Author: chas

Below is information of interest for employees and retirees from the latest TVARS board meeting held December 5, 2019, in Knoxville.  Cost-of-living adjustment (COLA) for 2020 For 2020, the COLA for eligible retirees and beneficiaries will be 1.54%.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…

Employees will have an opportunity from September 9 through September 25 to vote for a candidate to fill a three-year term on the TVARS Board. The term will run from November 1, 2019, to October 31, 2022. The candidates are James W. Hovious and Julia E. Koella. For complete candidate information and election details, read more.

Beginning February 2020, TVARS will change the frequency of direct deposit statement mailings. Retirees and beneficiaries will receive a direct deposit statement via mail each January and then each month their deposit amount changes for any reason. This will help TVARS continue to administer the System efficiently and reduce waste. We encourage retirees and beneficiaries to register to view their information online at BNY Mellon. Read more.

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. “The Executive Secretary position is of critical importance to the TVA Retirement System” said Brian Child, the chair of the TVARS Board.  “While we congratulate Pat on his upcoming retirement and recognize his years of dedicated service to TVARS, we are excited to have someone with Mark’s capabilities ready to assume this…

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. How to access your Retirement Estimates online Employees can click here to log into PLUS with their network ID and password. From the PLUS homepage, view your Retirement Estimates from the “Benefits” menu. Please note that some employees will not have retirement benefit estimates to view: Employees who were first hired on or after July 1, 2014Employees who are in the Original Benefit Structure and were rehired on or after April 1, 2014Employees…

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.

Evans, et al. v. TVA & TVARS August 12, 2016 Litigation Update Evans v. Tennessee Valley Authority Retirement System and Tennessee Valley Authority On August 12, 2016, the United States Court of Appeals for the Sixth Circuit issued a decision holding that cost-of-living adjustments (“COLAs”) are not vested benefits and, therefore, the 2009 amendments did not violate the TVARS Rules and Regulations (Section 13), which prohibit amendments that reduce vested benefits. In addition, the Sixth Circuit reversed the District Court’s holding that there was no judicial review of the TVARS Board’s actions, and remanded all other issues to the District…