UPDATE: TVA Vetoes TVARS Rules Amendment

At its March 12, 2021, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to Section 3(2) of the TVARS Rules and Regulations that would restrict any individual who is or was a participant in TVA’s Supplemental Executive Retirement Plan (SERP) from being eligible to serve as a director on the TVARS board. TVARS presented notice of this amendment to TVA on April 12, 2021, for its review and consideration. The amendment would become effective May 12, 2021, unless vetoed by TVA within 30 days of the notice. On May 6, 2021, TVA provided notice of veto of…
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TVA’s 401(k) Plan Named Best-in-Class

When it comes to preparing employees for retirement, TVA continues to excel. In fact, a leading national publication has just recognized TVA’s 401(k) plan as “Best-in-Class” for a second time. Each year, PLANSPONSOR completes a rigorous review of the nation’s 401(k) plans and names a best-in-class list. TVA made the list for the first time in 2016. In 2021, TVA again joins such venerable names as DuPont, IBM, and Pfizer. “We have one of the best 401(k) retirement plans available,” said Mark Meigs, executive secretary of the TVA Retirement System (TVARS), which administers the 401(k) plan. “We are pleased that…
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Introducing People First – enhanced TVA Human Resources support

TVA is its people – from our retirees that paved the way and the 10,000 employees working daily to keep the lights on, to the future generations that will carry on our mission of service. That’s why it’s important for our TVA and the human resources (HR) team to put YOU first in everything we do. Achieving this means redefining our services to align with leading practices so the right teams, with the right capabilities, deliver the right HR support.  We call this People First.  Coming in 2021 Later this year, you can access two new resources – PeopleGateway and the People First Solution Center –  to…
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Board Meeting—12/8/2020

The TVA Retirement System Board of Directors (Board) held its quarterly meeting December 8, 2020, virtually via WebEx with business conducted through the Board’s Investment, Audit, Retirement and Election committees. All current TVARS Board directors were present: Brian Child, Chair; Mike Belcher, Marilyn Brown, Eric Davis, Sam DeLay, Jim Hovious and Tina Wallace. This was the first Board meeting for Marilyn Brown, who was unanimously selected to serve as the 7th Director retiree on the TVARS Board for the remainder of the current term for the position that runs through October 31, 2021. Following nominations, the Board voted on officers…
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TVARS announces 2021 information on COLA, Interest Crediting Rates, Contribution Limits

TVARS has announced the following 2021 information of interest to employees and retirees. Cost-of-living adjustment (COLA) for 2021 For 2021, the COLA for eligible retirees and beneficiaries will be 1.13%.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 Rules, the COLA is calculated as the percentage…
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Cost-of-living adjustment (COLA) for 2021

For 2020, the COLA for eligible retirees and beneficiaries will be 1.13%.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 Rules, the COLA is calculated as the percentage change in the average CPI-U for the period of November 2018 – October 2019 to the period November…
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TVARS Board Selects 7th Director – Marilyn Brown – November 2020

The TVA Retirement System Board of Directors (Board) held a special called meeting November 16, 2020 virtually via WebEx and unanimously voted to elect Marilyn Brown as the 7th Director on the TVARS Board for the term which runs through October 31, 2021. All current TVARS Board directors were present: Brian Child, Chair; Sam DeLay, Vice-Chair; Mike Belcher, Eric Davis, Jim Hovious, and Tina Wallace. Marilyn Brown retired in 2018 from Johnsonville Fossil Plant as Senior Instrument Foreman with twenty-seven years of service. The Board members look forward to working with her soon as she attends the next quarterly meeting…
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Board Meeting—9/10/2020

The TVA Retirement System Board of Directors (Board) held its quarterly meeting September 10, 2020 virtually via WebEx with business conducted through the Board’s Investment, Audit, Retirement, Election and Seventh Director Search committees. All current TVARS Board directors were present: Brian Child, Chair; Sam DeLay, Vice-Chair; Mike Belcher; Jim Hovious; Tina Wallace and Eric Davis. Investment Committee Highlights: TVARS staff and consultants reviewed recent financial market, pension and 401(k) plan performance.  Aon, the System’s 401(k) Plan consultant, reviewed the 401(k) Plan, including the performance, fees and dollars invested within each fund as of June 30, 2020. 401(k) Plan assets were…
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DeLay Wins TVARS Board Election

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to re-elect Samuel J. L. DeLay, senior program manager, Energy Use Technology, Operational Research & Support, Innovation & Research, Chattanooga. His new three-year term will run from Nov. 1, 2020, to Oct. 31, 2023. Of the 2,728 votes cast, DeLay received 1,508 (55.3 percent). Wesley M. Conkle received 660 (24.2 percent); Julia E. Koella received 560 votes (20.5 percent).
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