As part of TVA CEO William D.
Johnson’s $5,904,531 compensation package for nine months work in fiscal year
2013, he received $2,051,329 of value in his Supplemental Executive Retirement
Plan (SERP). The SERP is made available
to a limited number of TVA executives and is not part of TVARS. The SERP received $6,000,000 of ratepayer
money. Mr. Johnson received $12,066 of
value in his TVARS pension. TVARS
received nothing. (See pages 135, 168 and 172
in TVA’s fiscal year 2013 10-K financial statement.)
The TVARS board is required to recommend a contribution from TVA to be made in fiscal year 2014 prior to the end of the current fiscal year. (See Section 9B on pages 51-53 of the rules here .) Since TVA sets its budget months before the end of the fiscal year, it is imperative that this recommended amount be: decided upon by the TVARS board as quickly as possible; sufficient to adequately fund TVARS; and consistent with the amounts charged to ratepayers for pension expense. All seven TVARS board members have an obligation to come together to accomplish this. (See TVARS board members here .) I sincerely hope we will be able to accomplish this without further rule changes suspending TVA contributions, or further claims that legitimate accrued benefits are not really vested and must be reduced. I hope we will be able to put an end to our failure to insure that amounts paid by TVA ratepayers for pension expense are used for their intended purpose. As a TVARS board member, I
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