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NEWS BYTES
September 2000

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

FAQs about Buying Savings Bonds thru Payroll Savings from the
Bureau of the Public Debt Online

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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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant