I, Savings Bonds Title 1, 10â21, Elimination of Federal Payroll ...
I, Savings Bonds Title 1, 10â21, Elimination of Federal Payroll ...
I, Savings Bonds Title 1, 10â21, Elimination of Federal Payroll ...
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United StatesDepartment <strong>of</strong>AgricultureOffice <strong>of</strong> theChief FinancialOfficerNationalFinanceCenterP.O. Box 60000New OrleansLouisiana 70160<strong>Title</strong>:I, <strong>Savings</strong> <strong>Bonds</strong>Chapter:Bulletin:<strong>Title</strong> 1, 10−21, <strong>Elimination</strong> <strong>of</strong> <strong>Federal</strong> <strong>Payroll</strong> Deductions for <strong>Savings</strong> <strong>Bonds</strong>Date: August 16, 2010To:Holders <strong>of</strong> <strong>Payroll</strong>/Personnel ManualThe United States Department <strong>of</strong> the Treasury (Treasury) has announced it willdiscontinue issuing paper savings bonds through <strong>Federal</strong> payroll savings plans as <strong>of</strong>September 30, 2010. This change will reduce the costs associated with the United States<strong>Savings</strong> Bond Program and supports the Treasury’s long−term plan to issue all securitieselectronically.Effective with Pay Period 19 payroll processing, the National Finance Center (NFC) willcancel all employee payroll paper bonds. No deductions will be made after Pay Period 19payroll processing. However, an employee can change the paper savings bond deductionamount at any time up to Pay Period 19 to ensure the bond purchase price is completed inPay Period 19. If an employee’s deductions are not sufficient to purchase a bond, thosedeductions will be refunded to the employee in Pay Period 19. Note: A bond refund willbe displayed as a separate line item on the employee’s Statement <strong>of</strong> Earnings and Leave.Starting with Pay Period 20 payroll processing, NFC will no longer accept employee initiatedsavings bond requests from the Office <strong>of</strong> Personnel Management’s Employee Express (EEX)or NFC’s Employee Personal Page/Employee Self Service (EPP/ESS). NFC will also disablethe entry <strong>of</strong> savings bond data through Entry, Processing, Inquiry, and Correction System(EPIC), Web−Based Entry, Processing, Inquiry, and Correction System (EPIC Web),EmpowHR, and Front−End System Interface (FESI). Accordingly, agencies with front−endsystems will need to make modifications to their systems.Note: Bond transactions in suspense must be resolved by September 24, 2010, in order forthe transactions to be applied in Pay Period 19.<strong>Savings</strong> bond data will only be displayed in Information/Research Inquiry System (IRIS)and EPP through Pay Period 19.Employees who wish to continue purchasing savings bonds may do so by enrolling in theelectronic bond program via Treasury Direct (www.treasurydirect.gov). Additionally, moreinformation regarding these changes may be found on the Treasury Direct website.
2InquiriesFor questions about NFC processing, contact the <strong>Payroll</strong>/Personnel Call Center (Option 3,then Option 1) at 1−800−981−3026 or the EmpowHR Help Desk at 1−888−367−6955.forJOHN S. WHITE, Acting DirectorGovernment Employees Services Division
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