Using your 401(k) for retirement just got easier

An exciting new retirement income option is coming to the Target Retirement Portfolios in the TVA 401(k) Plan. Beginning June 21, 2024, BlackRock’s LifePath Paycheck will be available to 401(k) participants within new Target Retirement Paycheck Portfolios. Here are three things to know about this new option:

  • Target Retirement Paycheck Portfolios build on the existing suite of Target Retirement Portfolios in the 401(k) Plan, which are designed for participants who prefer a single, professionally managed investment approach and include a diversified allocation of stocks, bonds, and inflation-sensitive investments that are managed by BlackRock to gradually become more conservative as you approach retirement.
  • For participants in the Target Retirement Portfolios, beginning in the year you turn age 55, your investment will transition from a Target Retirement Portfolio to a Target Retirement Paycheck Portfolio, which will begin allocating a portion of its investments to a new asset class called lifetime income. The amount invested in lifetime income will initially be 10% and gradually increase to approximately 30% by age 65.
  • The lifetime income asset class performs similar to a long-duration corporate or government bond and starting at age 59½ until the year in which you turn 71 provides you the option to use that money to purchase a lifetime income stream (annuity) from insurers selected by BlackRock.

The addition of the Target Retirement Paycheck Portfolios will happen automatically. There is no action required on your part. More information on LifePath Paycheck is available on the TVARS website at LifePath Paycheck Resources (

If you have questions about the Target Retirement Portfolios, please feel free to contact TVARS by email ( or by phone 800-824-3870. If you would like more information on the 401(k) Plan features and investment options, or if you want to modify your investment elections at any time before or after these changes take place, please log on to Fidelity NetBenefits® at or call Fidelity at 800‑354‑7121.