Regulations last checked for updates: Nov 25, 2024

Title 31 - Money and Finance: Treasury last revised: Nov 18, 2024
§ 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).

[82 FR 6245, Jan. 19, 2017]
§ 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.

[82 FR 6246, Jan. 19, 2017]
§ 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.

[82 FR 6246, Jan. 19, 2017]
§ 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.

(k) Roth IRA means an individual retirement account defined under 26 U.S.C. 408A.

(l) Treasury means the United States Department of the Treasury.

(m) Secretary means the Secretary of the Treasury.

[79 FR 74024, Dec. 15, 2014, as amended at 82 FR 6246, Jan. 19, 2017]
source: 79 FR 74024, Dec. 15, 2014, unless otherwise noted.
cite as: 31 CFR 347.0