What
is the Payroll Savings Plan for U.S. Savings Bonds?
Payroll
savings is a method many employers provide their employees for
the voluntary purchase of savings bonds on a regular schedule.
You decide how much to allot from your salary each payday and
your savings grow automatically. You decide what series and
denomination of savings bonds you want to buy. You decide how
the bond is to be registered - in your name or another person's,
with or without a coowner or beneficiary. Many employers allow
you to buy bonds for more than one person.
Why
do some employers offer only one series of savings bond?
Some
employers offer only EE Bonds or I Bonds because their payroll
systems cannot accommodate two series. Others have not yet decided
to offer both series. Ask your payroll department which series
they offer. If they do not offer the series you want, let them
know of your interest - it may help your employer decide to
offer that series.
How
do I change my payroll enrollment from one series to another?
First,
make sure your employer offers the series you wish to change
to.
To
change from EE Bonds to I Bonds, complete form SB-2152 (SB-2104
DoD to cancel EE Bonds:
(a)
Check E Other action.
(b)
Explain: "To cancel EE to change to I"
Complete
form SB-2253 (SB-2305 DoD) to authorize payroll allotment
for I bonds.
Submit
the signed completed forms together to the payroll department.
To
change from I Bonds to EE Bonds, follow the above steps using
the I Bond enrollment form to cancel I Bonds and the EE Bond
enrollment form to sign up for EE Bonds.
NOTE:
You cannot have your existing EE Bonds reissued as I Bonds
or vice versa, or exchange bonds of one series for bonds of
the other.
To
find out more information about Savings Bonds, visit the government
website Bureau
of Public Debt
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