OSPS E-News ~ Savings Bond Program Termination Project Update

[Announcements from OSPS to the users of the Oregon State Payroll Application]

As we have previously reported, the US Treasury is ending their sales of
paper savings bonds through employer payroll savings programs. They are
converting to electronic transactions through their "Treasury Direct"
website.   November paid December will be the last time that we process
savings bond transactions through OSPA.  Here are some updates on this
project.  

 

1.	Participant notification.  On September 3, 2010 we will mail
letters to the home addresses of each current savings bond participant.
The letter will inform them of the termination of the savings bond
program and provide them with information about the US Treasury website
"Treasury Direct" which they can use to purchase savings bonds and other
securities.  A copy of that letter is attached.  There is a link in the
letter to the OSPS home page where there is more information about the
changes and links to Treasury Direct with resources that we believe will
be useful to participants.   We will provide each agency with a list of
employees to whom this letter was sent.  

 

2.	Any state employee who enrolls for an account with Treasury
Direct can set up a direct deposit transaction to send funds to the US
Treasury to purchase their savings bonds.  They need the account
information first - then they can arrange the direct deposit through
their agency payroll coordinator.  

 

3.	Effective September 1, OSPA will not permit a new savings bond
transaction to be set up using deduction code SVNN.  You will be able to
change or delete existing transactions, but not set up new transactions.


 

Useful Resources

 

OSPS Home Page:  http://oregon.gov/DAS/SCD/OSPS/index.shtml

 

Treasury Direct:  http://www.treasurydirect.gov/

 

 

 

Sharon McKeehan, Manager

Oregon Statewide Payroll Services

DAS/State Controller's Division

155 Cottage Street NE,  U-50

Salem, OR  97301-3969

(503) 378-6777 ext. 230

Visit our Online Resource Center: http://www.oregon.gov/DAS/SCD/OSPS/

 

 

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Thank You!

 

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