The US Department of the Treasury has announced it will stop issuing paper savings bonds through employer payroll savings plans at the end of 2010. They are making this change as part of their plan to convert to electronic transactions through their website TreasuryDirect.

OSPS will stop processing payroll deductions for bonds with the November pay period paid December 1, 2010. Approximately December 15, we will make bond purchases for participants who have sufficient funds to purchase a bond in their chosen denomination. If you do not have sufficient funds to purchase a bond, we will refund the balance in your escrow account also around December 15.

Even though paper savings will no longer be available, you still can invest in savings bonds and other treasury securities through TreasuryDirect. They provide a convenient and secure web-based system that allows you to purchase, manage and redeem paperless savings bonds (both EE and I) and other Treasury securities to build your savings portfolio.

After you establish an account at TreasuryDirect, you can set up automatic transfers from your checking or savings account to make your bond purchases. Or, you can arrange to use one of your available direct deposit deductions through the state's payroll system to send an amount each month from your paycheck to your TreasuryDirect account. When you establish your account at TreasuryDirect, you will receive information on making direct deposits. Get your TreasuryDirect account first - then set up a direct deposit with your agency payroll coordinator.

Here are some of the advantages of TreasuryDirect:
* Security. TreasuryDirect bonds are electronic, and securely stored in your online account. No paper bonds to store and manage.
* Flexibility. You manage your electronic bonds online as your needs and financial circumstances change.
* Convenience. You manage your Treasury investments 24 hours a day from the convenience of your own home, work, or anywhere that you have online access through a secure Internet connection.
* Fast. Your electronic savings bonds are posted to your account just one business day after purchase.

Due to state budget reductions, the Department of Administrative Services will be closed on Friday, September 17, 2010. DAS offices will re-open on Monday, September 20. Thank you for your patience.

Employees with a holiday code of A will not forecast the fixed furlough days.

You will find the 'HOLIDAY CODE' on the left side of the P030 screen just below the 'EQUIVALENT RATE' line. If the code reads O, your employee will forecast the standard holidays, including the scheduled furlough days. The code A will only forecast standard holidays.

Contact Agency Personnel if a change is needed.