TVA Retirement System Board Approves Amendments

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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TVARS Announces 2024 Retirement Benefit Information

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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Clement Wins TVARS Board Election

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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