July 21, 1995

COMPTROLLER'S MEMORANDUM NO. 01 (1995-96)

SUBJECT: DIRECT DEPOSIT EARNINGS STATEMENTS

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The Earnings Statements for employees whose wages are direct deposited by electronic funds transfer to their financial institution are currently printed on warrant stock. The Department of Banking and Finance has obtained printers that permit the interleaving of warrant stock and plain paper.

Approximately 60 percent of the State's employees participate in the Direct Deposit Program. It is hoped that employee participation in the Direct Deposit Program will grow to 95 percent by January 1, 1998. A significant savings will be achieved by printing these Earnings Statements on plain paper.

Beginning in August, Earnings Statements for employees participating in the Direct Deposit Program will be printed on plain paper. These Earnings Statements will be interleaved in consecutive payment number order with warrants. The plain paper Earnings Statements will have the identical print positions as Earnings Statements printed on warrant stock. However, warrant stock is preprinted with the State Comptroller's seal. The plain paper Earnings Statement will not display the seal.

Please take the appropriate steps to notify your employees of this change. Direct all questions regarding this matter to the Bureau of State Payrolls, 488-6416 or Suncom 278-6416.