Responsibilities of the Treasurer’s Office

The State Treasurer’s Office (STO) plays a central administrative role to numerous State Authorities, Boards, and Commissions. The Treasurer serves as chair or member of these various agencies that organizationally report to the STO. Many of these agencies are authorized to issue debt for specific purposes as permitted by law, and others have unique responsibilities such as forecasting State revenues, advising California municipalities on debt issuance, and overseeing the State’s various investment operations.Boards, Commissions and Authorities which the Treasurer Chairs: California Achieving a Better Life Experience (CalABLE) Program, California Alternative Energy and Advanced Transportation Financing Authority,  California Debt and Investment Advisory Commission, California Debt Limit Allocation Committee, California Educational Facilities Authority, California Health Facilities Financing Authority, California Healthy Food Financing Initiative Council, California Pollution Control Financing Authority, California School Finance Authority, CalSavers Retirement Savings Board, California Tax Credit Allocation Committee, California Transportation Financing Authority, California Urban Waterfront Area Restoration Financing Authority,  Local Investment Advisory Board,  Pooled Money Investment Board, ScholarShare Investment Board (for the Golden State ScholarShare Trust) , Other Boards and Committees on which the Treasurer Sits as a Member, California Competes Tax Credit Committee, California Earthquake Authority, California Housing Finance Agency, California Infrastructure and Economic Development Bank, California State University Investment Advisory Committee, Commission on State Mandates, No Place Like Home Program Advisory Board, Public Employees’ Retirement System Board of Administration (CalPERS), State Public Works Board, State Teachers’ Retirement System Board (STRS).

SecureSavings (state-run retirement plan).

Second Injury Fund.

Merchant Services.

The Treasurer and Insurance Commissioner offices were combined to form a Chief Financial Officer position heading a new Department of Financial Services. The department provides accounting and auditing services to state agencies, acts as the state’s bank by disbursing and receiving funds into the treasury, and performs other financial duties. The department also performs non-financial regulatory duties, including insurance licensing and fraud investigation, funeral parlor and cemetery licensing, and public assistance fraud investigation. The CFO also acts as State Fire Marshal, certifying firefighters, setting training standards, and investigating potential arson.

Member of Illinois State Board of Investments (oversees investment of retirement funds and deferred compensation for state employees, judges, and legislators); administers Illinois ABLE (529A accounts); administers and serves as Chair of governing board for Secure Choice (auto-IRA program for employees without a retirement plan offered by their employer); administers ePay program facilitating electronic payments for state agencies and local governments who opt-in; administers Charitable Trust Grant program for small non-profits; custodian of Injured Workers’ Benefit Fund (workers’ compensation funds for injured workers whose employers were uninsured in violation of state law). Cash management function is handled in conjunction with Comptroller.

The treasurer serves as the trustee of the Indiana State Police Pension Trust.

Merchant card services and ABLE program.

Municipal bond servicing.

STABLE KY (ABLE program) and the Kentucky Financial Empowerment Commission.

Municipal Revenue Sharing.

Michigan’s state treasurer is responsible for tax administration, revenue estimating, and muncipal revenue sharing.

Investment of all state funds; administers ABLE program.

Social Security Section 218 agreements; merchant card (Procard) services.

Nebraska Child Support Payment Center, Long-Term Care Savings Plan.

Education Savings Account.

The Treasurer serves on the State Banking Commission, the State Board of Education, the State Board of Community Colleges, the Teachers’ and State Employees’ Retirement System (TSERS) Board of Trustees, the Local Governmental Employees’ Retirement System (LGERS) Board of Trustees, the Supplemental Retirement Plans (SRP) Board of Trustees, the State Health Plan for Teachers and State Employees (SHP) Board of Trustees, the Local Government Commission (LGC), the NC Capital Facilities Finance Agency (NCFFA), the Debt Affordability Advisory Committee and the NC Housing Partnership Board. Other responsibilities include: administration of TSERS, LGERS, SRP, SHP, LGC, and NCCFFA; local government debt approval; and monitoring fiscal health of local governments.

Tax collection and distribution, investments, financial literacy. The treasurer serves on the State Investment Board, State Board of Equalization, State Historical Board, Teachers Fund for Retirement Board, Board of Trust Lands, State Canvassing Board.

Investment of trust funds is for Other Post-Employment Benefits only Debt service is for Investment of Bond Proceeds.

Crime Victims Compensation Program.

We also oversee investments for state health insurance and disability insurance for the SC Public Employee Benefit Authority (PEBA), but all retirement/pension funds are managed by the SC Retirement System Investment Commission (RSIC). Additional The Treasurer sits on the following statutory boards and commissions for the state: State Fiscal Accountability Authority (Vice Chair), State Board of Financial Institutions (Chair), SC Educational Authority (Vice Chair), South Carolina Tobacco Authority (Vice Chair), SC Financial Literacy Board of Trustees and has a designated appointee for SC Retirement System Investment Commission.

Tax administration, revenue collection, revenue estimating, state purchasing manager, various other legislatively designated programs.

Risk Management.

The treasurer serves as the trustee of the Indiana State Police Pension Trust.