COMPTROLLER'S SEAL STATE OF CONNECTICUT

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MARK OJAKIAN
DEPUTY COMPTROLLER

MEMORANDUM NO. 2003-09

March 3, 2003

TO THE HEADS OF ALL STATE AGENCIES

Attention: Payroll and Personnel Officers
Subject: Savings Bonds Change

I. PURPOSE

The purpose of this memorandum is to notify agency payroll and personnel officers of a change in terms and conditions for United States savings bonds so that they may notify their respective employees.

II. AUTHORITY

United States Treasury Department announcement of January 15, 2003.

III. CHANGE IN MINIMUM HOLDING PERIOD

The US Treasury Department has announced that the minimum holding period for Series EE savings bonds has been extended from 6 months to 12 months, effective with issues dated on and after February 1, 2003. Series EE bonds with issue dates of February 2003 and later must be held for at least 12 months before they can be cashed. Series EE bonds with issue dates of February 2003 and later must be at least 12 months old before they can be exchanged for Series HH bonds. Bonds issued before February 2003 can still be cashed or exchanged when they are 6 months old.

All other terms and conditions that apply to Series EE bonds remain unchanged.

Information about United States savings bonds can be found on the website www.savingsbonds.gov.

IV. GENERAL

Please direct all questions or requests for assistance regarding this memorandum to the Comptroller's Payroll Services Division at (860) 702-3465.

NANCY WYMAN
STATE COMPTROLLER

NW:CH

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