Delaware State Treasurer to make annual budget request tomorrow
State Treasurer Jack Markell plans to highlight incentive requests tied to saving for college and retirement. In his annual budget request to the
Some highlights from the Office of the State Treasurer that Markell will outline are:
- The State’s Deferred Compensation Plan has increased its participants by almost a 17% increase over last year, and has grown to more than 13, 067 participants who have contributed more than $1.3 million during each pay cycle, bringing the total amount that state employees have saved toward their retirement to $335 million, and almost $20 million assets of the state employees’ Deferred Compensation Plan Match accounts.
- The Delaware College Investment Plan continues to grow and has increased from 24,000 accounts with assets of $320 million to almost 25,800 accounts with assets of over $408 million in savings for higher education expenses.
- The Office of State Treasurer continues to collaborate closely with the State Auditor’s Office and Attorney General’s Office to combat new types of fraud. All reports of fraudulent checks or other activities that are reported to the State Treasurer’s Office are forwarded to the Attorney General’s Office and / or the State Auditor’s Office for review. For the third year, the Office has again partnered with the United States Department of Treasurer to promote the “Go Direct” program that encourages social security recipients to utilize direct deposit as a means to prevent check fraud and identity theft.
- The Treasury Operations again this year maintains a record of no new audit findings in the reconciliation area, and is continuing to expand the state’s Automated Clearing House (ACH) program for state vendor payments.
You can read more highlights by clicking here.
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