The U.S. Department of the Treasury has announced it will stop issuing paper savings bonds through payroll savings plans as of January 11, 2011. The decision is a result of cost reductions associated with the U.S. Savings Bond Program and the Treasury’s long-term plan to issue all securities electronically.
As a payroll administrator, the City of Boston has been advised to take the necessary actions to discontinue the Payroll Deduction Plan for U.S. Savings Bonds. As of July 30, 2010, the City of Boston no longer accepts applications for savings bond payroll deduction requests. For those employees currently enrolled, the last date a savings bond payroll deduction will be processed by the City of Boston for pay end date October 8, 2010. The City of Boston Auditing and Treasury departments will then review all savings bond plan program balances for employees and process any remaining balance as a refund to employees by November 19, 2010.
City of Boston employees are able to sign up for various U. S. Treasury savings plans by going here and providing personal banking account information. If you have any questions, please contact your Treasury Retail Securities site at 1-800-245-2804, select Menu Option 7, select Option 5 when prompted. If you have any concerns or questions about your current savings bond payroll deduction, or wish to terminate your payroll savings bond payroll deduction earlier than October 9, 2010, please contact the Central Payroll Unit at 617-635-3967 or the Treasury Department at 617-635-4151.
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