Social Security Savings Bond Act of 1981

[AI summary unavailable — showing source text] Social Security Savings Bond Act of 1981 - Permits an individual entitled to a benefit from the Federal Old-Age and Survivors Insurance Trust Fund under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to elect to receive each benefit payment in the form of a social security savings bond. Sets forth requirements pertaining to the redemption of, interest on, circulation privilege of, and disposition upon the beneficiary's death of, social security savings bonds. Permits elections or revocations to be made semiannually. Exempts social security savings bonds from Federal, State, and local taxation. Provides that an election under this Act shall have no effect on an individual's rights under title II of the Social Security Act. Makes an election under this Act applicable to benefits payable on or after January 1, 1982.…