When it comes to preparing employees for retirement, TVA continues to excel. In fact, a leading national publication has just recognized TVA’s 401(k) plan as “Best-in-Class” for a second time.
Each year, PLANSPONSOR completes a rigorous review of the nation’s 401(k) plans and names a best-in-class list. TVA made the list for the first time in 2016. In 2021, TVA again joins such venerable names as DuPont, IBM, and Pfizer.
“We have one of the best 401(k) retirement plans available,” said Mark Meigs, executive secretary of the TVA Retirement System (TVARS), which administers the 401(k) plan. “We are pleased that a national publication has once again recognized our plan as best-in-class in terms of helping TVA employees and retirees achieve their retirement goals.”
PLANSPONSOR’s research and editorial teams evaluated 401(k) plans based on 30 proprietary attributes in the following areas:
- Plan design, including investments, features, and employer contributions
- Practices that are positively correlated with improved participant and plan outcomes
- Plan oversight and governance
Meigs notes that TVARS continually looks for opportunities to improve and strengthen the plan for participants. For example, the plan recently lowered recordkeeping fees and management fees on certain investment funds in the lineup and also introduced in-plan Roth conversions that participants may elect.
Consistent with this continuous improvement mindset, the TVARS Board of Directors recently agreed on a vision to evolve the 401(k) plan from a savings plan to a true retirement plan for TVA employees, retirees and beneficiaries.
Meigs encourages employees to review and understand their retirement benefits and take advantage of the planning tools that TVARS makes available through Fidelity, including one-on-one meetings with a retirement planner. Find more information here, or by clicking on Fidelity Investments 401(k) from the TVARS website home page (www.tvars.com).
Read the complete PLANSPONSOR 401(k) Best-in-Class report here.