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TVARS Archives

News Archive

Retirement Benefit Payment and Reporting Services

Effective January 1, 2018, the TVA Retirement System (TVARS) has partnered with The Bank of New York Mellon (BNYM) for retirement benefit payment and reporting services. BNYM has been the trustee and custodian of TVARS pension assets for 30 years and is one of the largest providers of benefit payment and reporting services. As a result of this partnership, your TVARS retirement payments will now be processed and sent to you by BNYM. Click here to see the services and features that BNYM offers TVA retirees.

2018 Cost-of-living Adjustment

The TVARS Board approved a 1.84 percent cost-of-living adjustment (COLA) for eligible retirees for calendar year 2018. Retirees will see the increase in checks beginning January 31, 2018. The COLA is calculated by comparing the percentage change from one 12-month period to another 12-month period of the U.S. Labor Department’s Consumer Price Index-All Urban Consumers- or the CPI-U (the CPI-U takes into account price increases/decreases for various good and services) minus .25%.

TVA Retirement System has strong financial year

The TVA Retirement System (TVARS) ended fiscal year 2017 with strong investment returns and significant contributions from TVA, which resulted in assets over $8 billion—the highest level in 10 years.

For the fiscal year, the System earned 10.5% on its investments (or approximately $750 million) and outperformed its policy benchmark by 1.3% while maintaining a well-diversified and risk-focused portfolio. Preliminary performance numbers for calendar year 2017 show a 13% investment return (or approximately $900 million).

In addition to strong investment performance, significant contributions from TVA greatly helped to improve the System’s financial condition even as the System made benefit payments to retirees and beneficiaries during the fiscal year of $700 million. Along with the $300 million required by the System’s Rules and Regulations, TVA made an additional discretionary contribution of $500 million in September, 2017. The TVA board has also approved a $300 million contribution to the System for fiscal year 2018.

Recent TVARS board actions

At its December quarterly meeting, the TVARS board elected Brian Child, Senior Manager, Long Range Financial Planning, as the board’s Chair, and Wilson Taylor, Director, HR Business Office and Ombudsman, as the board’s Vice-Chair. Also at its December meeting, the TVARS board approved interest crediting rates for calendar year 2018 calculated according to the System’s Rules and Regulations.

For 2018, all fixed fund (annuity) accounts will earn 4.75%. Cash balance accounts for employees hired on or after Jan. 1, 1996, will receive interest credits equal to 4.75%, while the cash balance of accounts for employees hired before Jan. 1, 1996, will continue to receive interest credits equal to 6.0%.

IRS contribution limits for 2018

Employees making pre-tax salary deferrals or Roth contributions to the 401(k) Plan, may contribute up to $18,500 during calendar year 2018, which is a $500 increase from 2017. Employees who are age 50 or older at any time during 2018 have an additional $6,000 they may contribute in pre-tax salary deferrals or Roth contributions to the 401(k) Plan, which are called “catch-up” contributions.

The overall individual contribution limit to the 401(k) Plan and the System’s defined benefit plan for 2018 will be $55,000, which is a $1,000 increase from 2018. This overall limit includes 401(k) pre-tax salary deferrals, Roth contributions, after-tax contributions, TVA’s matching contributions, and TVA’s (automatic) non-elective contributions. For employees hired before Jan. 1, 1996, who are eligible to contribute to the System’s fixed and variable funds, this overall limit also includes any after-tax contributions made to those funds during 2018. Any “catch-up” contributions made by employees age 50 or older to the 401(k) Plan do not count toward the overall individual contribution limit of $55,000.

For questions or more information please call TVARS at 865-632-2672, or email retsvcs@tva.gov.

TVA Retirement System Board Approves Amendment

At an October 30, 2017, special-called meeting, the TVA Retirement System (TVARS) board approved an amendment to the TVARS Rules and Regulations providing a limited carryover period of up to one (1) year for the current seventh director to continue in the event the TVARS board is unable to select a new seventh director by the end of the sitting seventh director’s term. Please see the Notice of Amendment.

Sam DeLay Wins TVARS Board Election

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to elect Sam DeLay, senior program manager, Energy Use Technology, Enterprise Research and Technology Innovation.  His three-year term will run from Nov. 1, 2017, to Oct. 31, 2020.

Of the 3,196 votes cast, DeLay received 1,625 (50.85 percent).  The other candidates and their vote totals were as follows:  Tony Troyani, 794 votes (24.84 percent), Andrew McFalls, 527 votes (16.49 percent), and Jerry Snyder, 250 votes (7.82 percent).

Retirement benefit estimates now available online

Some full-time annual employees may now view personalized retirement benefit estimates in PLUS. Read more.

TVA Retirement System Board Approves Amendment

At its March 6, 2017, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to the TVARS Rules and Regulations correcting an error in language regarding the annual compounding of interest-based credits for certain cash balance accounts. Please see the Notice of Amendment.

2017 retirement plan interest rates and IRS contribution limits

The TVA Retirement System has announced interest rates and IRS contribution limits for calendar year 2017. Read more.

Candidates Announced for Annual TVARS Board Election

Four employees have been nominated for the TVARS Board term that begins November 1. The candidates are Sam DeLay, Andrew McFalls, Jerry Snyder, and Tony Troyani. See complete candidate information and election details.

Announcement of Election

Employees who are TVARS members will elect a director from four candidates for a three-year term on the TVARS Board.  The term will run from November 1, 2017, through October 31, 2020. Read more.

Nominations for annual TVARS board election open through July 10

The TVA Retirement System will accept nominations through Monday, July 10, for a three-year term as an elected member of the TVARS board of directors. Read more.

Notice of Amendments

On September 11, 2014, the TVA Retirement System Board approved amendments to the System Rules and to the Provisions of the 401(k) Plan. Read more.

Lawsuit Update

Read the latest
Joint Mediation Report

IRS Determination Letter Received

The TVA Retirement System received new favorable determination letters from the Internal Revenue Service on Friday, August 1, as to the tax-qualified status of the Retirement System and the TVA Savings and Deferral Retirement Plan, which is TVA’s 401(k) Plan.

The Notice to Interested Parties regarding an application the TVA Retirement System will file with the Internal Revenue Service for an advance determination on the qualification of the employee pension benefit plans, Tennessee Valley Authority Retirement System and the Tennessee Valley Authority Savings and Deferral Retirement Plan (401(k) Plan) is now available for review.

 

TVA Retirement System Board Approves Amendments

At a special-called meeting on August 8, 2016, the TVA Retirement System (TVARS) board by a 4 to 3 vote approved final amendments to the TVARS Rules and Regulations and the 401(k) Plan Provisions implementing certain changes to future retirement benefits, funding and governance previously approved at a meeting on May 9, 2016. Please see the Notice of Amendments. For more information, see the board approved plan changes.

Maximize your 401(k): Attend a retirement workshop

It’s time to say “Happy New Year” to your 401(k). TVA is partnering with Fidelity Investments to offer Investing in your 401(k) with Confidence, an educational workshop to help you plan for a more successful retirement. Read more.

Hovious Wins TVARS Board Election

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to re-elect James W. Hovious. His new three-year term will run from Nov. 1, 2016, to Oct. 31, 2019.

Of the 2,975 votes cast, Hovious received 2,197 (73.85 percent). Jennifer Weber received 778 votes (26.15 percent).

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 Court “for further proceeding consistent with [the Sixth Circuit’s] opinion.” See the Sixth Circuit’s opinion and judgment.

 

Candidates Announced for Annual TVARS Board Election

Two employees have been nominated for the TVARS Board term that begins November 1. The candidates are James W. Hovious and Jennifer R. Weber. For complete candidate information and election details, read more.

Nominations for Annual TVARS Election

TVARS will accept nominations through Friday, July 15, for a three-year term on the TVARS Board of Directors. The term will run from November 1, 2016, through October 31, 2019. Read more or download the nominating petition.

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 deadline, the only nomination petition received was for Leonard J. Muzyn, who currently serves as an elected director on the board. 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. Therefore, in a special called meeting on July 24, 2015, the board approved a resolution declaring Mr. Muzyn re-elected as a director of the TVARS board for the three-year term beginning November 1, 2015, through October 31, 2018. Mr. Muzyn’s candidate information form is available for review on the TVARS website.

Also, during this meeting, the TVARS board selected Allen E. Stokes, who currently serves as the 7th director on the board, to serve a new three-year term as its 7th director from November 1, 2015, through October 31, 2018. Stokes retired in January 2007 after a 30-year career with TVA, having last served as senior manager of Special Projects in Human Resources’ Information Services. Mr. Stokes was re-selected after informing the TVARS board of his interest in being re-selected for the 7th director.

In making the selection, the TVARS board considered Mr. Stokes, along with other potential candidates, and acknowledged Mr. Stokes’ experience serving as 7th director for four years, along with his qualifications, met the desired characteristics for the 7th director position. In addition, the board considered the need for continuity in the position given certain matters currently before the TVARS board, including the current lawsuit against TVARS and the implementation of a new 401(k) Plan investment menu.

TVA monitoring OPM security breach

The U.S. Office of Personnel Management on Thursday, June 4, announced that it recently became aware of a cybersecurity incident affecting its systems and data. Read more.

Nominations for Annual TVARS Election

TVARS will accept nominations through Monday, July 13, for a three-year term on the TVARS Board of Directors.  The term will run from November 1, 2015, through October 31, 2018.  Read more or download the nominating petition.

Nominations Being Accepted for 7th Director Position on TVARS Board

The TVA Retirement System Board is accepting nominations and applications through July 10 for its seventh director position. Read more.

TVARS Sharepoimt

Use the new TVARS Sharepoint site to request a retirement benefit estimate, register for a retirement meeting, and access retirement planning resources, including both TVARS and Fidelity Planning Tools. Only available via the TVA network.

2015 Cost-of-living Adjustment

The TVARS Board approved a 1.68 percent cost-of-living adjustment (COLA) for eligible retirees for calendar year 2015. Retirees will see the increase in checks beginning January 31, 2015. The COLA is calculated by comparing the percentage change from one 12-month period to another 12-month period of the U.S. Labor Department’s Consumer Price Index-All Urban Consumers- or the CPI-U (the CPI-U takes into account price increases/decreases for various good and services).

TVA Retirement System celebrates 75 years of service

New Look, New Resources and Easier Navigation at TVARS.com

Life Expectancy Changes Lead to Modification of Some TVARS Benefit Calculations

401(k) Plan Share Class Changes

New Service Available for 401(k) Plan Participants!

Child Appointed to TVARS Board

TVARS to follow Social Security in Requiring Direct Deposit

TVA's Retirement System Is Working For You

TVARS Chair Welcomes Call for Long-Term Strategy

TVARS Board Holds Workshop

Economy Driving TVARS Status

TVARS Rules Changes

Retirement System Board Approves Rule Changes

Retirement Proposal From TVARS Board

TVA Proposes Retirement System Contribution and Offers Recommendations to TVARS Board

TVARS Board Recommends Contribution for 2010

TVA Recognizes the Challenges Facing TVARS

Message From Frank Alford, Chairman, Board of Directors, TVA Retirement System

TVA Proposes Retirement System Contribution and Offers Recommendations to TVARS Board

TVARS Board Offers Employees an Update on Retirement Assets

Lawsuit Updates

Duncan, et al. v. TVA and TVARS (April 2012)

New hires to receive change in retirement benefit

New 401(k)-only benefit provides greater participant control, supports long-term sustainability of current system. Read more.

Notice of Amendments

On April 11, 2014, the TVA Retirement System Board approved amendments to the System Rules and to the Provisions of the 401(k) Plan. Read more.

 

 

 

More archived pages

 

Quarterly TVARS Board Reports

September 8, 2016

June 16, 2016

March 3, 2016

December 10, 2015

September 18, 2015

June 19, 2015

March 6, 2015

December 5, 2014

September 11, 2014

June 20, 2014

March 14, 2014

December 13, 2013

September 12, 2013

June 28, 2013

March 15, 2013

December 11, 2012

September 20, 2012

June 8, 2012

March 16, 2012

December 2, 2011

September 15, 2011

June 17, 2011

Board Minutes (transcripts available upon request)

12/10/2015, 9/18/2015, 7/30/15, 7/24/15, 6/19/15, 3/6/15, 3/4/15, 12/5/14, 9/11/14, 7/14/146/20/144/11/143/14/14, 12/13/13, 9/12/13, 7/19/13, 6/28/13, 3/15/13, 12/11/12, 9/20/12, 6/8/12 5/4/12, 3/16/12, 12/2/11, 9/15/11, 7/29/11, 6/17/11, 4/22/11, 3/8/2011, 12/17/10, 12/8/10, 11/22/10, 11/19/10, 9/17/10, 6/18/10, 3/26/10, 3/5/10, 12/11/09, 9/10/09, 8/17/09, 6/8/09, 6/2/09, 3/6/09,

 

Annual Reports

2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001,

 

 

TVA Retirement System Years in Review

2011 2010

 

 

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