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TVARS Board Recommends Contribution for 2010

June 10, 2009

The TVA Retirement System (TVARS) Board held a special called meeting Monday, June 8.

After considering the options and actuarial valuations provided by the System’s actuary, Mercer Human Resource Consulting, the TVARS Board voted to recommend a contribution by TVA to the System of $300 million for fiscal year 2010.

According to the TVARS Board, absent any changes in plan provisions or actuarial assumptions or differences between actual and expected experience, this level of annual contribution will be necessary over the next 30 years to provide a reasonable chance that all current benefits will be fully funded by the end of such period.

The TVARS Board recommendation has been communicated to TVA for consideration and will be carefully reviewed as TVA prepares its fiscal year 2010 operating budget.

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