NEWS RELEASE
FOR IMMEDIATE RELEASE
For further information, please call:
Douglas Spaulding, TSG: 732-873-5700
TSG Announces Second Independent Verification of Pennsylvania Treasury
First and Only U.S. State Treasury to Have Their Claim of GIPS® Compliance Verified
Somerset, NJ —December 17, 2025 — Pennsylvania Treasury Department (“PA Treasury”) has once again successfully undergone an independent verification of its adoption of the Global Investment Performance Standards (GIPS®), performed by The Spaulding Group (TSG). With this second verification, PA Treasury remains the first and only U.S. state treasury to achieve and maintain verification of its claim of GIPS compliance.
The GIPS standards are administered globally by CFA Institute and have been adopted by more than 1,600 firms and asset owners in more than 50 markets around the world, including all 25 of the top 25 asset management firms for some or all of their assets, according to data from Pensions & Investments. Pennsylvania Treasury Department is the first state treasury to comply with the Global Investment Performance Standards, joining a distinct group of asset owners to claim compliance around the world.
The GIPS standards are globally recognized, voluntary principles designed to promote transparency, comparability, and integrity in the presentation of investment performance. By committing to the GIPS standards and obtaining independent verification, Pennsylvania Treasury demonstrates to Pennsylvania taxpayers, stakeholders, and oversight bodies that its performance reporting meets the highest industry standards.
On behalf of the Pennsylvania Treasury Department, State Treasurer Stacy Garrity remarked: “Achieving GIPS compliance for the second time is a tremendous indicator of Treasury’s dedication to its role as the steward of Pennsylvania’s billions of dollars in assets. Maintaining these high standards every day means Pennsylvanians can be confident in Treasury’s ability to manage its funds and best meet our short- and long-term financial needs.”
“We commend Pennsylvania Treasury for its leadership and continued commitment to transparency and high-quality stakeholder reporting,” said Jennifer Barnette, CIPM, the engagement’s lead verifier from TSG. “Their second verification underscores a steadfast commitment to accurate, consistent, and fully representative performance reporting, setting a strong example among state treasuries and public institutions alike.”
About Pennsylvania Treasury
Pennsylvania Treasury invests billions of dollars in Commonwealth funds, and manages a variety of programs including short-term investments, multi-asset pools, as well as savings and investment vehicles that benefit individuals, municipalities, and nonprofits. Its ongoing commitment to transparency is reflected in GIPS compliance and independent verification, providing public confidence in the integrity of its performance reporting.
About TSG
TSG is the industry’s trusted leader in investment performance measurement, serving clients throughout the world with offices in the U.S. and Canada. The firm provides end-to-end expertise, from consulting and GIPS®/non-GIPS verification to proprietary Software Certification and Operations Review services; publishes The Journal of Performance Measurement®, hosts the Performance Measurement Forum, and produces the global PMAR conferences. The TSG Institute of Performance Measurement delivers premier training programs in performance fundamentals, attribution, and portfolio risk. TSG also founded Women in Performance Measurement (WiPM), a community dedicated to supporting and advancing women across the profession. Visit TSGPerformance.com for more information.
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.
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