OSPS E-News ~ Important Update Regarding College Savings Plan Direct Deposits
Wed May 23 15:31:43 PDT 2007
As we understand, a number of agency payroll offices have been contacted
by employees who participate in the Oregon College Savings Plan about
direct deposit number changes. We have contacted the Oregon Treasury to
learn what these changes mean for your payroll processing.
It is important to note that the Oregon College Savings Plan is not a
state benefit and neither an OSPS-central nor agency managed payroll
deduction program. Each state employee participant uses one of their
available direct deposit slots to send funds to their College Savings
Plan account. So, these transactions are personal in nature and no
different than when an employee has funds sent to a private savings
account or investment brokerage. As such, it is up to each individual
employee to act upon communications they receive from the Oregon College
Savings Plan Administrator and notify their agency payroll officer of
changes whenever they are necessary.
Here is what we have learned and we hope this will be helpful to you:
* Each participant has or will have received communications from
the Oregon College Savings Plan notifying them of changes in the bank
routing/transit number, account number or both numbers for their
* The letter is in a format that can easily be used as a written
notification to agency payroll; the employee could sign and enter the
date on the letter as the authorization for the changes. Like all other
direct deposits, you will want to have the employee's signature
authorizing you to make changes.
* Some letters had footnotes that contained erroneous information.
Participants whose letter has a footnote referring to a 17 digit number
should ignore that reference.
* In order to make the direct deposit changes, each participant
should make prompt notification to agency payroll to perform the
changes. However, the Oregon College Savings Plan will not reject
deposits that continue to be sent to the old banking numbers for
deposits from May paid June 1 payroll.
* The Oregon Treasury cash management manual requires that we
pre-note all new or changed direct deposit routing/transit numbers and
account numbers. As a result, when changes are made, there is a delay
before the direct deposit resumes.
* Participants who have any questions about this process should
phone 1-866-772-8464 for assistance.
We hope this information is useful and helpful. We will communicate
again if we have additional information to share. We recommend that any
employee who is concerned about these changes phone the toll-free number
above for assistance with their account.
Sharon McKeehan, Manager
Oregon Statewide Payroll Services
DAS/State Controller's Division
155 Cottage Street NE, U-50
Salem, OR 97301-3969
Visit Our WebPages: http://www.das.state.or.us/DAS/SCD/OSPS/index.shtml
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