OSC will automatically end employee payroll deductions for U.S. Savings Bonds. A new row will be inserted on the general deduction page, to automatically cancel the deduction. The last deduction for U.S. Savings Bonds will be the Institution checks dated November 18, 2010 and Administration checks dated November 24, 2010.
Employees may be entitled to refunds for deductions previously taken that had not yet been applied to the purchase of a bond. Refunds will be processed through PayServ in a future check after the third party provider, National Bond and Trust, submits the refund file to OSC for review. The check dates for these refunds will be announced when the information is available.
A bulletin will be issued in the near future announcing the guidelines for employees enrolled in the Treasury Direct program who are interested in bond deduction withholding via the direct deposit process.