WASHINGTON, April 19 (UPI) -- The U.S. Treasury Department said Monday it can save paper and money by relying more on electronic systems to conduct business.
Treasury Secretary Timothy Geithner said it was a "win-win for all Americans" by cutting down on the Treasury's environmental impact and saving "hundreds of millions of dollars."
Starting Monday, the Treasury said it implemented three policies. First, the federal benefit programs of Social Security, Supplemental Security Income, Veterans, Railroad Retirement and Office of Personnel Management benefits will move to an all-electric system for payments by March 1, 2013, including a switch for new beneficiaries by March 1, 2011, the Treasury said.
Second, the Treasury said, businesses will need to stop using paper Federal Tax Deposit coupons in 2011 "with a few exceptions, primarily businesses with $2,500 or less in quarterly tax liabilities."
As a third step toward a greener department, the Treasury said purchasing paper savings bonds through pay deductions for federal employees would become an all-electronic system Sept. 30. The same switch would be imposed on private employees by Jan. 1, 2011.
The three switches would save taxpayers $415 million in the next five years, the Treasury said.