| TreasuryDirect for Savings Bonds |
|
|
|
 |
| Purchasing Savings Bonds Just Got Easier |
|
The US Treasury has notified us that they will stop issuing paper savings bonds through employer-sponsored payroll savings plans. Instead, employees will establish their own accounts through TreasuryDirect, where they can then purchase any U.S. Treasury security, including savings bonds.
|
|
|
| Old vs. New - An Overview |
|
| The Way It Was |
The Way It Will Be |
- Employee enrolls for payroll deduction to buy bonds
- Agency payroll sets up P070 deduction
- Agency creates bond ownership and purchase rules in P080
- OSPS performs the monthly reconciliation after payroll runs
- OSPS refunds erroneous or redundant bond deductions
- OSPS initiates bond purchases from US Treasury
- OSPS provides microfiche and paper reports documenting bond transactions
- Agency and OSPS resolves undeliverable or lost bonds
- OSPS archives documentation of bond activity
- Employee receives paper bond through US mail
|
- Employee enrolls at TreasuryDirect for the purchase of bonds or other securities
- Employee completes a direct deposit form requesting a fixed-amount deposit from each paycheck to be sent to TreasuryDirect. Employee provides R/T number* and 10-digit account number that they receive from TreasuryDirect.
- Agency sets up the direct deposit which remains until the employee rescinds the deposit request.
- Employee uses the payroll deposits in the TreasuryDirect account to purchase electronic bonds whenever it is convenient
|
* The R/T transit number for TreasuryDirect is always the same, but the employee will have a unique account number.
|
|
|
| Employees Get More Options |
|
TreasuryDirect Enhances Service to Employees
Using TreasuryDirect opens up many more options for employees. Here are a few highlights.
- Purchase the popular "I" bond series. With OSPA, the only available series was the "EE" series.
- Electronic storage of savings bonds
- Purchase bonds with a minimum of $25.00 in your TreasuryDirect account
- Schedule recurring purchases up to 5 years in advance
- Employee can set up accounts for minor children
- Redeem matured bonds electronically - deposited right to the employee's bank account
|
|
|
| The End of an Era: Decommissioning the OSPA Bond Module |
|
What's Happening
The program to purchase paper US Savings Bonds through OSPA will terminate with pay period November 2010. The payroll savings plan, as exists today will end. The P080/P081 functionality in OSPA will be decommissioned after December 2010.
What OSPS Will Do
- Notify all current bond participants via US Mail of the change and provide them with information on converting their business to Treasury-Direct
- Make final bond purchases from November pay period
- Outdate all SVNN codes on employee P070 screens
- Refund any funds held in the escrow account that are not sufficient to make a bond purchase after November pay period
What Agency Payroll Will Do
- Do not set up new bond starts September pay period and later. Send the individual to TreasuryDirect.
- Be prepared to process new direct deposit transactions for Treasury-Direct. The Routing/Transit number will always be the same: 051736158. The employee must give you their personal account number (assigned by TreasuryDirect) to complete the direct deposit transaction.
|
|
|
| More Information - Where to go for Questions |
|
TreasuryDirect: An Overview
This page outlines the TreasuryDirect payroll savings program. You can find more-detailed features and benefits here as well.
Frequently Asked Questions for TreasuryDirect
This page answers just about any question you can think of related to the payroll savings program through TreasuryDirect. It is geared toward the employee's point of view.
Treasury Tools
Use the information on this page to:
- Calculate the value of your existing bonds
- Download software to manage your bonds
- Take you on a Treasury hunt to see if they are holding money for you
- And more
Contact U.S. Treasury
Select your topic from the list provided on this page to contact representatives of the U.S. Treasury.
|
|
|
|
