What are U.S. Savings Bonds?
U.S. Savings Bonds are a great way to save money for you and your family’s future. Savings Bonds earn competitive rates of return compared to other forms of saving. Interest on Savings Bonds accrues monthly and compounds semiannually, and they are also backed by the full faith and credit of the United States.
How It Works for L.A. County Employees
Los Angeles County used to have a payroll deduction program for County employees who wanted to purchase U.S. Savings Bonds, but that ended when the U.S. Treasury transitioned their savings bonds program online. A large number of County employees have expressed interest in payroll deductions for U.S. Savings Bonds, so L.A. County has decided to restart the program and payroll deductions for employees.
There are some important changes to note:
- The U.S. Treasury Department no longer issues paper savings bonds.
- All U.S. Savings Bonds transactions are done entirely online via the U.S Treasury Direct website.
When Can I Start Payroll Deductions for Savings Bonds?
The L.A. County CEO Office of Workplace Programs is in the early stages of creating and preparing a new payroll deduction system for the U.S. Savings Bonds Program. County employees can expect to start payroll deductions for this program towards the end of 2013. If you are a current County employee interested in starting payroll deductions for the U.S. Savings Bonds Program, you can get started by completing the first step in the process.
- Step 1: Visit the U.S. Treasury Direct website and create your account.
While on the website, you can read about how payroll deductions work and the different types of U.S. Savings Bonds you can purchase.
- Step 2: Once your account is created all you have to do is wait for the Office of Workplace programs to release payroll deduction instructions, which should happen in late 2013.
For additional questions on the U.S. Savings Bonds Program, please email Talyssa Gonzales at email@example.com.
Office of Workplace Programs
500 West Temple St., Room B-1, Kenneth Hahn Hall of Administration, Los Angeles, CA 90012 Phone: (213) 974-2619 · Fax: (213) 633-4694
OFFICE HOURS ·
Mon, Tues,Thursday: 8:30 a.m. – 4:30 p.m. Wednesday: CLOSED
Friday: 8:30 a.m. – 1 p.m.