Employees have the opportunity to purchase United States Savings Bonds and pay for them through payroll deductions.
The NYC Savings Bond Program offers Series EE Bonds, for which employees pay one-half the face value. EE bonds are available in $100, $200 and $500 denominations. You can choose to pay the full amount in one deduction or spread it up to several installments.
Savings bonds are available in electronic or paper form. Paper EE bonds are issued at a 50 percent discount from face value and can be purchased through payroll deductions by completing a Savings Bonds Series "EE" Deduction Enrollment form. Electronic EE bonds are issued at face value and can be purchased directly from the Treasury Department by opening a TreasuryDirect online account at www.treasurydirect.gov.
Series I Bonds are available in denominations of $100, $500, and $1000. The earnings rates of Series I Bonds are a combination of two separate rates: a fixed rate of return and a variable semi-annual inflation rate. You can never lose money because Series I Bonds protect you from the effects of deflation. Earnings are exempt from state and local income taxes and can be deferred on federal income taxes until the bonds are redeemed or they stop earning interest after 30 years.
To purchase a savings bond, download the forms here and return them to Human Resources.
Contact the National Bond and Trust at 800-426-9314 for making changes in deduction and demonmination amounts, changing the name of the benediciary, or terminating your participation.