TVARS announces 2023 information on COLA, Interest Crediting Rates, Contribution Limits

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…
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TVARS Board Election Results

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…
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