US Savings Bonds Program Changes

November 2010

If you are currently enrolled in the Savings Bond program, you may have received notice from the US Department of Treasury that they are eliminating their program allowing employees to purchase paper US Savings Bonds through payroll deduction as of January 1, 2011.  New York State Office of the State Comptroller (OSC) is working with their third party administrator, National Bond and Trust, to ensure a smooth end to this program and will be working out specific dates to end deductions.  Any deductions withheld that have not yet been applied to the purchase of US Savings Bonds by the time the program ends, will be refunded to you by OSC.

OSC is making efforts to begin a US Saving Bond purchase program through direct deposit, but a specific start for this program has not yet been determined.  You can still purchase, manage and redeem bonds using a free on-line system, Treasury Direct.

Click on the following link for more information on the Electronic Payroll Savings with TreasuryDirect.

Treasury Direct Payroll Savings