purchase of a retirement bond in the name of each applicable employee. (B) Payroll deposit features The Secretary shall establish procedures so that contributions may be applied to the purchase of retirement bonds without undue administrative or paperwork requirements on participating employers. Such procedures shall ensure that only 1 such retirement bond of each type (traditional or Roth) is issued for each TIN. (4) Payroll tax deposit procedure The procedures the Secretary shall establish may include a procedure under which an employer— (A) may include with each deposit of tax required to be deducted and withheld under chapter 24 the aggregate amounts, for the period covered by the deposit, which qualifying employees have designated under clause (i)(I) of subsection (d)(1)(B) (or are deemed to have designated under clause (ii) of such subsection) as contributions to purchase retirement bonds on behalf of the employees under paragraph (3), and (B) specifies, in such manner as the Secretary may prescribe, information needed to purchase retirement bonds on behalf of each applicable employee for whom a contribution is to be made, including— (i) the employee’s name and TIN, and (ii) the amount of the contribution. (5) Purposes The purposes of the retirement bond program established under this subsection and subsection (g) include— (A) providing new savers a convenient, low-cost investment option suitable for the initial accumulation of small automatic IRA contributions, (B) reflecting the intent that the long-term investment of automatic IRA funds for most savers be in the private market rather than in retirement bonds, encouraging and assisting individuals who accumulate larger amounts in retirement bonds to transfer those funds to individual retirement plans in the private market, while (C) permitting individuals to remain invested in retirement bonds if they choose to do so. (6) Regulations The Secretary may issue such regulations as are necessary to carry out the purposes of this subsection and subsection (g),