The U.S. Department of the Treasury is ending the sale of paper U.S. Savings Bonds through employer-sponsored payroll plans by January 1, 2011. The agency is encouraging employees who would like to continue saving through payroll to open a TreasuryDirect account at www.treasurydirect.gov to avoid a lapse in their savings plan.
Payroll participants can purchase electronic savings bonds and other Treasury securities such as bills, notes, bonds, and TIPS (Treasury Inflation-Protected Securities) using TreasuryDirect, a secure, web-based system provided by Treasury’s Bureau of the Public Debt. The system is available 24/7, and opening an account is free. Once an account is opened, an employee can contact his or her payroll office to submit a direct deposit request, or simply buy their securities at their own convenience using a checking or savings account.
“TreasuryDirect is a safe and convenient way for payroll participants to continue saving,” said Public Debt Commissioner Van Zeck. “They can buy, manage and redeem their savings bonds all in one place without the fear of losing or misplacing their paper bonds.”
For more information about the elimination of paper payroll savings bonds and how to enroll in
TreasuryDirect, visit www.treasurydirect.gov.