All Employees
The Federal Reserve Bank has notified the University that the United States Department of Treasury will stop issuing paper savings bonds through employer sponsored savings plans. Therefore, effective Immediately, the University is unable to process any new enrollment requests for paper savings bond deductions.
The U.S Department of Treasury has introduced a new service called TreasuryDirect which allows induviduals to set up accounts on-line to buy, redeem Treasury securities including saving bonds.
To participate in the Department of Treasury plan, employees need to take the following steps:
- Set up a treasury Direct account with the department of Treasury:
http://www.treasurydirect.gov/tdhome.htm
- Log into the UMass HRDirect Self Service and a new direct deposit. Employees would enter their new treasury account information as well as the biweekly amount that want deposited to this new account.
For additional information, please visit the following websites:
Federal Reserve Bank: www.frbservices.org/PayrollSavings
U.S. Department of Treasury: http://www.treasurydirect.gov/instit/savbond/mat/mat.htm
Additional notice to current participants in the Savings Bond Program:
The last payroll deduction for Savings Bonds will be in the paycheck dated on September 17th 2010. The last bond purchase the University will facilitate will be at the end of September 2010.
Employees should contact their HR/Payroll Office as soon as possible to determine if any deduction amount changes are needed to meet the above deadlines.
Note- Any remaining balances will be returned in the regular payroll process
