<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:st1="urn:schemas-microsoft-com:office:smarttags" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv=Content-Type content="text/html; charset=us-ascii">
<meta name=Generator content="Microsoft Word 11 (filtered medium)">
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="country-region"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="PostalCode"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="City"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="Street"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="address"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="State"/>
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="place"/>
<!--[if !mso]>
<style>
st1\:*{behavior:url(#default#ieooui) }
</style>
<![endif]-->
<style>
<!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Century Schoolbook";
panose-1:2 4 6 4 5 5 5 2 3 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:Calibri;}
a:link, span.MsoHyperlink
{color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{color:purple;
text-decoration:underline;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:Calibri;
color:black;
font-weight:normal;
font-style:normal;
text-decoration:none none;}
@page Section1
{size:8.5in 11.0in;
margin:1.0in 1.25in 1.0in 1.25in;}
div.Section1
{page:Section1;}
/* List Definitions */
@list l0
{mso-list-id:415133534;
mso-list-type:hybrid;
mso-list-template-ids:1048507744 67698703 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}
@list l0:level1
{mso-level-tab-stop:.5in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level2
{mso-level-tab-stop:1.0in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level3
{mso-level-tab-stop:1.5in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level4
{mso-level-tab-stop:2.0in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level5
{mso-level-tab-stop:2.5in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level6
{mso-level-tab-stop:3.0in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level7
{mso-level-tab-stop:3.5in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level8
{mso-level-tab-stop:4.0in;
mso-level-number-position:left;
text-indent:-.25in;}
@list l0:level9
{mso-level-tab-stop:4.5in;
mso-level-number-position:left;
text-indent:-.25in;}
ol
{margin-bottom:0in;}
ul
{margin-bottom:0in;}
-->
</style>
</head>
<body lang=EN-US link=blue vlink=purple>
<div class=Section1>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>In early 2008 OSPS provided information
and guidance related to the US Treasury’s mandate of a $5,000 annual
limit per social security number for the purchase of savings bonds. That
original message is pasted in below as a refresher of the US Treasury’s requirements
and permissions. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>OSPS has now created an edit for the
preliminary run exception reports that will alert you when a purchaser has
reached the $5,000 limit. The alert message will say </span></font><b><font
color=blue face="Century Schoolbook"><span style='font-family:"Century Schoolbook";
color:blue;font-weight:bold'>8625 SVNN YTD amount exceeds max. <o:p></o:p></span></font></b></p>
<p class=MsoNormal><b><font size=2 color=blue face="Century Schoolbook"><span
style='font-size:11.0pt;font-family:"Century Schoolbook";color:blue;font-weight:
bold'><o:p> </o:p></span></font></b></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>At that point, you have time before final
run to review the employee’s bond purchase screen and make adjustments,
if needed. We hope this addition to the exception reporting will help you
in effectively managing the imposed bond purchase limits. This change
will be migrated to production for January Run 2 payroll. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>With the implementation of this exception
report message, OSPS will no longer provide data mart queries to alert agencies
about employees who have reached the $5,000 purchase total. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>Please let us know if you have comments or
questions about this change. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face="Century Schoolbook"><span
style='font-size:11.0pt;font-family:"Century Schoolbook";color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><strong><b><font size=2 color=gray face=Calibri><span
style='font-size:11.0pt;font-family:Calibri;color:gray'>Sharon McKeehan,
Manager<o:p></o:p></span></font></b></strong></p>
<p class=MsoNormal><st1:State w:st="on"><st1:place w:st="on"><strong><b><font
size=2 color=gray face=Calibri><span style='font-size:11.0pt;font-family:
Calibri;color:gray'>Oregon</span></font></b></strong></st1:place></st1:State><strong><b><font
color=gray face=Calibri><span style='font-family:Calibri;color:gray'> Statewide
Payroll Services<o:p></o:p></span></font></b></strong></p>
<p class=MsoNormal><font size=2 color=gray face=Calibri><span style='font-size:
11.0pt;color:gray'>DAS/State Controller's Division</span></font><font
color=black><span style='color:black'><o:p></o:p></span></font></p>
<p class=MsoNormal><st1:Street w:st="on"><st1:address w:st="on"><font size=2
color=gray face=Calibri><span style='font-size:11.0pt;color:gray'>155 Cottage
Street NE</span></font></st1:address></st1:Street><font color=gray><span
style='color:gray'>, U-50<o:p></o:p></span></font></p>
<p class=MsoNormal><st1:place w:st="on"><st1:City w:st="on"><font size=2
color=gray face=Calibri><span style='font-size:11.0pt;color:gray'>Salem</span></font></st1:City><font
color=gray><span style='color:gray'>, <st1:State w:st="on">OR</st1:State>
<st1:PostalCode w:st="on">97301-3969</st1:PostalCode></span></font></st1:place><font
color=gray><span style='color:gray'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=gray face=Calibri><span style='font-size:
11.0pt;color:gray'>(503) 378-6777 ext. 230</span></font><font color=black
face="Times New Roman"><span style='font-family:"Times New Roman";color:black'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=gray face=Calibri><span style='font-size:
11.0pt;color:gray'>Visit our Webpages: </span></font><u><font color=blue><span
style='color:blue'><a href="http://oregon.gov/DAS/SCD/OSPS">http://oregon.gov/DAS/SCD/OSPS</a></span></font><font
color=black><span style='color:black'><o:p></o:p></span></font></u></p>
<p class=MsoNormal><u><font size=2 color=black face=Calibri><o:p><span
style='text-decoration:none'> </span></o:p></font></u></p>
<p class=MsoNormal><u><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'>OSPS E-News Originally Sent February 19,
2008</span></font><font color=blue><span style='color:blue'><o:p></o:p></span></font></u></p>
<p class=MsoNormal><u><font size=2 color=blue face=Calibri><o:p><span
style='text-decoration:none'> </span></o:p></font></u></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>The
US Treasury has made a change regarding the purchase of US Savings Bonds.
Effective January 1, 2008 they have imposed an annual limit of $5,000 in bond
purchases per Social Security Number. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;
font-weight:bold'>What This Means<o:p></o:p></span></font></b></p>
<p class=MsoNormal><b><font size=2 face=Calibri><o:p> </o:p></font></b></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>If
your employee Joe purchases bonds in his name only, he has a $5,000 annual
limit. If Joe purchases the bonds jointly with his wife Rose, he still
has a limit of $5,000 annually. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>If
Joe purchases some bonds in his name and some in the name of his wife Rose,
each of their SSNs can have a total of $5,000 annually or a total of
$10,000. Same thing if Joe buys bonds for his grandkids and puts the
bonds in their names and uses their social security numbers. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>Also,
if Joe and Rose are both participating in a payroll savings plan for bond
purchases from their respective employers, they need to take the $5000 annual
limit into consideration for their combined purchases, depending upon bond
ownership. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;
font-weight:bold'>What OSPS Will Do<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>We
have queried the Savings Bond data base and identified those who are likely to
come up against the $5000 limit by the end of 2008, presuming their
monthly deductions remain the same. Please note that there are only a few
who make purchases this large in a single year. <u>OSPS will send a
listing of these bond purchasers to each agency this week</u>. If
you don’t receive a listing, don’t worry. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;
font-weight:bold'>What Agency Payroll Needs to Do<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<ol style='margin-top:0in' start=1 type=1>
<li class=MsoNormal style='mso-list:l0 level1 lfo1'><font size=2 face=Calibri><span
style='font-size:11.0pt'>If you receive a listing of one or more employees
who need to modify their bond purchasing plans for 2008 (and after) to
remain under the $5000 limit, you need to contact that employee and assist
them in completing new bond purchase agreements that will keep them under
the $5,000 limit. <o:p></o:p></span></font></li>
</ol>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<ol style='margin-top:0in' start=2 type=1>
<li class=MsoNormal style='mso-list:l0 level1 lfo1'><font size=2 face=Calibri><span
style='font-size:11.0pt'>After that, each time someone signs up for a
payroll deduction bond purchase, you will need to evaluate whether their
deduction request will exceed the $5,000 limit, advise them accordingly
and ensure that they only sign up for deductions that will fit within the
limit. <o:p></o:p></span></font></li>
</ol>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;
font-weight:bold'>Frequently Asked Questions<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><st1:place w:st="on"><st1:country-region w:st="on"><font
size=2 face=Calibri><span style='font-size:11.0pt'>US</span></font></st1:country-region></st1:place>
Treasury Direct has published a FAQ on their website. You can review this
information and share it with your employees who are affected by this
change. <o:p></o:p></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'><a
href="http://www.treasurydirect.gov/indiv/research/faq/annualpurchaselimitchangeqa.htm"
title="http://www.treasurydirect.gov/indiv/research/faq/annualpurchaselimitchangeqa.htm">http://www.treasurydirect.gov/indiv/research/faq/annualpurchaselimitchangeqa.htm</a></span><o:p></o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><b><font size=2 face=Calibri><o:p> </o:p></font></b></p>
<p class=MsoNormal><b><font size=2 face=Calibri><span style='font-size:11.0pt;
font-weight:bold'>Another Way You Can Help Your Agency Employees<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>The
payroll savings bond program has its limits. We are only able to sell
Series E bonds and all of the purchases are tied to the payroll schedule.
There are other bond types available to any purchaser who registers
and does business with the US Treasury Direct website and they would have the freedom
to make investments on a schedule that works for them. <a
href="http://www.treasurydirect.gov/indiv/indiv.htm"
title="http://www.treasurydirect.gov/indiv/indiv.htm">http://www.treasurydirect.gov/indiv/indiv.htm</a><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>The
next time someone comes to your payroll desk to sign up for payroll deduction
for bonds, you might want to give them this website address. There are so
many more options available to them when doing business directly with the US
Treasury. They can buy Series E and Series I bonds and they can escrow
their funds to buy a bond just like they do through payroll deduction. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><span style='font-size:11.0pt'>In
addition, the US Treasury Direct site has a number of very useful tools and
resources for bond owners and purchasers. This website takes bond
purchasing into the 21<sup>st</sup> Century and gives the bond owner much more
control over the investment. Just something to consider. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><span
style='font-size:11.0pt;color:black'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=black face=Calibri><o:p> </o:p></font></p>
<p class=MsoNormal><font size=2 face=Calibri><o:p> </o:p></font></p>
</div>
</body>
</html>