[Federal Register Volume 82, Number 12 (Thursday, January 19, 2017)]
[Rules and Regulations]
[Pages 6244-6248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-01038]


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DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 347

RIN 1530-AA13


Regulations Governing Retirement Savings Bonds

AGENCY: Bureau of the Fiscal Service, Fiscal Service, Treasury.

ACTION: Final rule.

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SUMMARY: Currently, the Bureau of the Fiscal Service (Fiscal Service) 
of the United States Department of the Treasury (Treasury), issues 
nonmarketable, electronic retirement savings bonds to an individual 
retirement account (IRA) custodian designated by Fiscal Service to act 
as a custodian for Roth IRAs under Treasury's myRA[supreg] program. In 
this Final Rule, Treasury offers nonmarketable, electronic retirement 
savings bonds for certain retirement savings programs established by 
states or certain of their political subdivisions (states). The bonds 
will be issued to a trustee or custodian (custodian) of a Roth IRA or 
traditional IRA designated by a state under its retirement savings 
program (whether or not the program provides for automatic enrollment). 
Interest will be earned at a rate available to federal employees 
invested in the Government Securities Investment Fund (G Fund) of the 
federal Thrift Savings Plan.
    This offering does not affect the terms of retirement savings bonds 
issued to the custodian of Treasury's retirement savings program, 
myRA[supreg], which are held in participants' Roth IRAs. More 
information on myRA[supreg] is available at www.myra.gov.

DATES: This Final Rule is effective January 19, 2017.

FOR FURTHER INFORMATION CONTACT: 
    Technical information: Gregory Till, myRA Bureau Director, at (202) 
622-6970 or [email protected].
    Legal information: Elizabeth Spears, Senior Counsel, at (304) 480-
8647 or [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    Approximately one third of private-sector employees in the United 
States lack access to a retirement savings plan through their 
employers.\1\ To fill this gap, several states are establishing or 
considering establishing programs that will encourage employees to save 
for their retirement, including through individual retirement accounts 
into which employees are automatically enrolled and through other 
approaches (collectively referred to here as Auto-IRAs, whether or not 
they use automatic enrollment).\2\ Under an Auto-IRA program, employee 
contributions are deposited into an IRA and invested in accordance with 
the design of the Auto-IRA program and the wishes of the participant. 
Generally, it is expected that an Auto-IRA program will offer a safe 
and low-cost investment option as an alternative to a risk-bearing 
diversified investment, such as a target date fund. In order to assist 
states in offering savers the option of a principal-protected 
investment, Fiscal Service will offer retirement savings bonds to state 
Auto-IRA programs. Fiscal Service reserves the right, however, to 
decline to issue retirement savings bonds to state Auto-IRA programs on 
a case-by-case basis, based on considerations such as the structure and 
reasonableness of associated fees, plans to control fees and expenses, 
whether participants have reasonable access to their funds, and 
oversight of providers designated to operate state Auto-IRA programs.
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    \1\ National Compensation Survey, Bureau of Labor Statistics 
(July 2016), Employee Benefits in the United States--March 2016 
(http://www.bls.gov/news.release/pdf/ebs2.pdf). These data show that 
66 percent of 114 million private-sector workers have access to a 
retirement plan through their employers. By extension, approximately 
34 percent of the 114 million private-sector workers (39 million) do 
not have access to a retirement plan through work.
    \2\ The Department of Labor has published regulations relating 
to state payroll deduction savings programs. 81 FR 59464 (Aug. 30, 
2016) and 81 FR 92639 (Dec. 20, 2016).
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II. Section-by-Section Analysis

Subpart A--General Information

    Section 347.0 Offering of securities. This section is amended to 
offer retirement savings bonds to Auto-IRA custodians for certain state 
retirement savings programs.
    Section 347.1 Applicability. This section is amended to include the 
Auto-IRA custodians for state retirement savings programs under this 
part.
    Section 347.2 Official agencies. This section clarifies that Fiscal 
Service is responsible for issuing retirement savings bonds to the 
Auto-IRA custodians and that states are responsible for administering 
their own Auto-IRA retirement savings programs.
    Section 347.3 Definitions. Several new definitions, including 
``Auto-IRA,'' ``state Auto-IRA program,'' ``IRA,'' ``Custodian,'' 
``State,'' and ``Auto-IRA custodian'' have been added for ease of 
reference in Subpart C--Auto-IRA Programs and minor changes have been 
made to some existing definitions.

Subpart B--Treasury's Retirement Savings Program

    Miscellaneous changes have been made to the sections pertaining to 
retirement savings bonds issued to the custodian of Treasury's 
retirement savings program, myRA[supreg], which are held in 
participants' Roth IRAs. These changes, which were made to accommodate 
revised definitions and other minor or technical revisions, do not 
affect the terms of these bonds. See, e.g., Sec. Sec.  347.10 through 
347.16.

Subpart C--Auto-IRA Programs

    Section 347.30 Plan requirements for State Auto-IRA programs. 
Subsection (a) of this new section specifies that retirement savings 
bonds will be issued to Auto-IRA custodians for certain state Auto-IRA 
programs, and that no other registrations under Subpart C are 
permitted. As defined in Sec.  347.3, an Auto-IRA custodian is ``an 
entity designated by a state (including, for the purpose of these 
regulations, certain political subdivisions of states) to act as the 
trustee or custodian for Auto-IRAs, in the form of Roth IRAs or 
traditional IRAs, for or opened on behalf of participants in a state 
Auto-IRA program.'' Subsection (b) lists topics

[[Page 6245]]

that must be addressed by documentation that programs are required to 
provide and certify to Fiscal Service annually. The documentation must 
address: (1) Administration of retirement savings bonds, (2) account 
monitoring, (3) ability to transfer proceeds, (4) IRA withdrawals, (5) 
consumer protection, (6) state Auto-IRA program costs of 
administration, (7) oversight of Auto-IRA custodian, (8) pooling 
prohibitions, (9) default investments, and (10) consumer education. The 
Commissioner of the Fiscal Service may use the documentation, among 
other purposes, in exercising any of the rights reserved under Sec.  
347.37, which includes the right to require information addressing 
additional topics. Subsection (c) provides for a successor Auto-IRA 
custodian, if needed.
    Section 347.31 Crediting of retirement savings bond. This new 
section requires each bond issued to an Auto-IRA custodian to be 
credited to an individual's IRA under a state Auto-IRA program.
    Section 347.32 Annual additions to retirement savings bond. This 
new section provides that the initial contribution and additions to a 
bond on behalf of a participant are subject to the annual contribution 
limits provided under the Internal Revenue Code and regulations, and 
that the total value of a retirement savings bond held by an Auto-IRA 
custodian in an IRA on behalf of any participant cannot exceed 
$15,000.00.
    Section 347.33 Individual additions to retirement savings bond. 
This new section authorizes Fiscal Service to establish minimum amounts 
for initial and additional contributions to a retirement savings bond.
    Section 347.34 Payment (redemption). Under this new section, an 
Auto-IRA custodian is responsible for making certain certifications as 
a condition of the issuance and redemption of a retirement savings 
bond. Subsection (a) explains how the Auto-IRA custodian will request 
that Fiscal Service make payment on matured retirement savings bonds as 
well as those that have been fully or partially redeemed. Under 
subsection (b), Fiscal Service will make payment on any bonds that it 
calls for redemption without the Auto-IRA custodian having to make a 
request. Under Sec.  347.37(4), the Commissioner of the Fiscal Service 
may exercise discretion to call the bonds for redemption. This might 
occur for a variety of reasons, including, for example, in the event 
that a state Auto-IRA program changed significantly such that ongoing 
use of retirement savings bonds is no longer consistent with these 
regulations, or in the event that a state Auto-IRA program might have 
failed to comply with program instructions identified by Fiscal Service 
or might have failed to provide or comply with documentation required 
pursuant to Sec.  347.30. Subsection (b) clarifies how bonds called for 
redemption will be paid, which is in the same manner as bonds submitted 
for redemption under subsection (a).
    Section 347.35 Computation of interest. This new section provides 
that the interest rate on the retirement savings bonds will track the 
annual percentage rate on securities in the Government Securities 
Investment Fund (G Fund) in the Thrift Savings Plan for federal 
employees and that interest will cease at maturity or call.
    Section 347.36 Maturity. This new section provides that the 
maturity dates for the retirement savings bonds may differ for each 
bond. The longest possible maturity is 30 years (an original maturity 
period of 20 years and an extended maturity period of 10 years). A bond 
will mature at the earlier of 30 years from the date the bond is first 
issued to the Auto-IRA custodian on behalf of the participant or when 
its value reaches $15,000.00.
    Section 347.37 Reservation of rights. Under this new section, the 
Commissioner of the Fiscal Service reserves certain rights, including: 
(1) The right to require a senior official to certify program 
information to Fiscal Service before the retirement savings bonds are 
issued to an Auto-IRA custodian; (2) the right to refuse to issue 
retirement savings bonds to an Auto-IRA custodian in any particular 
case or class of cases; (3) the right to suspend or cease offering 
retirement savings bonds to an Auto-IRA custodian; (4) the right to 
call for redemption of any outstanding retirement savings bond (this 
might occur for a variety of reasons, including, for example, if a 
state Auto-IRA program has changed significantly such that ongoing use 
of retirement savings bonds is no longer consistent with these 
regulations, or if a state has failed to provide or comply with 
documentation required pursuant to Sec.  347.30); or (5) the right to 
determine any appropriate remedy under this subpart.

Subpart D--Miscellaneous Provisions for Retirement Savings Bonds

    Subpart D contains miscellaneous provisions (Sec. Sec.  347.40 
through 347.42) that apply to retirement savings bonds issued to the 
custodians, on behalf of participants, in Treasury's and the states' 
programs.

III. Procedural Requirements

A. Administrative Procedure Act

    Because this rule relates to United States securities, which are 
contracts between Treasury and the owners of the securities, this rule 
falls within the contract exception to the Administrative Procedures 
Act (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

    This rule is not a major rule pursuant to the Congressional Review 
Act (CRA), 5 U.S.C. 801 et seq.

C. Paperwork Reduction Act

    This final rule contains a new collection of information that is 
subject to the Paperwork Reduction Act (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. The collection of information 
contained in this final rulemaking has been submitted to the Office of 
Management and Budget for review in accordance with the Paperwork 
Reduction Act of 1995 (44 U.S.C. 3507(d)).

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.

    For the reasons set forth in the preamble, we amend 31 CFR part 347 
as follows:

PART 347--REGULATIONS GOVERNING RETIREMENT SAVINGS BONDS

0
1. The authority citation for part 347 continues to read as follows:

    Authority: 5 U.S.C. 301; 12 U.S.C. 90; 31 U.S.C. 3105.


0
2. Revise Sec.  347.0 to read as follows:

[[Page 6246]]

Sec.  347.0  Offering of securities.

    The Secretary of the Treasury (the Secretary), under the authority 
of Title 31, Chapter 31, offers retirement savings bonds to the IRA 
custodian for Treasury's retirement savings program and to the Auto-IRA 
custodians for certain state Auto-IRA programs. The nonmarketable bonds 
are issued to and held by the custodians, on behalf of participants, in 
Treasury's program and state programs. This offering will continue 
until terminated by the Secretary or the Secretary's designee. 
Treasury's Fiscal Assistant Secretary is authorized to act on behalf of 
the Secretary on all matters contained in these regulations. The 
Commissioner of the Fiscal Service, as designee of the Secretary, is 
delegated the responsibility to administer this part through the Bureau 
of the Fiscal Service (Fiscal Service).

0
3. Revise Sec.  347.1 to read as follows:


Sec.  347.1  Applicability.

    The regulations in this part apply to retirement savings bonds 
issued, on behalf of participants, to the IRA custodian for Treasury's 
retirement savings program and to the Auto-IRA custodians for state 
Auto-IRA programs.

0
4. Revise Sec.  347.2 to read as follows:


Sec.  347.2  Official agencies.

    (a) Fiscal Service is responsible for administering Treasury's 
retirement savings program and for issuing the retirement savings bonds 
to the IRA custodian for Treasury's retirement savings program and to 
the Auto-IRA custodians for certain state Auto-IRA programs. The states 
are responsible for administering their Auto-IRA retirement savings 
programs, including the designation of Auto-IRA custodians to perform 
all operational responsibilities associated with the retirement savings 
bonds issued by Fiscal Service.
    (b) Communications concerning transactions relating to an 
individual's IRA should be addressed to the appropriate custodian.

0
5. In Sec.  347.3:
0
a. Redesignate paragraphs (a) through (g) as paragraphs (g) through 
(m);
0
b. Add new paragraphs (a) through (f); and
0
c. Revise newly redesignated paragraphs (g) through (j).
    The additions and revisions read as follows:


Sec.  347.3  Definitions.

    (a) Auto-IRA means an individual retirement account for or opened 
on behalf of a participant in a state retirement savings program 
(whether or not the program provides for automatic enrollment).
    (b) State Auto-IRA program means a state Auto-IRA retirement 
savings program.
    (c) IRA means an individual retirement account.
    (d) Custodian means a trustee or custodian of a Roth IRA or 
traditional IRA.
    (e) State means any of the 50 states, the District of Columbia, 
Guam, the Commonwealth of Puerto Rico, the Virgin Islands, American 
Samoa, the Commonwealth of the Northern Mariana Islands, or certain of 
their political subdivisions.
    (f) Auto-IRA custodian means an entity designated by a state 
(including, for the purpose of these regulations, political 
subdivisions of states) to act as the trustee or custodian for Auto-
IRAs, in the form of Roth IRAs or traditional IRAs, for or opened on 
behalf of participants in a state Auto-IRA program.
    (g) Retirement savings bond, as used in this part, means an 
interest-bearing electronic United States savings bond issued to an 
Auto-IRA or IRA custodian.
    (h) IRA custodian means an entity designated by Fiscal Service to 
act as a custodian for Roth IRAs opened by or on behalf of participants 
in Treasury's retirement savings program.
    (i) Individual means a person eligible to have an IRA in Treasury's 
retirement savings program or in a state Auto-IRA program.
    (j) Participant means an individual who has an IRA in Treasury's 
retirement savings program or in a state Auto-IRA program.
* * * * *

0
6. Revise the heading of subpart B to read as follows:

Subpart B--Treasury's Retirement Savings Program

0
7. Revise Sec. Sec.  347.10 and 347.11 to read as follows:


Sec.  347.10  Authorized form of registration.

    (a) Retirement savings bonds are issued to the IRA custodian for 
Treasury's retirement savings program. No other registrations under 
this subpart are permitted.
    (b) In the event Fiscal Service designates a successor IRA 
custodian, Fiscal Service may reissue retirement savings bonds held by 
the predecessor custodian to the successor custodian.


Sec.  347.11  Crediting of retirement savings bond.

    Each retirement savings bond issued to the IRA custodian must be 
credited to a single Roth IRA established through Treasury's retirement 
savings program with the custodian.

0
8. Remove the headings for subparts C, D, and E and transfer Sec. Sec.  
347.20, 347.21, 347.30, 347.40, and 347.41 to subpart B, and 
redesignate them as Sec. Sec.  347.12 through 347.16, respectively.

0
9. Revise newly redesignated Sec. Sec.  347.12 through 347.16 to read 
as follows:


Sec.  347.12  Annual additions to retirement savings bond.

    The amount that initially may be contributed or added to a 
retirement savings bond in a calendar year by the IRA custodian on 
behalf of any participant is limited by the applicable annual 
contribution limits provided under the Internal Revenue Code and 
regulations. The total value of a retirement savings bond that may be 
held by the IRA custodian in an IRA on behalf of any participant shall 
not exceed $15,000.


Sec.  347.13  Individual additions to retirement savings bond.

    Fiscal Service is authorized to establish minimum amounts for 
initial and additional contributions to a retirement savings bond under 
this subpart.


Sec.  347.14  Payment (redemption).

    Payment of retirement savings bonds will be made to the IRA 
custodian upon the custodian's submission of a request for redemption 
to Fiscal Service. The custodian shall request the redemption of all 
retirement savings bonds at their respective maturity. The custodian 
shall request the full or partial redemption of a bond held on behalf 
of a participant upon the request of the participant or other 
authorized person entitled to amounts in the IRA. Retirement savings 
bond redemptions will be rounded to the nearest one cent.


Sec.  347.15  Computation of interest.

    Retirement savings bonds under this subpart 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 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 accrue interest on the date of their 
maturity.


Sec.  347.16  Maturity.

    The maturity date for retirement savings bonds is indeterminate and 
may

[[Page 6247]]

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. A retirement savings bond purchased by the IRA custodian on 
behalf of a participant will mature at the earlier of 30 years from the 
date the bond is first issued to the custodian on behalf of the 
participant or when its value reaches $15,000.

0
10. Add a new subpart C to read as follows:
Subpart C--Auto-IRA Programs
Sec.
347.30 Plan requirements for State Auto-IRA programs.
347.31 Crediting of retirement savings bond.
347.32 Annual additions to retirement savings bond.
347.33 Individual additions to retirement savings bond.
347.34 Payment (redemption).
347.35 Computation of interest.
347.36 Maturity.
347.37 Reservation of rights.

Subpart C--Auto-IRA Programs


Sec.  347.30  Plan requirements for State Auto-IRA programs.

    (a) Authorized form of registration. Retirement savings bonds are 
issued to Auto-IRA custodians for state Auto-IRA programs. No other 
registrations under this subpart are permitted.
    (b) Documentation. A state Auto-IRA program must provide 
documentation to Fiscal Service annually, in a form and manner 
acceptable to Fiscal Service, addressing the following topics:
    (1) Administration--servicing of the retirement savings bonds, such 
as account maintenance, recordkeeping, and establishment of procedures 
for automatic payroll direct deposit contributions (or other funding 
means permitted under state Auto-IRA programs);
    (2) Account monitoring--tracking and, when applicable, redeeming 
and reallocating retirement savings bond holdings (which may include 
investment diversification strategies) no later than when a retirement 
savings bond that may be held by the Auto-IRA custodian on behalf of a 
participant in a state Auto-IRA program reaches the $15,000 maximum 
dollar threshold or 30 years, whichever occurs first;
    (3) Ability to transfer--addressing how the state Auto-IRA program 
enables participants, at their discretion, to redeem their retirement 
savings bonds prior to maturity and transfer their retirement savings 
bond proceeds to another investment available in the State Auto-IRA 
program or to another provider, without imposing unreasonable 
restrictions on voluntary investment diversification (which might occur 
through a transfer within or outside of a state Auto-IRA program);
    (4) Withdrawals--addressing how the state Auto-IRA program enables 
participants, at their discretion, to make reasonable withdrawals from 
their Auto-IRAs;
    (5) Consumer protection--addressing consumer protections in the 
program, including disclosures provided to participants;
    (6) Costs of administration--describing any fees or other costs or 
expenses passed on to or otherwise borne by participants under the 
state Auto-IRA program (e.g., no more than reasonable administrative, 
custodial, asset management, or other fees, costs, or expenses);
    (7) Oversight--addressing state Auto-IRA program oversight of Auto-
IRA custodians and describing any protections in place for 
participants' funds invested in retirement savings bonds, including 
information relating to the protection of participants' funds in the 
event that the Auto-IRA custodian files for bankruptcy or otherwise 
experiences financial stress;
    (8) Pooling--prohibiting the inclusion of retirement savings bonds 
as a component of another investment or asset category (such as a 
mutual fund or target-date fund);
    (9) Default investment--obtaining, if applicable, Fiscal Service's 
further consent before any use of retirement savings bonds as a 
default, sole, or mandatory investment, even if temporary;
    (10) Consumer education--describing plans to provide financial 
education to participants; and
    (11) Certification--requiring a statement signed by an authorized 
senior official certifying that the documentation provided to Fiscal 
Service is accurate and complete, and that procedures are in place to 
timely notify Fiscal Service of any material changes in the future.
    (c) Successor custodian. In the event a state Auto-IRA program 
designates a successor Auto-IRA custodian, that program may request 
that Fiscal Service reissue the retirement savings bonds held by the 
predecessor custodian to the successor custodian.


Sec.  347.31  Crediting of retirement savings bond.

    Each retirement savings bond issued to an Auto-IRA custodian must 
be credited to an IRA under the state Auto-IRA program with the 
custodian.


Sec.  347.32  Annual additions to retirement savings bond.

    The amount that initially may be contributed or added to a 
retirement savings bond in a calendar year by an Auto-IRA custodian on 
behalf of any participant is limited by the applicable annual 
contribution limits provided under the Internal Revenue Code and 
regulations. The total value of a retirement savings bond that may be 
held by an Auto-IRA custodian in an IRA on behalf of any participant 
shall not exceed $15,000 for each state Auto-IRA program.


Sec.  347.33  Individual additions to retirement savings bond.

    Fiscal Service is authorized to establish minimum amounts for 
initial and additional contributions to a retirement savings bond under 
this subpart.


Sec.  347.34  Payment (redemption).

    The issuance and redemption of a retirement savings bond is 
conditioned on an Auto-IRA custodian certifying compliance with these 
regulations and with any additional program instructions identified by 
Fiscal Service that pertain to that bond.
    (a) Payment upon maturity. Payment of retirement savings bonds will 
be made to an Auto-IRA custodian upon the custodian's submission of a 
request for redemption to Fiscal Service. The custodian shall request 
the redemption of all retirement savings bonds at their respective 
maturity. The custodian shall request the full or partial redemption of 
a bond held on behalf of a participant upon the request of the 
participant or other authorized person entitled to amounts in the IRA. 
Retirement savings bond redemptions will be rounded to the nearest one 
cent.
    (b) Payment upon call. Final interest on any called bonds will be 
paid with the principal (amount contributed minus withdrawals taken) at 
redemption and rounded to the nearest one cent.


Sec.  347.35  Computation of interest.

    Retirement savings bonds under this subpart 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 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 accrue interest on the date of their 
maturity or call.

[[Page 6248]]

Sec.  347.36  Maturity.

    The maturity date for retirement savings bonds is indeterminate and 
may 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. A retirement savings bond purchased by the Auto-IRA 
custodian on behalf of a participant will mature at the earlier of 30 
years from the date the bond is first issued to the custodian on behalf 
of the participant or when its value reaches $15,000.


Sec.  347.37  Reservation of rights.

    The Commissioner of the Fiscal Service may decide, in his or her 
sole discretion, to take any of the following actions with respect to 
the retirement savings bonds offered under this subpart. Such actions 
are final. Specifically, the Commissioner reserves the right under this 
subpart:
    (a) As a condition of Fiscal Service's issuance of retirement 
savings bonds to an Auto-IRA custodian under a state Auto-IRA program, 
to require a state Auto-IRA program to provide information to Fiscal 
Service concerning the state Auto-IRA program and retirement savings 
bonds offered under this subpart, including a certification by a senior 
official to the completeness and accuracy of the information requested;
    (b) To refuse to issue retirement savings bonds to an Auto-IRA 
custodian in any particular case or class of cases;
    (c) To suspend or cease offering retirement savings bonds to an 
Auto-IRA custodian;
    (d) To call for redemption of any outstanding retirement savings 
bond; or
    (e) To determine any appropriate remedy under this subpart.

0
11. Redesignate subpart F (consisting of Sec. Sec.  347.50, 347.51, and 
347.52) as subpart D (consisting of Sec. Sec.  347.40 through 347.42) 
and revise newly redesignated subpart D to read as follows:
Subpart D--Miscellaneous Provisions for Retirement Savings Bonds
Sec.
347.40 Waiver of regulations.
347.41 Additional requirements; bond of indemnity.
347.42 Supplements, amendments, or revisions.

Subpart D--Miscellaneous Provisions for Retirement Savings Bonds


Sec.  347.40  Waiver of regulations.

    The Commissioner of the Fiscal Service 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.  347.41  Additional requirements; bond of indemnity.

    The Commissioner of the Fiscal Service 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.  347.42  Supplements, amendments, or revisions.

    The Secretary may at any time, or from time to time, prescribe 
additional, supplemental, amendatory, or revised rules and regulations 
governing retirement savings bonds.

David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2017-01038 Filed 1-18-17; 8:45 am]
BILLING CODE 4810-AS-P