03 Apr 2024

2024 Retirement Benefit Estimates Now Available Online

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Employees eligible for a TVARS pension benefit can now view their 2024 personalized retirement benefit estimates in PeopleGateway. The estimates will include projected retirement information for three dates, including April 5, 2024, and two additional future ages. How to access your Retirement Estimates online From the PeopleGateway dashboard, search for “Estimates” in the Search HR Portal box. You will then click “Retirement Estimates” from the results. Please note that some employees will not have retirement benefit estimates to view. They include: Employees hired on or after July 1, 2014 whose benefits are all in the 401(k) Plan. Employees who are…
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02 Feb 2024

TVA Retirement System Board Approves Amendments

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On December 8, 2023, the TVA Retirement System board approved IRS-housekeeping amendments to the TVARS Rules and Regulations and the Provisions of the TVA Savings and Deferral Retirement Plan (401(k) Plan) as required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the SECURE Act 2.0, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Please see the Notice of Amendments.
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13 Dec 2023

TVARS Announces 2024 Retirement Benefit Information – 401(k)

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IRS contribution limits for 2024 During 2024, employees will be able to contribute up to $23,000 to the 401(k) Plan on a pre-tax and/or Roth basis, which is an increase of $500 from 2023. Employees who are age 50 or older at any time during 2024 may make additional “catch-up” contributions to the 401(k) Plan of up to $7,500 over the $23,000 limit on a pre-tax and/or Roth basis. Note: There will be 27 pay periods in 2024, so please calculate your contributions accordingly. The overall contribution limit to the 401(k) Plan and the TVARS Fixed and Variable Funds for…
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13 Dec 2023

TVARS Announces 2024 Retirement Benefit Information

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TVARS has announced the following 2024 information of interest to employees and retirees. Cost-of-living adjustment (COLA) for 2024 For 2024, the COLA for eligible retirees and beneficiaries will be 4.44%. The TVARS Rules and Regulations (TVARS Rules) 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. The COLA is calculated as the percentage change in…
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13 Dec 2023

TVARS announces Cost-of-living adjustment (COLA) for 2024

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For 2024, the COLA for eligible retirees and beneficiaries will be 4.44%. The TVARS Rules and Regulations (TVARS Rules) 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. The COLA is calculated as the percentage change in the average CPI-U for the period of November 2021 – October 2022 to the period November 2022 –…
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22 Sep 2023

Clement Wins TVARS Board Election

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In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to elect Mike Clement, energy services consultant, Energy Services and Programs, Commercial Energy Services, Financial Services, Cleveland, Tennessee. His three-year term will run from Nov. 1, 2023, to Oct. 31, 2026. Of the 2,057 votes cast, Clement received 1,200 (58.3 percent). Scott Haulsee received 857 (41.7 percent).
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01 Aug 2023

Candidates Announced for Annual TVARS Board Election

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Employees will have an opportunity to vote for one of the candidates listed below to fill a three-year term on the TVARS Board. The term will run from November 1, 2023, through October 31, 2026. Mike Clement - Energy Services Consultant, Energy Services and Programs, Commercial Energy Services, Financial Services, Cleveland Scott Haulsee - Customer Service Engineer, Customer Relations East, External Relations, Johnson City Click on the names above to view detailed candidate information. Election-America, Inc., an independent election firm, will mail election ballots to employees’ home addresses and will also email voting information to employees at work. Employees will…
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07 Jun 2023

Nominations for Annual TVARS Board Election Open Through July 5

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The TVA Retirement System will accept nominations through Wednesday, July 5, for a three-year term as an elected member of the TVARS board of directors.  The term runs from Nov. 1, 2023, through Oct. 31, 2026.  Any employee who is a TVARS member is eligible to run for election. The TVARS board of directors consists of seven members:  three appointed by TVA, three elected by employees who are TVARS members, and one who is selected by the other six and must be a TVA retiree.  The TVARS board is responsible for the administration of the System and the 401(k) Plan.…
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28 Mar 2023

2023 Retirement Benefit Estimates Now Available Online

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Full-time annual employees first hired before July 2014 can now view their 2023 personalized retirement benefit estimates in PeopleGateway.  The estimates will include projected retirement information for three dates, including March 31, 2023 and two additional future ages. How to access your Retirement Estimates online From the PeopleGateway dashboard, search for “Retirement Benefit Estimates” in the Search HR Portal box.  You will then click “Retirement Estimates” from the results.  Please note that some employees will not have retirement benefit estimates to view.  They include: Employees who are in the Original Benefit Structure and were rehired within the last five years.…
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