Fiscal Service Seeks Financial Agent Proposals To Support myRASM
February 27, 2014
The United States Department of the Treasury, Bureau of the Fiscal Service, is requesting applications from financial institutions interested in becoming a financial agent to support the issuance of retirement savings bonds, to be made available to the public through myRA accounts.
The financial agent will provide custodial, administrative, recordkeeping, accounting, and back office services in connection with the myRA program, which aims to encourage savings by establishing a simple, safe, and affordable way for Americans to begin to save for retirement.
TOP is used to intercept eligible federal and state payments to delinquent debtors, in accordance with the Debt Collection Improvement Act of 1996 and other legal authorities. Federal law requires state agencies to certify that the debt is valid, delinquent, and legally enforceable and that the agency has complied with all due process pre-requisites prior to offset. This means that, at least 60 days prior to submission of the debt to TOP, the creditor agency has sent a notice to the debtor stating the amount and type of debt and the agency’s intention to refer the debt to TOP for offset. The creditor agency must also provide the debtor with the opportunity to resolve the debt through a repayment agreement and/or to dispute the agency’s claim.
Applications are due by 5 p.m. Eastern Time on March 31, 2014. Full details of the request for proposal are available on the Fiscal Service website at www.fiscal.treasury.gov.