|Subject:||New Yorks College Savings Program||Bulletin No. 91|
|In 1998, New Yorks College
Savings Program began operations. This Program allows individuals to save for higher
This bulletin provides information for agency payroll offices on how employees can get information on the College Savings Program and how agency payroll offices should process requests from employees who wish to make contributions to the Program through direct deposit.
Getting Information on the College Savings Program
Employees interested in enrolling in the College Savings Program should be referred to the Programs toll-free number 1-877-NYSAVES or the Programs web site at Agencies that wish to offer literature on the Program to their employees can contact the Program at 1-877-NYSAVES (select option 3) to order free pamphlets.
Participating in New Yorks College Savings Program through Direct Deposit
Employee participation in the College Savings Program is done through form
AC 2772-CS. This form is available to employees through the Programs toll free number 1-877-NYSAVES.
The employee should complete the form and indicate whether the request is for a new, changed, or canceled direct deposit.
After completing the form, the employee should send the white copy to the College Savings Program in the business reply envelope the employee received; this copy should be returned as soon as possible to avoid delays in processing contributions. The canary copy is for the employees records. The pink copy is to be sent to the agency payroll office.
Contributions to a College Savings Program Account will be processed as a direct deposit of a fixed amount; the minimum amount is $25 per pay period. The contributions are not pre-tax deductions and will not affect an employees tax withholdings. The employees pay stub will show a separate line for this deposit with an account type of checking. After receipt, contributions will be transferred from this account to the employees College Savings Program account.
Agency Entry of Direct Deposit Forms for the College Savings Program
Agencies should process the form in the same manner as the current direct deposit form. The bank transit number and a portion of the account number is preprinted on the form; the employee should have entered his or her Social Security Number as part of the account number in the space provided.
Do not enter direct deposit requests dated less than seven days from the time the employee signed the request. Hold any direct deposit requests submitted before the seven day period; the waiting period is important to ensure that deposits are processed properly by the College Savings Program.
When adding the new direct deposit information, select "Partial allowed" and select the "checking" account type; do not select the "savings" account type. The Priority must be lower than any transaction labeled as "Excess".
The amount being deposited should be entered into PaySR as a deposit of a fixed amount; the minimum amount is $25 per pay period. Requests to deposit amounts less than $25 should not be processed and should be returned to the employee.
Note that the account number consists of both the preprinted Program Account Number plus the employees Social Security Number; these numbers should be entered without any spaces.
Questions on this bulletin should be directed to the Help Desk at (518) 486-1213.