantages provided by state law and by Section 529 of the US Internal Revenue Code.
TAP 529 operates under the sponsorship of the State Treasury Department with the guidance of a legislatively created Advisory Board. An independent investment advisor and actuary also assist the Treasury in its oversight of the program.
The Advisory Board holds public, quarterly meetings. The Board is composed of 19 members. Five are ex-officio members: the State Treasurer, the Chairman of the Board of Directors of the Pennsylvania Higher Education Assistance Agency, the Commissioner of Higher Education within the state Department of Education, the Chairman of the Council of Higher Education, and the Chancellor of the State System of Higher Education. The State Senate appoints four members; four are appointed by the State House of Representatives; and six are appointed by the Governor. Click here to see the list of the current Advisory Board members.
The Advisory Board and the Treasurer submit an annual report on TAP 529 to the Governor and General Assembly.
Delaware Investments
Delaware Investments is a multi-line investment management organization that is headquartered in Philadelphia, Pennsylvania. The company is known for its fundamental research, team oriented management, and dedicated customer service.
Delaware Investments has five distinct centers of asset management expertise, each focused on a specific investment discipline: domestic growth equity, domestic value equity, domestic fixed income, structured equity products, and international investments. Each asset-management group performs its own independent fundamental research and analysis and their results have earned Delaware the reputation of being "powered by research."
Delaware Investments Remains Committed to Its Investors
The company's commitment to experience, performance, and service has earned them the confidence of discriminating institutional and individual investors.
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Experience
Delaware Investments' 177 seasoned investment professionals — of whom 119 (68 percent) are analysts — average 12 years experience, bringing a wealth of knowledge and expertise to the management team.
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Performance
Delaware Investments strives to deliver consistent, reliable, and dependable performance in all asset classes. The management teams aim for solid performance over long periods of time, rather than taking risky bets which may cause an investment to dramatically rise and fall in value over short periods of time.
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Service
With Delaware Investments as the TAP 529 Investment Plan manager, you can count on quick and courteous service, easy access to information about your accounts, and hassle-free transaction processing. Delaware Investments also provides various administrative services, including record keeping,
to the Guaranteed Savings Plan accounts.
Calvert
A leader in socially responsible investing (SRI) for nearly two decades, Calvert manages the largest family of SRI funds in the nation. Calvert manages 28 screened and non-screened mutual funds.
At the heart of Calvert's success is its focus on solid financial performance and an investment philosophy that companies prosper because they operate with integrity toward their employees, environment and communities. Calvert believes these criteria help improve the sustainability of both the companies it invests in and the world we live in.
To ensure that Calvert funds meet their socially responsible criteria, Calvert research analysts screen companies against six broad areas:
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environment
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workplace practices
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product safety and impact
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international operations and human rights
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indigenous peoples' rights
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community relations
*The creation of TAP 529 was originally authorized by a state law, the Tuition Account Program and College Savings Bond Act (P.L. 28, No. 11), signed into law on April 3, 1992. The program was first offered to the public in September 1993. The Act was amended August 21, 2000 to improve the guaranteed program and allow for the creation of the TAP 529 Investment Plan.
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