State Retirement System of Illinois

Bruce Rauner, Governor

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The State Employees’ Retirement System (SERS) has received notification that the U.S. Department of Treasury will discontinue issuing paper savings bonds through State payroll savings plans.  This change will reduce the costs associated with the U.S. Savings Bond Program and supports the Treasury’s long-term plan to issue all securities electronically.

This policy covers only paper savings bonds purchased through State payroll savings plans.  Individuals may still purchase paper savings bonds at financial institutions or individuals can purchase and hold electronic savings bonds through the Treasury’s new Treasury Direct program (

The Illinois Office of the Comptroller (IOC) will discontinue the State payroll savings bond program effective September 1, 2010. 

If you currently have a deduction from your benefit payment for savings bonds, the final deduction will be withheld from your benefit payment issued August 19, 2010.  If the deduction in August is not sufficient to cover the purchase of a bond, the deduction will be refunded to you in the form of a check.  The refund checks will be processed from the IOC by September 30, 2010 and will be sent to SERS for distribution to the participant.  If you are due a refund check, you should receive the refund within three weeks from the proposed date of September 30, 2010.

All refund checks will be mailed to the current mailing address on file with SERS.

If you have any questions, you may contact SERS at (217) 524-8806 or (217) 785-7034.

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