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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, engineer, generators and exciters, Power Operations, Chattanooga. His new three-year term will run from Nov. 1, 2019, to Oct. 31, 2022.
Of the 2,614 votes cast, Hovious received 1,840 (70.4 percent). Julia E. Koella received 774 votes (29.6 percent).
The TVA Retirement System (TVARS) is pleased to announce several changes in the TVA Savings and Deferral Retirement Plan (401(k) Plan) that will help save you more money for retirement: a reduction in the Administrative Fee for the 401(k) Plan and lower expense ratios for the Target Retirement Portfolios and the Equity Index Fund in the 401(k) Plan's investment lineup. Read more.
In a special called meeting, the TVA Retirement System (TVARS) board of directors has unanimously selected Mark Meigs as its new Executive Secretary. Mark will succeed Pat Brackett upon his retirement on September 30, 2019 after 37 years at TVA and 9 years serving as the Executive Secretary. Read more.
Full-time annual employees may now view their 2019 personalized retirement benefit estimates in PLUS. The estimates include projected retirement information for three dates, including Sept. 30, 2019. Read more.
At its December 3, 2018, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to Article 7.5 of the TVA Savings and Deferral Retirement Plan (401(k) Plan) adding an in-plan Roth rollover option within the 401(k) Plan beginning April 1, 2019. Please see the Notice of Amendment.
At its June 15, 2018, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to Section 3(2) of the TVARS Rules and Regulations that establishes a term limit for any individual to serve as a director of the TVARS board (whether elected, appointed, or selected) of no more than three full 3-year terms. Please see the Notice of Amendment.
Amendments to the TVARS Rules and Regulations and 401(k) Plan Provisions were recently approved that will allow Cash Balance employees to voluntarily elect future participation and retirement benefits in the 401(k) Plan only.
Employees with a Cash Balance Account will have an opportunity from July 1 to August 31, 2018 to choose to stop receiving Cash Balance pension benefits and instead shift their retirement benefits to the 401(k) Plan beginning October 1, 2018. This offer is intended to provide employees more flexibility in future financial planning and the ability to choose the retirement benefits that are best for them.
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At a May 23, 2018, special-called meeting, the TVA Retirement System (TVARS) board approved amendments to the TVARS Rules and Regulations and 401(k) Plan Provisions that will provide TVA employees with cash balance accounts the option to voluntarily elect to switch their future participation to the 401(k) Plan only and the additional option to transfer their existing cash balance accounts to the 401(k) Plan. Please see the Notice of Amendment.
The TVA Retirement System Board is accepting resumes through June 29, 2018 for its 7th director position. See attached letter for more information.