Ill. Admin. Code tit. 80 § 2500.50

Current through Register Vol. 48, No. 43, October 25, 2024

Section 2500.50 - Special Provisions for United States Savings Bonds

a) For United States Savings Bond deductions only, the State agency receiving the authorization to withhold shall provide a duplicate copy of the deduction authorization form to the Comptroller in such format so that the Comptroller may properly issue the bonds as authorized under 31 USCA 3105. In addition, written notice of termination of withholding for the purchase of United States Savings Bonds shall be filed with the Comptroller.

b) The minimum amount an employee or annuitant may authorize to be withheld for United States Savings Bonds is $2.50 per pay period. Whenever a sufficient sum has accumulated in an employee's or annuitant's account in the trust fund established for the purchase of United States Savings Bonds in the denomination selected by the employee in his deduction authorization form, the Comptroller shall purchase such bond on behalf of the employee. The Comptroller shall not be liable for interest on funds withheld for the purchase of bonds.

United States Savings Bonds must be issued in registered form. Registrations requested must conform with one of the forms as required under 31 USCA 3105.

d) After issuance, the employee or annuitant shall be solely responsible for maintaining records pertaining to bonds issued to him or her (i.e., serial number, date of issuance, denomination of bond, etc.).

Ill. Admin. Code tit. 80, § 2500.50

Amended at 26 Ill. Reg. 2656, effective February 22, 2002