Pennsylvania treasurer only incumbent loss in election

Pennsylvania Treasurer Joe Torsella was unseated in his re-election bid, while incumbent treasurers in North Carolina, Oregon and Vermont each secured another term.

With election officials counting millions of mail-in ballots, the results from the Nov. 3 Pennsylvania treasurer race took a week to decide. As of Nov. 11, Republican Stacy Garrity earned 48.9% of the vote vs. Democrat Mr. Torsella's 47.7%, according to results posted on the commonwealth's website.

Ms. Garrity, a retired U.S. Army Reserve colonel, said prior to the election in a statement that tackling the unfunded liabilities weighing on the $59 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, would be one of her top priorities.

The Pennsylvania treasurer or a designee serves on approximately 20 boards, including the one overseeing PennPSERS.

Ms. Garrity said in the statement prior to the election that she would like to make it easier for all residents to invest "in low-fee, low-tax retirement accounts that are fully portable and controlled by individuals — not the government," while also educating citizens on the importance of saving and investing. She said she would propose a financial curriculum for Pennsylvania schools to help younger generations prepare for their futures.Meanwhile, voters in North Carolina, Oregon and Vermont each re-elected their state treasurers, with major implications for the retirements of millions of Americans.

In North Carolina, Republican Dale R. Folwell topped Democrat Ronnie Chatterji, 53% to 47%, according to the state board of elections. Mr. Folwell, who was first elected in 2016, will continue to serve as the sole trustee of the $107.3 billion North Carolina Retirement Systems, Raleigh.

In a statement Nov. 4, Mr. Folwell said the results "reflect that voters of all persuasions wanted to keep the best treasurer money can't buy." He added: "We have made and saved billions of dollars for the forgotten women and men who have too little to influence, too much to get help from time to time, and spend their time working, paying taxes and praying for a better life."

In 2017, Mr. Folwell, announced the first internally managed passive index fund for the retirement system with the goal of reducing fees paid to outside investment managers while maintaining performance.

Oregon Treasurer Tobias Read, a Democrat, defeated Republican challenger Jeff Gudman as well as two third-party candidates.

With 80% of the votes in as of at 8:30 a.m. PST Nov. 3, Mr. Read secured 53% of the vote to Mr. Gudman's 41%, according to results posted on Oregon's secretary of state's website.

Mr. Read, who was first elected in 2016 and previously served in the Oregon House of Representatives, spearheaded the implementation of Oregon Retirement Savings Plan, the nation's first state-sponsored private-sector retirement program known as OregonSaves, which launched in 2017.

On Twitter, Mr. Read said it's important for people to support each other as many are currently struggling.

In Vermont, Treasurer Elizabeth Pearce, a Democrat, won her fourth term, defeating Republican Carolyn Whitney Branagan and two other candidates.

Ms. Pearce, who has been state treasurer since 2011, received 54% of the vote, compared to 31% for Ms. Branagan, according to results posted on Vermont's secretary of state's website.

During the campaign, Ms. Branagan said reforms were needed to tackle funding issues in the $4.6 billion Vermont State Retirement Systems, including shifting new employees into defined contribution plans rather than defined benefit plans.

Ms. Pearce disagreed with her opponent, saying the system was in good shape despite the year's market turmoil, largely because of actions taken to mitigate downside risks in recent years.