H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21) Act, was signed into law on July 6, 2012. Although the Act is primarily known for authorizing funding for the nation’s highways and for extending low interest rates for federal student loans, it also includes a package of pension provisions, which were largely included in the bill as revenue-raisers. The following is a summary of key pension provisions. In addition to the provisions below, the Act makes numerous changes related to the governance of the Pension Benefit Guaranty Corporation.
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