Author: cksmith

TVARS has announced the following 2023 information of interest to employees and retirees. Cost-of-living adjustment (COLA) for 2023 For 2023, the COLA for eligible retirees and beneficiaries will be 6%. The TVARS Rules and Regulations provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA benefit based on a formula using the Consumer Price Index – All Urban Consumers (CPI-U) – an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. Under the TVARS Rules, the COLA is calculated as the percentage…

An open-enrollment period for the retiree dental plan available through Delta Dental of Tennessee will be held from November 1 through December 2.  Coverage will be effective January 1, 2023. Waiting periods may apply. Additional information will be available in the enrollment packages. Enrollment packages will be available on November 1 at www.tva.com/retireeportal (see Health Care Benefits).  Packages will also be available beginning November 1 by emailing Delta Dental at TVAEnrollment@deltadentaltn.com or by calling them toll-free at 833-932-0878. TVA retirees (or spouses of deceased retirees) are eligible to enroll if they receive monthly retirement benefits from the TVA Retirement System,…

The TVA Retirement System (TVARS) recently accepted nominations for a three-year term as an elected member of the TVARS board of directors. At the close of the nomination period, the only nomination received was for Michael A. Blakely II, nuclear unit operator, Browns Ferry Nuclear Plant. The TVARS rules and regulations state in the event only one person is nominated for the director position to be filled, the board may declare such nominee elected without the necessity of formal balloting by the membership. Accordingly, the board has unanimously approved a resolution declaring Mr. Blakely elected as a director of the…

On December 7, 2021, the TVA Retirement System (TVARS) board approved IRS-housekeeping amendments to Articles 8.1, 9.5A, and 9.5B of the Provisions of the TVA Savings and Deferral Retirement Plan (401(k) Plan) regarding hardship withdrawals and use of forfeitures. Please see the Notice of Amendment.

For 2022, TVARS will provide a 3.5% COLA for eligible retirees and beneficiaries, the highest COLA since 2009 as a result of significant increases in the cost of many consumer goods during 2021. The TVARS Rules and Regulations provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA based on an inflation measure, which is the Consumer Price Index – All Urban Consumers (CPI-U) – an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. Under the TVARS Rules, the COLA is…

TVARS has announced the following 2022 information of interest to employees and retirees. Cost-of-living adjustment (COLA) for 2022 For 2022, the COLA for eligible retirees and beneficiaries will be 3.5%. The TVARS Rules and Regulations provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA based on an inflation measure, which is the Consumer Price Index – All Urban Consumers (CPI-U) – an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. Under the TVARS Rules, the COLA is calculated as the…

The TVA Retirement System (TVARS) Board of Directors held its quarterly meeting on September 13, 2021, and unanimously selected Marilyn Brown, who currently serves as the 7th director on the TVARS Board, to serve a new three-year term as its 7th director. Brown’s new term will run from November 1, 2021 to October 31, 2024. Brown retired in 2018 after a 27-year career with TVA, having last served as senior instrument foreman at Johnsonville Fossil Plant. The TVARS Board consists of seven members: three appointed by TVA, three elected by employees who are TVARS members, and one who is selected…

The TVA Retirement System (TVARS) recently accepted nominations for a three-year term as an elected member of the TVARS board of directors. At the close of the nomination period, the only nomination received was for Michael L. Belcher, who currently serves as an elected director on the board. The TVARS rules and regulations state in the event only one person is nominated for the director position to be filled, the board may declare such nominee elected without the necessity of formal balloting by the membership. Accordingly, the board has approved a resolution declaring Mr. Belcher re-elected as a director of…

In June 2021, the TVA Retirement System (TVARS) board approved amendments to Section 7C(3)(b) and Section 17 to the Actuarial Assumptions in the Appendix of the TVARS Rules and Regulations regarding the floor and ceiling in the calculation of the interest crediting rate for Cash Balance accounts of participants hired on or after January 1, 1996, and for Fixed Fund accounts. Please see the Notice of Amendment.

How well do you understand your retirement benefits? Test your knowledge by attending the first workshop in the Retirement Building Blocks series: Navigating the Basics. Beginning in June, TVA Retirement System (TVARS) members can attend and learn more about the basics of their retirement benefits along with available services and tools to help with their retirement planning. During this virtual workshop, a TVARS Consultant and Fidelity Retirement Planners will navigate through the following topics: Review of the different TVARS retirement groups Overview of the pension, 401(k) Plan and other benefits How TVARS and Fidelity Investments can assist in your retirement…