Subject |
Refunds for Deduction Code 101 (Bonds)
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Purpose |
To notify agencies that OSC plans to process refunds of previously withheld bond deductions automatically via PayServ.
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Affected Employees |
Employees who, as identified by National Bond and Trust, had bond deductions withheld, but had not yet accumulated sufficient funds to purchase a bond prior to OSC’s termination of Deduction Code 101 on November 18, 2010.
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Effective
Date(s) |
Paychecks dated 03/10/11 (Institution)
Paychecks dated 03/16/11 (Administration)
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Background |
As previously announced in Payroll Bulletin Number 1015, the U.S. Department of the Treasury ended the sale of paper U.S. Savings Bonds through payroll deduction effective
January 1, 2011 as part of a “go green, save green” initiative.
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OSC Actions |
OSC will process the bond deduction refunds in the Institution paychecks dated 03/10/11 and Administration paychecks dated 03/16/11.
The refund amount will be reflected on Check/Advice Statements under “AFTER TAX DEDUCTIONS”. The amount will appear as a positive amount under the “Refund” field and as a negative amount under the “YTD” field.
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Agency Actions |
Notify affected employees.
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| Questions |
Questions regarding this bulletin may be directed to the Payroll Deductions mailbox. |
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