[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR346.1]

[Page 283-284]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 346--REGULATIONS GOVERNING UNITED STATES INDIVIDUAL RETIREMENT BONDS--Table of Contents
 
Sec. 346.1  Description of bonds.

    (a) Investment yield (interest). United States Individual Retirement 
Bonds, hereinafter sometimes referred to as Individual Retirement Bonds, 
will be issued at par. The investment yields (interest) are as follows:
    (1) Bonds with issue dates of January 1, 1975, through July 1, 1979-
-6 percent per annum, compounded semiannually

[[Page 284]]

(see Table of Redemption Values in the appendix).
    (2) Bonds with issue dates of August 1, 1979, through October 1, 
1980--6.5. percent per annum, compounded semiannually (see Table A in 
the appendix).
    (3) Bonds with issue dates of November 1, 1980, through September 1, 
1981--8 percent per annum, compounded semiannually (see Table B).
    (4) Bonds with issue dates of October 1, 1981, or thereafter--9 
percent per annum, compounded semiannually (see Table C).

Interest will be paid only upon redemption of the bonds. The accrual of 
interest will continue until the bonds are redeemed or have reached 
maturity, whichever is earlier, in accordance with these regulations.
    (b) Term. The maturity date of any bond issued under this circular 
shall be the first day of the month in which the registered owner 
thereof has attained the age of 70\1/2\ years, or five years after the 
date of his death, but no later than the first day of the month in which 
he would have attained the age of 70\1/2\ years, if he had lived. Unless 
sooner redeemed in accordance with these regulations, the investment 
yield on a bond will cease on the interest accrual date coinciding with, 
or, where no such coincidence occurs, the interest accrual date next 
preceding:
    (1) The first day of the seventh (7th) month following the 70th 
anniversary of the birth of the person in whose name it is registered, 
or
    (2) The first day of the sixtieth (60th) month following the date of 
death of the person in whose name it is registered, except that such 
date shall be no later than the date on which he would have attained the 
age of 70\1/2\ years, had he lived.
    (c) Denominations--issue date. Individual Retirement Bonds will be 
available only in registered form and in denominations of $50, $75, $100 
and $500. At the time of issue, the issuing agent will enter in the 
upper right-hand portion of the bond the issue date (which shall be the 
first day of the month and year in which payment of the purchase price 
is received by an authorized issuing agent), and will imprint the 
agent's validating stamp in the lower right-hand portion. The issue 
date, as distinguished from the date in the agent's validating stamp, 
will determine the date from which interest will begin to accrue on the 
bond. An Individual Retirement Bond shall be valid only if an authorized 
issuing agent receives payment therefor, duly inscribes, dates, stamps, 
and delivers it.

[40 FR 4240, Jan. 28, 1975, as amended at 42 FR 37520, July 21, 1977; 46 
FR 60577, Dec. 11, 1981]