Friday, October 17, 2008

Foxx Legislation Becomes Law!

The following is a press release from NC Congresswoman Virginia Foxx.

Foxx legislation signed into law
Law helps protect federal workers from ID theft, saves millions in printing/mailing costs

WASHINGTON, DC—Congresswoman Virginia Foxx’s “Electronic Paystub” legislation was signed into law this week. Her bill, the Electronic Pay Stub Act, ensures that all federal employees are given the option of receiving their pay stubs electronically. The legislation has the potential to save the federal government millions of dollars each year and will ensure federal workers’ pay stubs are delivered faster and more securely.

“This law is a common sense step that will save taxpayer dollars, reduce waste and help federal employees keep their identities secure,” Foxx said. “This legislation gives every federal employee the opportunity to receive their pay stub via a secure web site instead of in the mail. It will save millions in taxpayer dollars, dramatically reduce paper consumption and reduce the risk of identity theft for federal employees.”

Many private companies, corporations and state governments like Florida, Idaho, Kentucky, South Dakota and Nebraska offer the option of accessing employee pay stubs electronically (e-stubs). Until now the federal government has not offered this option to every federal employee. Giving all federal employees the option of accessing their pay stubs electronically will save taxpayers millions every year. In fact, a study conducted in Idaho found that paper stubs cost ten times more than e-stubs: $.30 vs. $.03.

E-stubs not only save money and paper, they are also safer than sending pay stubs via ground mail, reducing the chance of them getting lost or falling into the wrong hands. Employees who receive electronic pay stubs will be able to instantly access their pay information with considerably less risk of this information falling prey to identity theft.

The Electronic Pay Stub Act, or H.R. 6073, is the second substantive bill authored by Foxx to become law. Her first bill, the HERO Act, was signed into law on Memorial Day 2006. The HERO Act changed IRS law to allow members of the armed services to save for retirement by investing their combat pay into Individual Retirement Accounts.

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