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:
- 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