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TVARS News

TVARS retirement payments

Effective January 1, 2018, the TVA Retirement System (TVARS) has partnered with The Bank of New York Mellon (BNYM) for retirement benefit payment and reporting services. BNYM has been the trustee and custodian of TVARS pension assets for 30 years and is one of the largest providers of benefit payment and reporting services. As a result of this partnership, your TVARS retirement payments will now be processed and sent to you by BNYM. See the services and features that BNYM offers TVA retirees.

2018 Cost-of-living Adjustment

The TVARS Board approved a 1.84 percent cost-of-living adjustment (COLA) for eligible retirees for calendar year 2018. Retirees will see the increase in checks beginning January 31, 2018. The COLA is calculated by comparing the percentage change from one 12-month period to another 12-month period of the U.S. Labor Department’s Consumer Price Index-All Urban Consumers- or the CPI-U (the CPI-U takes into account price increases/decreases for various good and services) minus .25%.

Sam DeLay Wins TVARS Board Election

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to elect Sam DeLay, senior program manager, Energy Use Technology, Enterprise Research and Technology Innovation.  His three-year term will run from Nov. 1, 2017, to Oct. 31, 2020.

Of the 3,196 votes cast, DeLay received 1,625 (50.85 percent).  The other candidates and their vote totals were as follows:  Tony Troyani, 794 votes (24.84 percent), Andrew McFalls, 527 votes (16.49 percent), and Jerry Snyder, 250 votes (7.82 percent).

Retirement benefit estimates now available online

Some full-time annual employees may now view personalized retirement benefit estimates in PLUS. Read more.

TVA Retirement System Board Approves Amendment

At its March 6, 2017, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to the TVARS Rules and Regulations correcting an error in language regarding the annual compounding of interest-based credits for certain cash balance accounts. Please see the Notice of Amendment.

2017 retirement plan interest rates and IRS contribution limits

The TVA Retirement System has announced interest rates and IRS contribution limits for calendar year 2017. Read more.

 

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