The March 2017 final order and judgment in the TVA pension lawsuit has been appealed to the United States Court of Appeals for the Sixth Circuit. See the notice here.
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
Is this lawsuit a lawsuit suing tvars over them reducing our retirement benefits?? Specifically us only having a 401k now?
ReplyDeleteYes, the lawsuit stems from the benefit reductions made in 2009, and the outcome could affect all the changes TVA and TVARS has made since then.
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