On July 6, 2012, President Obama signed the Moving Ahead for Progress in the 21st Century Act (MAP-21, Pub. L. No. 112-141). Section 40233(a) of MAP-21 requires the PBGC to contract with a capable agency or organization that is independent of the PBGC to conduct annual peer reviews of SE PIMS and ME PIMS.
The objectives of this peer review were to provide a targeted peer review of the current modeling of bankruptcy and industry-wide clusters of bankruptcies (in the single-employer context) and contagion effects within the PIMS models.