Created 1949 under Government Code 608.007 to accumulate money withheld from the salaries of state officers and employees for the purpose of purchasing United States Savings Bonds under the payroll savings plan. Bonds are purchased for the authorizing officer or employee when such individual's account has accumulated a sufficient amount. As of January 1, 2011, agencies are no longer able to offer payroll deduction for savings bonds through Treasury Direct (US Treasury and Bureau of the Fiscal Service). Inactivated fiscal 2014.