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TVA Retirement System Board Approves Amendments

At a special-called meeting on August 8, 2016, the TVA Retirement System (TVARS) board by a 4 to 3 vote approved final amendments to the TVARS Rules and Regulations and the 401(k) Plan Provisions implementing certain changes to future retirement benefits, funding and governance previously approved at a meeting on May 9, 2016. Please see the Notice of Amendments. For more information, see the board approved plan changes.

TVARS News

Maximize your 401(k) in 2017 – Join a retirement workshop at a site near you

TVA is teaming up with Fidelity Investments to offer two educational workshops to help employees plan for a more successful retirement. Read more.

Hovious Wins TVARS Board Election

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to re-elect James W. Hovious. His new three-year term will run from Nov. 1, 2016, to Oct. 31, 2019.

Of the 2,975 votes cast, Hovious received 2,197 (73.85 percent). Jennifer Weber received 778 votes (26.15 percent).

August 12, 2016 Litigation Update

Evans v. Tennessee Valley Authority Retirement System and Tennessee Valley Authority

On August 12, 2016, the United States Court of Appeals for the Sixth Circuit issued a decision holding that cost-of-living adjustments (“COLAs”) are not vested benefits and, therefore, the 2009 amendments did not violate the TVARS Rules and Regulations (Section 13), which prohibit amendments that reduce vested benefits. In addition, the Sixth Circuit reversed the District Court’s holding that there was no judicial review of the TVARS Board’s actions, and remanded all other issues to the District Court “for further proceeding consistent with [the Sixth Circuit’s] opinion.” See the Sixth Circuit’s opinion and judgment.

 

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