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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).
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.