Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Rules and Regulations 74023 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE–EMPLOYER 

PLANS 

■ 4. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 5. In appendix B to part 4044, a new 

entry for January—March 2015, as set 

forth below, is added to the table. 

Appendix B to Part 4044—Interest 

Rates Used to Value Benefits 

* * * * * 

For valuation dates occurring in the month— 

The values of it are: 

it for t = it for t = it for t = 

*******

January–March 2015 ........................................................ 0.0289 1–20 0.0312 >20 N/A N/A 

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 

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: http://www.gpo.gov; or 

http://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. 


tkelley on DSK3SPTVN1PROD with RULES
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. 

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 

§ 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. 

§ 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. 

§ 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. 

§ 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 

§ 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. 

§ 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 

§ 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 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 

§ 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. 

§ 347.41 Maturity. 

The maturity date for retirement 

savings bonds is indeterminate and may 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 79, No. 240 / Monday, December 15, 2014 / Rules and Regulations 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 

§ 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. 

§ 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 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2014–1024] 

Drawbridge Operation Regulations; 

Cheesequake Creek, Morgan, NJ 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

drawbridge regulation. 

SUMMARY: 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 http://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 

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 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: 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 


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