TVA Retirement System Board Approves 401(k) Plan Amendment

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.
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TVA Retirement System Board Approves 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.
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Lawsuit Update

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…
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