What will the Department of Treasury do to provide public education and notice of the EFT provisions?
The Department of the Treasury, working closely with consumer and community organizations, is initiating an extensive public education campaign to encourage all check recipients to make an informed choice about how they receive their payments. Public hearings were held during October in Dallas, New York and Baltimore at which the public provided feedback on the proposed rule. After the 90-day comment period on the proposed rule, which ended December 16, 1997, the Department of Treasury began reviewing all comments and will publish a final rule. Once the final rule is in place, the public education campaign will continue. How many railroad retirement annuitants are currently receiving their monthly benefit payments via EFT? Over 750,000 railroad retirement annuitants receive benefit payments from the U.S. Railroad Retirement Board each month. While many annuitants still receive checks by mail, over 66 percent currently receive their payments through EFT. In addition, over 83 percent of
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