Regulations Governing Retirement Savings Bonds, 74023-74025 [2014-29334]
Download as PDF
<![CDATA[
74023
Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Rules and Regulations
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, a new
entry for January—March 2015, as set
forth below, is added to the table.
*
■
4. The authority citation for part 4044
continues to read as follows:
■
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
January–March 2015 ........................................................
Issued in Washington, DC, on this 10th day
of December 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2014–29382 Filed 12–12–14; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 347
RIN 1530–AA08
Regulations Governing Retirement
Savings Bonds
Bureau of the Fiscal Service,
Fiscal Service, Treasury.
ACTION: Final rule.
AGENCY:
The United States Department
of the Treasury, Bureau of the Fiscal
Service, offers a new nonmarketable,
electronic retirement savings bond for
Treasury’s new retirement savings
program. The bonds will be issued to a
designated custodian for Roth
individual retirement accounts
established under Treasury’s program.
This new savings bond is only available
to participants in the retirement savings
program and will protect the principal
contributed while earning interest at a
rate previously available only to federal
employees invested in the Government
Securities Investment Fund (G Fund) of
their Thrift Savings Plan.
DATES: This final rule is effective
December 15, 2014.
ADDRESSES: You can download this
Final Rule at the following Internet
addresses: https://www.gpo.gov; or
https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Technical information: Kimberly
Reese, Program Manager, 304–480–7929
or kimberly.reese@fiscal.treasury.gov.
Legal information: David T.
Copenhaver, Deputy Chief Counsel,
tkelley on DSK3SPTVN1PROD with RULES
SUMMARY:
VerDate Sep<11>2014
17:02 Dec 12, 2014
Jkt 235001
for t =
it
for t =
1–20
*
0.0312
>20
*
0.0289
304–480–8692 or david.copenhaver@
fiscal.treasury.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Secretary of the Treasury is
authorized under Chapter 31 of Title 31,
United States Code, to issue United
States obligations and offer them for sale
under such terms and conditions as the
Secretary may prescribe. On January 29,
2014, the President of the United States
issued a Presidential Memorandum
directing the Secretary to develop a new
retirement savings security focused on
reaching new and small-dollar savers. In
response, the Secretary is offering
electronic retirement savings bonds for
Treasury’s retirement savings program.
This new retirement savings program
allows individuals to establish Roth
individual retirement accounts (Roth
IRAs) with Treasury’s designated
custodian. These accounts will allow
savers to begin investing for retirement
with no start-up costs and no fees.
Participants in the program can
continue to make periodic electronic
contributions in any amount to their
account.
Amounts contributed by participants
in the program will be invested
exclusively in Treasury’s new
retirement savings bonds. The
designated custodian for the program
will purchase and hold these new bonds
for the benefit of the participants. This
new savings bond is only available to
participants in Treasury’s new
retirement savings program and will
protect the principal contributed while
earning interest at a rate previously
available only to federal employees
invested in the Government Securities
Investment Fund (G Fund) of their
Thrift Savings Plan.
Individuals can continue to
participate in the program until their
account balance reaches $15,000 or
until they have participated in the
program for 30 years, whichever occurs
first. At any time, participants can
transfer their balance to a commercial
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
it
*
for t =
*
N/A
N/A
financial services provider to take
advantage of the broad array of
retirement products available in the
marketplace. Because the accounts
offered through the program are Roth
IRAs, participants also have the
flexibility to withdraw their
contributions at any time without a
penalty. Participants can keep their
account and can continue investing in
the retirement savings bond even if they
change jobs.
With the retirement savings bond and
Treasury’s retirement savings program,
American families can begin to build for
their retirement. Treasury’s program
serves as a stepping stone to the broader
array of retirement products available in
today’s marketplace. This rule
establishes the terms and conditions of
the retirement savings bonds.
II. Procedural Requirements
A. Administrative Procedure Act (APA)
Because this rule relates to United
States securities, which are contracts
between Treasury and the owner of the
security, this rule falls within the
contract exception to the APA at 5
U.S.C. 553(a)(2). As a result, the notice,
public comment, and delayed effective
date provisions of the APA are
inapplicable to this rule.
B. Congressional Review Act (CRA)
This rule is not a major rule pursuant
to the CRA, 5 U.S.C. 801 et seq. It is not
expected to lead to any of the results
listed in 5 U.S.C. 804(2). This rule may
take immediate effect after we submit a
copy of it to Congress and the
Comptroller General.
C. Paperwork Reduction Act (PRA)
There is no new collection of
information contained in this final rule
that would be subject to the PRA, 44
U.S.C. 3501 et seq. Under the PRA, an
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a valid OMB control number.
E:\FR\FM\15DER1.SGM
15DER1
74024
Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Rules and Regulations
D. Regulatory Flexibility Act
The provisions of the Regulatory
Flexibility Act, 5 U.S.C. 601 et seq., do
not apply to this rule because, pursuant
to 5 U.S.C. 553(a)(2), it is not required
to be issued with notice and
opportunity for public comment.
E. Executive Order 12866
This rule is not a significant
regulatory action pursuant to Executive
Order 12866.
Government securities, Savings
bonds.
Accordingly, for the reasons set out in
the preamble, amend 31 CFR Chapter II,
Subchapter A, by adding part 347 to
read as follows:
PART 347—REGULATIONS
GOVERNING RETIREMENT SAVINGS
BONDS
Subpart A—General Information
Sec.
347.0 Offering of securities.
347.1 Applicability.
347.2 Official agencies.
347.3 Definitions.
Subpart B—Registration
347.10 Authorized form of registration.
347.11 Crediting of retirement savings
bonds.
Subpart C—Limitations on Additions
347.20 Annual additions to a retirement
savings bond.
347.21 Individual additions to a retirement
savings bond.
Subpart D—General Provisions for Payment
347.30 Payment (redemption).
Subpart E—Interest
347.40 Computation of interest.
347.41 Maturity.
Subpart F—Miscellaneous
347.50 Waiver of regulations.
347.51 Additional requirements; bond of
indemnity.
347.52 Supplements, amendments, or
revisions.
tkelley on DSK3SPTVN1PROD with RULES
Offering of securities.
The Secretary of the Treasury, under
the authority of Title 31, Chapter 31,
offers retirement savings bonds to the
designated Roth IRA custodian for
Treasury’s retirement savings program.
The bonds will be issued to and held by
the designated custodian, on behalf of
participants in Treasury’s program. The
current offer is effective on the
publication date of this rule. This
Jkt 235001
The regulations in this part apply to
retirement savings bonds issued to the
designated Roth IRA custodian for
Treasury’s retirement savings program
on behalf of program participants.
Official agencies.
(a) The Bureau of the Fiscal Service of
the Department of the Treasury is
responsible for administering Treasury’s
retirement savings program and issuing
the retirement savings bonds to the
designated Roth IRA custodian.
(b) Communications concerning
transactions related to an Individual’s
Roth IRA should be addressed to the
designated Roth IRA custodian.
§ 347.3
Definitions.
(a) Retirement savings bond, as used
in this part, means an interest bearing
electronic United States savings bond
issued to the designated Roth IRA
custodian.
(b) Designated Roth IRA custodian,
designated custodian, or custodian
means the entity designated by the
Bureau of the Fiscal Service to act as the
custodian for Roth IRA accounts opened
on behalf of program participants in
Treasury’s retirement savings program.
(c) Individual means a person eligible
to contribute to a Roth IRA under 26
U.S.C. 408A.
(d) Program participant means an
individual who has established a Roth
IRA with the designated Roth IRA
custodian.
(e) Roth IRA means an individual
retirement account defined under 26
U.S.C. 408A.
(f) Treasury means the United States
Department of the Treasury.
(g) Secretary means the Secretary of
the Treasury.
§ 347.10
Subpart A—General Information
17:02 Dec 12, 2014
Applicability.
Authorized form of registration.
(a) Retirement savings bonds are
issued to the designated Roth IRA
custodian for Treasury’s retirement
savings program. No other registrations
are permitted.
(b) In the event Treasury designates a
successor designated Roth IRA
custodian, retirement savings bonds
held by the predecessor custodian will
be reissued to the successor custodian.
§ 347.11
bonds.
Crediting of retirement savings
Frm 00010
Subpart C—Limitations on Additions
§ 347.20 Annual additions to a retirement
savings bond.
The amount that may be initially
contributed or added to a retirement
savings bond in a calendar year by the
designated Roth IRA custodian on
behalf of any program participant is
limited to the annual Roth IRA
contribution limits provided in 26 CFR
1.408A–3. The total value of a
retirement savings bond that may be
held by the designated Roth IRA
custodian on behalf of any program
participant shall not exceed $15,000.00.
§ 347.21 Individual additions to a
retirement savings bond.
The Commissioner of the Fiscal
Service, as designee of the Secretary of
the Treasury, is authorized to establish
minimum amounts for initial and
additional contributions to a retirement
savings bond.
Subpart D—General Provisions for
Payment
§ 347.30
Fmt 4700
Sfmt 4700
Payment (redemption).
Payment of retirement savings bonds
will be made to the designated Roth IRA
custodian upon the custodian’s
submission of a request for redemption
to the Bureau of the Fiscal Service. The
custodian shall request the redemption
of all retirement savings bonds at their
respective maturity. The custodian shall
request the partial redemption of bonds
held on behalf of program participants
upon the request of an individual
entitled to amounts in the Roth IRA.
Retirement savings bond redemptions
will be rounded to the nearest one cent.
Subpart E—Interest
Computation of interest.
Retirement savings bonds earn
interest at the same annual percentage
rate as securities issued to the
Government Securities Investment Fund
(G Fund) in the Thrift Savings Plan for
federal employees. The Secretary of the
Treasury calculates the G Fund interest
rate pursuant to 5 U.S.C. 8438(e)(2). The
retirement savings bond interest rate
compounds daily at 1/360 of the annual
percentage rate. Retirement savings
bonds will cease to bear interest on the
date of their maturity.
§ 347.41
Each retirement savings bond issued
to the designated Roth IRA custodian
PO 00000
must be credited to a single individual
retirement account established through
Treasury’s retirement savings program
with the custodian.
§ 347.40
Subpart B—Registration
Authority: 5 U.S.C. 301; 12 U.S.C. 90; 31
U.S.C. 3105.
VerDate Sep<11>2014
§ 347.1
§ 347.2
List of Subjects in 31 CFR Part 347
§ 347.0
offering will continue until terminated
by the Secretary. Treasury’s Fiscal
Assistant Secretary is authorized to act
on behalf of the Secretary on all matters
contained in these regulations.
Maturity.
The maturity date for retirement
savings bonds is indeterminate and may
E:\FR\FM\15DER1.SGM
15DER1
Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Rules and Regulations
be different for each bond issued, but
shall not exceed the sum of an original
maturity period of 20 years and an
extended maturity period of 10 years.
The retirement savings bond purchased
by the designated Roth IRA custodian
on behalf of a program participant will
mature at the earlier of 30 years from the
date the bond is first issued to the
custodian on behalf of the program
participant or when the total value of
the bond held on behalf of the program
participant reaches $15,000.00. The
designated Roth IRA custodian will
submit a request for redemption of
retirement savings bonds upon maturity.
Subpart F—Miscellaneous
§ 347.50
Waiver of regulations.
The Commissioner of the Fiscal
Service, as designee of the Secretary of
the Treasury, may waive or modify any
provision or provisions of the
regulations in this part. He or she may
do so in any particular case or class of
cases for the convenience of the United
States or in order to relieve any person
or persons of unnecessary hardship:
(a) If such action would not be
inconsistent with law or equity;
(b) If it does not impair any material
existing rights; and
(c) If he or she is satisfied that such
action would not subject the United
States to any substantial expense or
liability.
§ 347.51 Additional requirements; bond of
indemnity.
The Commissioner of the Fiscal
Service, as designee of the Secretary of
the Treasury, may require:
(a) Such additional evidence to
support a requested action as he or she
may consider necessary or advisable; or
(b) A bond of indemnity, with or
without surety, in any case in which he
or she may consider such a bond
necessary for the protection of the
interests of the United States.
tkelley on DSK3SPTVN1PROD with RULES
§ 347.52 Supplements, amendments, or
revisions.
The Secretary of the Treasury may at
any time, or from time to time, prescribe
additional, supplemental, amendatory,
or revised rules and regulations
governing United States retirement
savings bonds.
Dated: December 9, 2014.
David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2014–29334 Filed 12–12–14; 8:45 am]
BILLING CODE 4810–AS–P
VerDate Sep<11>2014
17:02 Dec 12, 2014
Jkt 235001
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2014–1024]
Drawbridge Operation Regulations;
Cheesequake Creek, Morgan, NJ
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the operation of
the New Jersey Transit Rail Operations
(NJTRO) railroad bridge across
Cheesequake Creek, mile 0.2, at Morgan,
New Jersey. This deviation is necessary
to allow the bridge owner to perform
structural repairs at the bridge. This
deviation allows the bridge to remain
closed on nine consecutive weekends.
DATES: This deviation is effective from
6 a.m. on January 10, 2015 through 7
p.m. on March 8, 2015.
ADDRESSES: The docket for this
deviation, [USCG–2014–1024] is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation. You may
also visit the Docket Management
Facility in Room W12–140, on the
ground floor of the Department of
Transportation West Building, 1200
New Jersey Avenue SE., Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Mr. Joe M. Arca,
Project Officer, First Coast Guard
District, telephone (212) 514–4336,
joe.m.arca@uscg.mil. If you have
questions on viewing the docket, call
Cheryl Collins, Program Manager,
Docket Operations, telephone (202)
366–9826.
SUPPLEMENTARY INFORMATION: The
NJTRO railroad bridge across
Cheesequake Creek, mile 0.2, at Morgan,
New Jersey, has a vertical clearance in
the closed position of 3 feet at mean
high water and 8 feet at mean low water.
The existing bridge operating
regulations are found at 33 CFR
117.709(b).
The waterway is transited by seasonal
recreational vessels of various sizes.
The bridge owner, New Jersey Transit
Rail Operations, requested a temporary
deviation from the normal operating
SUMMARY:
PO 00000
Frm 00011
Fmt 4700
Sfmt 4700
74025
schedule to facilitate structural repairs
at the bridge.
Under this temporary deviation the
NJTRO railroad bridge shall remain in
the closed position for nine consecutive
weekends from 6 a.m. on Saturday
through 7 p.m. on Sunday on the
following dates: January 10 and 11,
January 17 and 18, January 24 and 25,
January 31 and February 1, February 7
and 8, February 14 and 15, February 21
and 22, February 28 and March 1,
March 7 and March 8, 2015.
The draw shall maintain its normal
operating schedule at all other times.
There are no alternate routes for
vessel traffic; however, vessels that can
pass under the closed draws during this
closure may do so at all times. The
bridge may be opened in the event of an
emergency.
The Coast Guard will inform the users
of the waterways through our Local and
Broadcast Notice to Mariners of the
change in operating schedule for the
bridges so that vessels can arrange their
transits to minimize any impact caused
by the temporary deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: December 1, 2014.
C.J. Bisignano,
Supervisory Bridge Management Specialist,
First Coast Guard District.
[FR Doc. 2014–29367 Filed 12–12–14; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2014–0898]
RIN 1625–AA00
Safety Zone; Kent Narrows Draw
Bridge Repairs, Kent Island Narrows;
Queen Anne’s County, MD
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone
encompassing certain waters of Kent
Island Narrows in Queen Anne’s
County, MD. This action is necessary to
provide for the safety of mariners and
their vessels on navigable waters during
bridge repairs at the Kent Narrows (MD–
18B) Draw Bridge. This action is
SUMMARY:
E:\FR\FM\15DER1.SGM
15DER1
]]>Agencies
[Federal Register Volume 79, Number 240 (Monday, December 15, 2014)]
[Unknown Section]
[Pages 74023-74025]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-29334]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 347
RIN 1530-AA08
Regulations Governing Retirement Savings Bonds
AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The United States Department of the Treasury, Bureau of the
Fiscal Service, offers a new nonmarketable, electronic retirement
savings bond for Treasury's new retirement savings program. The bonds
will be issued to a designated custodian for Roth individual retirement
accounts established under Treasury's program. This new savings bond is
only available to participants in the retirement savings program and
will protect the principal contributed while earning interest at a rate
previously available only to federal employees invested in the
Government Securities Investment Fund (G Fund) of their Thrift Savings
Plan.
DATES: This final rule is effective December 15, 2014.
ADDRESSES: You can download this Final Rule at the following Internet
addresses: https://www.gpo.gov; or https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Technical information: Kimberly Reese, Program Manager, 304-480-
7929 or kimberly.reese@fiscal.treasury.gov.
Legal information: David T. Copenhaver, Deputy Chief Counsel, 304-
480-8692 or david.copenhaver@fiscal.treasury.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Secretary of the Treasury is authorized under Chapter 31 of
Title 31, United States Code, to issue United States obligations and
offer them for sale under such terms and conditions as the Secretary
may prescribe. On January 29, 2014, the President of the United States
issued a Presidential Memorandum directing the Secretary to develop a
new retirement savings security focused on reaching new and small-
dollar savers. In response, the Secretary is offering electronic
retirement savings bonds for Treasury's retirement savings program.
This new retirement savings program allows individuals to establish
Roth individual retirement accounts (Roth IRAs) with Treasury's
designated custodian. These accounts will allow savers to begin
investing for retirement with no start-up costs and no fees.
Participants in the program can continue to make periodic electronic
contributions in any amount to their account.
Amounts contributed by participants in the program will be invested
exclusively in Treasury's new retirement savings bonds. The designated
custodian for the program will purchase and hold these new bonds for
the benefit of the participants. This new savings bond is only
available to participants in Treasury's new retirement savings program
and will protect the principal contributed while earning interest at a
rate previously available only to federal employees invested in the
Government Securities Investment Fund (G Fund) of their Thrift Savings
Plan.
Individuals can continue to participate in the program until their
account balance reaches $15,000 or until they have participated in the
program for 30 years, whichever occurs first. At any time, participants
can transfer their balance to a commercial financial services provider
to take advantage of the broad array of retirement products available
in the marketplace. Because the accounts offered through the program
are Roth IRAs, participants also have the flexibility to withdraw their
contributions at any time without a penalty. Participants can keep
their account and can continue investing in the retirement savings bond
even if they change jobs.
With the retirement savings bond and Treasury's retirement savings
program, American families can begin to build for their retirement.
Treasury's program serves as a stepping stone to the broader array of
retirement products available in today's marketplace. This rule
establishes the terms and conditions of the retirement savings bonds.
II. Procedural Requirements
A. Administrative Procedure Act (APA)
Because this rule relates to United States securities, which are
contracts between Treasury and the owner of the security, this rule
falls within the contract exception to the APA at 5 U.S.C. 553(a)(2).
As a result, the notice, public comment, and delayed effective date
provisions of the APA are inapplicable to this rule.
B. Congressional Review Act (CRA)
This rule is not a major rule pursuant to the CRA, 5 U.S.C. 801 et
seq. It is not expected to lead to any of the results listed in 5
U.S.C. 804(2). This rule may take immediate effect after we submit a
copy of it to Congress and the Comptroller General.
C. Paperwork Reduction Act (PRA)
There is no new collection of information contained in this final
rule that would be subject to the PRA, 44 U.S.C. 3501 et seq. Under the
PRA, an agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a valid
OMB control number.
[[Page 74024]]
D. Regulatory Flexibility Act
The provisions of the Regulatory Flexibility Act, 5 U.S.C. 601 et
seq., do not apply to this rule because, pursuant to 5 U.S.C.
553(a)(2), it is not required to be issued with notice and opportunity
for public comment.
E. Executive Order 12866
This rule is not a significant regulatory action pursuant to
Executive Order 12866.
List of Subjects in 31 CFR Part 347
Government securities, Savings bonds.
Accordingly, for the reasons set out in the preamble, amend 31 CFR
Chapter II, Subchapter A, by adding part 347 to read as follows:
PART 347--REGULATIONS GOVERNING RETIREMENT SAVINGS BONDS
Subpart A--General Information
Sec.
347.0 Offering of securities.
347.1 Applicability.
347.2 Official agencies.
347.3 Definitions.
Subpart B--Registration
347.10 Authorized form of registration.
347.11 Crediting of retirement savings bonds.
Subpart C--Limitations on Additions
347.20 Annual additions to a retirement savings bond.
347.21 Individual additions to a retirement savings bond.
Subpart D--General Provisions for Payment
347.30 Payment (redemption).
Subpart E--Interest
347.40 Computation of interest.
347.41 Maturity.
Subpart F--Miscellaneous
347.50 Waiver of regulations.
347.51 Additional requirements; bond of indemnity.
347.52 Supplements, amendments, or revisions.
Authority: 5 U.S.C. 301; 12 U.S.C. 90; 31 U.S.C. 3105.
Subpart A--General Information
Sec. 347.0 Offering of securities.
The Secretary of the Treasury, under the authority of Title 31,
Chapter 31, offers retirement savings bonds to the designated Roth IRA
custodian for Treasury's retirement savings program. The bonds will be
issued to and held by the designated custodian, on behalf of
participants in Treasury's program. The current offer is effective on
the publication date of this rule. This offering will continue until
terminated by the Secretary. Treasury's Fiscal Assistant Secretary is
authorized to act on behalf of the Secretary on all matters contained
in these regulations.
Sec. 347.1 Applicability.
The regulations in this part apply to retirement savings bonds
issued to the designated Roth IRA custodian for Treasury's retirement
savings program on behalf of program participants.
Sec. 347.2 Official agencies.
(a) The Bureau of the Fiscal Service of the Department of the
Treasury is responsible for administering Treasury's retirement savings
program and issuing the retirement savings bonds to the designated Roth
IRA custodian.
(b) Communications concerning transactions related to an
Individual's Roth IRA should be addressed to the designated Roth IRA
custodian.
Sec. 347.3 Definitions.
(a) Retirement savings bond, as used in this part, means an
interest bearing electronic United States savings bond issued to the
designated Roth IRA custodian.
(b) Designated Roth IRA custodian, designated custodian, or
custodian means the entity designated by the Bureau of the Fiscal
Service to act as the custodian for Roth IRA accounts opened on behalf
of program participants in Treasury's retirement savings program.
(c) Individual means a person eligible to contribute to a Roth IRA
under 26 U.S.C. 408A.
(d) Program participant means an individual who has established a
Roth IRA with the designated Roth IRA custodian.
(e) Roth IRA means an individual retirement account defined under
26 U.S.C. 408A.
(f) Treasury means the United States Department of the Treasury.
(g) Secretary means the Secretary of the Treasury.
Subpart B--Registration
Sec. 347.10 Authorized form of registration.
(a) Retirement savings bonds are issued to the designated Roth IRA
custodian for Treasury's retirement savings program. No other
registrations are permitted.
(b) In the event Treasury designates a successor designated Roth
IRA custodian, retirement savings bonds held by the predecessor
custodian will be reissued to the successor custodian.
Sec. 347.11 Crediting of retirement savings bonds.
Each retirement savings bond issued to the designated Roth IRA
custodian must be credited to a single individual retirement account
established through Treasury's retirement savings program with the
custodian.
Subpart C--Limitations on Additions
Sec. 347.20 Annual additions to a retirement savings bond.
The amount that may be initially contributed or added to a
retirement savings bond in a calendar year by the designated Roth IRA
custodian on behalf of any program participant is limited to the annual
Roth IRA contribution limits provided in 26 CFR 1.408A-3. The total
value of a retirement savings bond that may be held by the designated
Roth IRA custodian on behalf of any program participant shall not
exceed $15,000.00.
Sec. 347.21 Individual additions to a retirement savings bond.
The Commissioner of the Fiscal Service, as designee of the
Secretary of the Treasury, is authorized to establish minimum amounts
for initial and additional contributions to a retirement savings bond.
Subpart D--General Provisions for Payment
Sec. 347.30 Payment (redemption).
Payment of retirement savings bonds will be made to the designated
Roth IRA custodian upon the custodian's submission of a request for
redemption to the Bureau of the Fiscal Service. The custodian shall
request the redemption of all retirement savings bonds at their
respective maturity. The custodian shall request the partial redemption
of bonds held on behalf of program participants upon the request of an
individual entitled to amounts in the Roth IRA. Retirement savings bond
redemptions will be rounded to the nearest one cent.
Subpart E--Interest
Sec. 347.40 Computation of interest.
Retirement savings bonds earn interest at the same annual
percentage rate as securities issued to the Government Securities
Investment Fund (G Fund) in the Thrift Savings Plan for federal
employees. The Secretary of the Treasury calculates the G Fund interest
rate pursuant to 5 U.S.C. 8438(e)(2). The retirement savings bond
interest rate compounds daily at 1/360 of the annual percentage rate.
Retirement savings bonds will cease to bear interest on the date of
their maturity.
Sec. 347.41 Maturity.
The maturity date for retirement savings bonds is indeterminate and
may
[[Page 74025]]
be different for each bond issued, but shall not exceed the sum of an
original maturity period of 20 years and an extended maturity period of
10 years. The retirement savings bond purchased by the designated Roth
IRA custodian on behalf of a program participant will mature at the
earlier of 30 years from the date the bond is first issued to the
custodian on behalf of the program participant or when the total value
of the bond held on behalf of the program participant reaches
$15,000.00. The designated Roth IRA custodian will submit a request for
redemption of retirement savings bonds upon maturity.
Subpart F--Miscellaneous
Sec. 347.50 Waiver of regulations.
The Commissioner of the Fiscal Service, as designee of the
Secretary of the Treasury, may waive or modify any provision or
provisions of the regulations in this part. He or she may do so in any
particular case or class of cases for the convenience of the United
States or in order to relieve any person or persons of unnecessary
hardship:
(a) If such action would not be inconsistent with law or equity;
(b) If it does not impair any material existing rights; and
(c) If he or she is satisfied that such action would not subject
the United States to any substantial expense or liability.
Sec. 347.51 Additional requirements; bond of indemnity.
The Commissioner of the Fiscal Service, as designee of the
Secretary of the Treasury, may require:
(a) Such additional evidence to support a requested action as he or
she may consider necessary or advisable; or
(b) A bond of indemnity, with or without surety, in any case in
which he or she may consider such a bond necessary for the protection
of the interests of the United States.
Sec. 347.52 Supplements, amendments, or revisions.
The Secretary of the Treasury may at any time, or from time to
time, prescribe additional, supplemental, amendatory, or revised rules
and regulations governing United States retirement savings bonds.
Dated: December 9, 2014.
David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2014-29334 Filed 12-12-14; 8:45 am]
BILLING CODE 4810-AS-P
