Savings Bond Deductions (SAVB)
The Savings Bond Deductions (SAVB) transaction allows you to provide information to invest in US Savings Bond Payroll plan.
Note: The U.S. Department of Treasury is phasing out the issuance of paper savings bonds through traditional employer-sponsored payroll savings plans. As of September 30, 2010, federal employees will no longer be able to purchase paper savings bonds through payroll deduction. The end date for all other (non-federal) employees is January 1, 2011.
After this date, SAVB transactions and deductions should no longer be used in Advantage HRM. A warning message will print if new transactions are submitted that expand beyond December 31, 2010.
The U.S. Department of Treasury offers an alternate solution so that employers can offer employees the convenience of payroll savings by using Treasury Direct. These deductions should be entered on the Miscellaneous Deductions (MISC) transaction.
The Savings Bond Deductions transaction has the following tabs:
Savings Bonds DeductionsSavings Bonds Deductions
This tab is used to enter employee information such as Employee ID, Appointment ID, and Name.
Savings Bonds Deductions DetailSavings Bonds Deductions Detail
This tab captures the following information:
General information, such as deduction appointment ID, deduction plan, override amount, and effective dates.
Owner address information
Owner contact information
Beneficiary / Co-Owner Information, such as the Beneficiary / Co-owner Information, social security number, and recipient.
The Savings Bond Deductions transaction can be created in the following ways:
Select the Create action on the Transaction Catalog.
Select the Create Savings Bond Deductions row-level action on the Savings Bond Deduction tab of the Deduction Management (DEDM) activity folder.
Select the Modify Savings Bond Deduction row-level action on the Savings Bond Deduction tab of the Deduction Management (DEDM) activity folder.
