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November 09, 2004
Employers Can Now Offer Savings Bonds
Changes in the U.S. Treasury Department's TreasuryDirect account system mean that virtually all employers can now allow employees to purchase U.S. Savings Bonds through payroll deduction. Savings bonds have been offered by thousands of employers through payroll savings plans since the 1930s.

However, until now, employees of most small businesses, and even many larger ones, have not had the ability to purchase savings bonds through payroll deductions from their pay. The new feature means that if companies' payroll systems allow voluntary deductions, their employees can opt to have a portion of their pay transferred into their TreasuryDirect accounts to purchase electronic savings bonds like Series I or EE.

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"This new payroll feature within TreasuryDirect makes it possible for most employees to allot money toward the purchase of savings bonds," says Van Zeck, Commissioner of the Public Debt, "even those whose employers have been unable to offer such a deduction previously."

To purchase savings bonds by payroll deduction, employees can open a TreasuryDirect account online at www.treasurydirect.gov. They need to present their payroll department with a request for a payroll deduction, and the payroll department sets it up.

Amounts can be as small as $25 or as large as $30,000. In between, employees can purchase any amount, down to the penny.

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