WMU News

Floyd named chair of Kalamazoo, Battle Creek Savings Bonds drive

Nov. 10, 1999

KALAMAZOO -- Western Michigan University President Elson S. Floyd has been named chair of the 1999 Greater Kalamazoo and Battle Creek Area Savings Bonds Campaign, U.S. Department of the Treasury officials in Detroit have announced.

Floyd's role will be to encourage the use of U.S. Savings Bonds "as a safe, convenient and now an inflation-protected way to save for all Americans," says Fawntrella L. Willis, area manager of the Savings Bond Marketing Office in Detroit.

"I'm delighted to serve as the first chair of this campaign," Floyd says. "The campaign is a wonderful way for the private and public sectors to work together to promote savings."

Newly available Series I bonds offer investors protection from inflation, insuring them a real rate of return over and above inflation, Willis says. The current I Bond earnings rate, effective Nov. 1 through April 30, is 6.98 percent.

The traditional Series EE savings bonds also have become more attractive investments, she says, because interest accrues every month rather than every six months. These bonds earn 90 percent of five-year treasury rates, with a current rate of 5.19 percent.

Interest earnings on savings bonds are exempt from local and state income taxes as well as from federal income tax and interest earnings can be deferred. More information is available on-line at <www.savingsbonds.gov>.

Media contact: Mike Matthews, 616 387-8400, michael.matthews@wmich.edu

Office of University Relations
Western Michigan University
1903 W Michigan Ave
Kalamazoo MI 49008-5433 USA
616 387-8400