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After 1996 Cash Balance, less than 10 years

For employees who first became TVARS members on or after 1/1/1996 but before 7/1/2014 and have less than 10 years of TVARS service as of 10/1/2016

Your Retirement Benefits at a Glance

Cash Balance Account

The value of your cash balance account is the sum of your pay credits plus interest credits. Pay credits to your cash balance account stopped on 10/1/2016. However, this account will continue to receive interest credits until retirement. Upon termination, you have the option to receive the entire cash balance account balance in a lump sum or draw a monthly pension benefit. You are vested for this benefit when you have 5 years of cash balance service.

Supplemental Benefit

This benefit is provided to eligible retirees and eligible surviving spouses and is intended to help with the cost of retiree medical insurance. The amount of this vested benefit is based upon the length of time spent as a member in the TVA Retirement System as of 10/1/2016. Read more about the supplemental benefit.

401(k) Savings and Deferral Plan

TVA provides an automatic non-elective contribution equal to 6% of eligible compensation. In addition, TVA contributes one dollar to your account for each dollar you contribute to the Plan. The maximum matching contribution from TVA is 6% and is based on your eligible compensation. You must contribute a minimum of 6% to be eligible to receive the full employer match. Therefore, if you contribute at least 6% of your pay, you will receive 12% total contribution from TVA for a total savings/deferral rate of 18%. You are immediately vested in any contributions you make and any earnings on your contributions. Additionally, you are vested in matching and any employer automatic contributions from TVA and any earnings after 3 years of TVA service.Read more at Fidelity

Fixed and Variable Funds

You are no longer eligible to contribute to these funds. Any balance in these funds as of 9/30/2016 will continue to receive interest. Please note that upon termination you are not eligible to receive a monthly benefit from these funds. You may transfer these funds to the 401(k) Plan anytime during employment or at termination. Read more at Fidelity 

 

Related information

Your Retirement Benefits

Aon Hewitt Cash Balance Calculator

 

 

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