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ARTICLE · 30 SEPTEMBER 2014

HATFA Extends MAP-21 Pension Funding Stabilization

Littler Mendelson
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President Obama recently signed HATFA into law, which extends the pension smoothing provisions included in the 2012 Moving Ahead for Progress Act for the 21st Century.

United StatesEmployment and HR
Sean Brown
Sean Brown
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President Obama recently signed into law the Highway and Transportation Funding Act of 2014 ("HATFA"), which extends the pension smoothing provisions included in the 2012 Moving Ahead for Progress Act for the 21st Century ("MAP-21").  MAP-21 amended Section 430 of the Internal Revenue Code (the "Code") to set interest rates for pension plan funding valuations at a range around the 25-year average of historical interest rates.  Under MAP-21, the range was between 90% and 110% of the 25-year average for 2012, and would gradually expand to be between 70% and 130% in 2016.  Under HATFA, the 90% and 110% range is extended for five years through 2017, after which the range expands to be between 70% and 130% in 2021. 

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