The TVA Retirement System (TVARS) recently accepted an Excellence and Innovation award during the Pensions and Investments’ Defined Contribution West conference. The award recognizes individuals and teams for their deep commitment and efforts to further initiatives that work to improve employees’ retirement readiness.
Mark Meigs, TVARS Executive Secretary accepted the award that recognized the five-year effort to build a plan that better supports the employees of tomorrow. After an in-depth evaluation, TVARS chose the BlackRock LifePath Paycheck target-date series as the plan’s qualified default investment option. The plan automatically allocates an increasing portion of the participant’s balance to a pool of money that can later be converted to an immediate annuity.
Many people are unclear on how to turn their 401(k) savings into monthly income in retirement, said Meigs. With the new LifePath Paycheck funds, participants have the option to build an income stream that can be later utilized as a “monthly paycheck for life.”
In addition to this Excellence and Innovation award sponsored by P&I and the Defined Contribution Institutional Investment Association, TVARS and the TVA 401(k) Plan have been recognized twice as “Best in Class” by PLANSPONSOR magazine.