State of California
   
   M E M O R A N D U M
   
   REFERENCE CODE:
   PML 96-024
   
   DATE:
   June 5, 1996
   
   TO:
   Personnel Officers, Personnel Transactions Supervisors,
   Personnel Transactions Staff, Employee Relations Officers,
   Employee Benefits Officers
   
   
   
   FROM:
   Department of Personnel Administration
   Savings Plus Program
   
   SUBJECT:
   Revisions to STD. 277 - Savings Plus Enrollment
   Authorization
   
   
   CONTACT:
   Alda Ferreira, Savings Plus Program
   (916) 327-1092, CALNET:  467-1092
   Office Vision:  DPA(AMFERREI)
   INTERNET:  AMFERREI@SMTP.DPA.CA.GOV
   
   
   
   The Savings Plus Program (SPP) is currently working with
   Mellon Bank (master custodian/trustee & recordkeeper) on a
   program enhancement that will enable participants to
   perform payroll deferral amount and investment
   distribution changes through the Program's Voice Response
   System (VRS).  The service will be available to
   participants July 11, 1996.
   
   This project requires an extensive revision to the Std.
   277 form.  The revised form will be available in State
   Stores June 13, 1996 (Revision date 6-96, Stock No. 7540-
   000-2770-0).  Employees must use the revised form as soon
   as it is available.  Therefore, we ask that you destroy
   your stock of Std. 277 forms with an earlier revision
   date.  Please do not provide/distribute the out-dated Std.
   277 forms to employees.
   
   The new form requires the employee to enter his/her total
   monthly deferral amount and designate how this amount is
   to be distributed among the investment options in
   percentages rather than dollars.  Additionally, beginning
   with the July pay period deferral (August 1 pay warrant,
   in most cases) the investment distribution will no longer
   be reflected on pay warrants, only the total deferral
   amount will be provided. 
   
   If you would like additional information or have specific
   questions regarding this, please call Alda Ferreira at
   (916) 327-1092 or Calnet 467-1092.
   
   
   
   John L. Kozusko, Administrator
   Savings Plus Program