Observations have been made of <30-Hz magnetic fluctuations, some of which appear to be ion cyclotron waves, during initial, main, and recovery phases of magnetic storms. Such storm-related observable low-frequency events occur very infrequently, in only 10 instances in more than 2000 hours of data, including approximately 100 passes through storm time ring currents. All events were observed while the satellite was near the plasmapause and in the proton ring current. The wave amplitudes were typically 1 &ggr; and as large as 5 &ggr; in the frequency range from 1 to 3 Hz, with lower amplitudes in the 3- to 30-Hz range. On the basis of the spectral shape and intensity of the fluctuations the waves were presumed to be primarily ion cyclotron waves. Reasonable agreement was found between calculated ring current proton lifetimes while the protons were under the influence of ion cyclotron waves and observed proton lifetimes during parts of the December 1971 and August 1972 magnetic storms. These observations during times when the ring current and plasmasphere were close and often overlapping do not prove that the waves were generated by the ion cyclotron instability or that the ion cyclotron waves were necessarily responsible for proton ring current loss. The observations do suggest that ion cyclotron waves are unstable in such cases and that proton lifetimes are consistent with loss from ion cyclotron turbulence. Further theoretical (ion cyclotron wave growth limits) and observational (proton energy and pitch angle distribution changes during these or similar events) studies are required before the role of the ion cyclotron instability in ring current dynamics can be completely determined.