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Fred,
It was my understanding that if the employees still wanted to participate in the bond program they would have to sign up with TreasuryDirect. Then the employee would furnish you with the information and you would set it up as a direct deposit. We offer direct deposit to our employees so if they set up a new account we will set up on our side. We allow our employees to have more than one direct deposit account.
Teresa
Teresa Smith
Payroll Manager
Baldor Electric Company
(479) 648-5849 Work
(479) 831-8598 Cell
(479) 648-5980 Fax
email@removed
From: Fred McGowin via sap-hr [mailto:sap-hr@Groups.ITtoolbox.com]
Sent: Monday, September 27, 2010 2:11 PM
To: Teresa Smith at Baldor-Human Resources
Subject: [sap-hr] Savings Bonds and TreasuryDirect
Posted by Fred McGowin
on Sep 27 at 3:10 PM
The US Treasury is discontinuing the purchase of Paper Savings Bonds via Payroll Deductions in 2011. To replace this, the employee must establish an Account with TreasuryDirect and the Employer must transmit ACH direct deposits. So far, SAP has indicated they are not supporting this, which is hard to believe. Perhaps I'm just not talking to the right people there. Does anyone out there in the Public Sector have any ideas/knowledge about this new process?
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