|Date: October 30, 2003||Bulletin No. 435|
|Subject||Change in the Manager of the NYS College Savings Program|
|Purpose||To provide notification of a change in the manager of the New York State College Savings Program.|
|Affected Employees||Employees who participate in the College Savings Program.|
|Background||Upromise Investments Inc. has been selected as the new plan manager for the New York State College Savings Program, and the Vanguard Group is the new investment manager and account service provider. The program (including investments) was previously managed by TIAA/CREF. As part of the transition, all program assets and records will be transferred to Upromise Investments Inc. and the Vanguard Group.|
Effective November 13, 2003, TIAA will
no longer accept new enrollments in the program but will continue to service
the toll-free phone line and web site through close of business November 14,
Effective November 17, 2003, all inquiries regarding the program will be handled by Upromise Investments, Inc. The existing toll free number is 1-877-NYSAVES and the web site is located at www.nysaves.org.
Effective with the Administrative checks dated November 19, 2003 and Institution checks dated November 26, 2003, College Savings contributions will be forwarded to the new plan manager, Upromise Investments, Inc.
OSC will update all payroll records
with the new account information for employees who currently participate in
the College Savings Program.
The new bank ID (or bank routing number) is 011001234. A new account number beginning with 531 will automatically be entered into the employee's direct deposit record.
On November 7, 2003, OSC will update employees' payroll direct deposit records with the effective date of 11/07/2003.
During the transition period of
October 29, 2003 through November 14, 2003, agencies must call OSC at (518)
473-1195 before making College Savings Program direct deposit updates.
As of November 14, 2003, agencies must discard any Direct Deposit forms and College Savings packets with information from TIAA/CREF.
New enrollment forms and information will be available on November 17, 2003.
Beginning November 17, 2003, employees may call 1-877-NYSAVES or access the website at www.nysaves.org for forms and enrollment information.
Agencies will continue to enter the College Savings Program information on the Direct Deposit pages of the employee's record. The account type "checking" must be selected for these entries.
|Questions||Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.|