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TVARS Board Holds Quarterly Meeting

The board of directors of the TVA Retirement System held its quarterly meeting on June 20.

The board heard reports from the Investment, Audit, Election and Retirement committees.

Investment Committee

Wilshire Associates, the system’s investment consultant, reviewed investment performance for the period ended March 31, 2014. Performance for the quarter was positive, with the system earning 2.2 percent on investments. For the 12-month period ended March 31, the system earned 12.6 percent.

System earnings for fiscal year 2014 have totaled more than $340 million. The system’s annualized returns over the past three-, five- and 10-year periods have been 9.2 percent, 15.0 percent and 6.6 percent, respectively.

The board approved an investment with Kennedy Wilson, an existing real estate manager for the system, upon the review and recommendation by Wilshire Associates.

Other topics discussed during the Investment Committee meeting:

  • Securities lending program
  • Investment managers’ compliance
  • Due diligence meetings with current and potential investment managers
  • Asset transfers
  • 401(k) Plan fund performance
  • Risk allocation review
  • Funded status review

Audit Committee

The board approved an engagement letter with Crowe Horwath, the system’s external auditor, to provide FY 2014 financial statement audits for the defined benefit plan and the 401(k) Plan.

As previously communicated, the board issued a request for proposals for services related to the Service Organization Controls (SOC 1) audit. The SOC 1 audit covers TVARS internal controls over financial reporting and is provided to TVA. After interviewing four firms that submitted proposals, the board voted to select Crowe Horwath for the system’s SOC 1 audit beginning in 2015.

The board also received a legal update from its outside counsel.

Election Committee

As covered earlier in TVA Today, Retirement System will accept nominations through Monday, July 14, for a three-year term on the TVARS board of directors. The term runs from Nov. 1, 2014, through Oct. 31, 2017. Any active TVARS member is eligible to run for election. Read more.

Retirement Committee

During the Retirement Committee meeting, presentations were made for defined contribution plan consulting services. Following these presentations, the board voted to select Hewitt EnnisKnupp to provide defined contribution plan consulting services for the 401(k) Plan.

Questions

The TVARS board is committed to providing accurate and timely information to employees and retirees.

Anyone with questions can contact Retirement Management by email at retsvcs@tva.gov or by phone at 865-632-2672 or 800-824-3870 (toll-free).

 

 

 

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