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I will no longer be on the TVARS Board as of November 1

The TVARS Board decided by a 4-3 vote today to not permit me to run again. The election process has already begun and I submitted my signed nominating petitions yesterday. They decided term limits would be a good idea and changed the rules to allow any TVARS Board director to serve a total of no more than three full terms. I will never be allowed to serve on the TVARS Board again. See the rule amendment here.

Retiree TVARS Board director Allen Stokes and TVARA President DeWitt Burleson have worked with TVA management to make this happen. Not only does this take away the employees' choice to re-elect me or not, but it ensures that retirees will never be able to vote for me. DeWitt Burleson's letter to TVA President and CEO William D. Johnson and TVARS Board Chairman Brian M. Child asked for two things. First, for retirees to be included in being able to elect members to the TVARS Board, and second, to impose term limits. See the letter here.

Do they believe that they know what …
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Cash Balance Election Window FAQs

The TVARS Board approved a July through August 2018 window during which Cash Balance employees who had less than 10 years of service as of 10/1/16 may elect to transfer their Cash Balance accounts to the 401(k). Cash Balance employees who had 10 or more years of service as of 10/1/16 may elect to receive 401(k) only benefits going forward. If they elect to receive 401(k) only benefits going forward, they may also elect to transfer their Cash Balance account to the 401(k).
Please be careful and understand all that you are giving up if you make any of these elections. They are completely voluntary. No changes will be made if you do nothing. Look for a letter from Fidelity soon to explain this in more detail. Please study it carefully. Two different letters will be sent. One to those who had less than 10 years, and another to those who had 10 or more years. If you choose to make any changes, they will become effective October 1, 2018.
I have put together below a list of frequently asked qu…

Cash Balance Election Window

The TVARS Board today approved a July through August window during which Cash Balance employees who had less than 10 years of service as of 10/1/16 may choose to transfer their Cash Balance accounts to the 401(k). Cash Balance employees who had 10+ years of service as of 10/1/16 may switch to receiving the 401(k) only benefit going forward. They also may choose to transfer their Cash Balance account to the 401(k) if they switch to receiving the 401(k) only benefit going forward.

Please be careful and understand all that you are giving up if you make any of these elections. They are completely voluntary. No changes will be made if you do nothing. Look for a letter from Fidelity soon to explain in more detail. Two different letters will be sent. One to those who had < 10 years, and another to those who had 10+ years. If you choose to make any changes, they will become effective October 1, 2018.

I am working with the TVARS staff on a list of frequently asked questions and answers that…

TVA Retirees may now apply for the 7th TVARS director position

The TVA Retirement System (TVARS or System) Board of Directors is now accepting resumes from TVA retirees interested in serving as the 7th member of the TVARS Board.  According to the TVARS Rules and Regulations, the 7th director must be a TVA retiree and is selected by a majority of the other 6 directors (3 of whom are elected by TVA employees and 3 of whom are appointed by TVA). The term of the current 7th director ends on October 31, 2018, and the position of the new 7th director will have a 3-year term from November 1, 2018, to October 31, 2021. However, the TVARS Rules provide a limited carryover period of up to one year for the current 7th director to continue in the event the TVARS Board is unable to select a new 7th director by the end of the sitting 7th director’s term.

TVARS is a federal agency established by TVA in 1939 to provide retirement benefits for TVA employees, retirees and beneficiaries, and administers a defined benefit pension plan and a 401(k) plan. The TVARS Bo…

TVARA Proposal Fails to Address Needed TVARS Reforms

The TVARA's May 9, 2018 proposal fails to address any of the concerns raised in the November 28, 2017 letter from the elected TVARS Board Directors. The TVARA proposal:
Does not recommend giving retirees the right to vote for the next 7th DirectorAllows three TVA-appointed Directors to keep the current 7th Director an additional year (through October 31, 2019) simply by blocking the selection of other candidatesDoes not address any of the conflict of interest issuesDoes not address any of the funding issuesIgnores the GAO recommendations on TVARS fundingAllows TVARS meetings to continue behind closed doorsEncourages the TVA-appointed Directors and current 7th Director to use their majority to mandate an end to my service on the board


Why extend the term of the TVARS 7th director?

I share Dennis’ concerns below. If anyone can think of another reason why TVA would want to extend the term of the 7th TVARS director with the particular rule change described below, please let me know.
From: Dennis To [mailto:dpto19533@gmail.com]
Sent: Monday, April 16, 2018 2:12 AM
To: Dennis To
Subject: Why the need for interim 7th director?
At the tvars Board mtng on Oct 30, 2017, Wilson Taylor (TVA-appointed director) made a motion which was then approved by 4-to-2 majority vote.  This motion allowed Allen Stokes to stay on (for one year) as interim director until the 7th director is selected by the tvars board.  Did Wilson make such a motion in the best interest of retirees?  Of course, not. That motion was clearly intended to serve some purpose of TVA.  The big question is, what is it for?
There is a very serious implication behind this move.  For the entire history of tvars existence, I believe this is the first time ever that somehow there is a sudden need for an interim 7th dire…

Retiree Election Proposal for 7th Director Defeated Again; Selection Process Begins

A motion was made in the March 29, 2018 TVARS Board meeting to fill the upcoming 7th director term through a retiree election.  The motion was defeated 3-3.  Sam, Jim and I voted YES.  Directors Stokes, Wilson and Taylor voted NO.
A second motion was then made to begin the process of seeking candidates for the 7th director.  This motion passed 4-2.  Director Taylor joined the three of us in voting YES.  Directors Stokes and Wilson voted NO.
The Board is working on a letter to be mailed soon to all retirees seeking nominations for the November 1, 2018 through October 31, 2021 term.  Interviews will then be conducted and the three elected and three appointed directors will make the selection.
I strongly encourage all interested retirees to apply.