Leonard Muzyn's TVARS Blog

I served five consecutive three-year terms as an employee-elected director of the TVA Retirement System (TVARS) from November 1, 2003 through October 31, 2018. This blog contains my personal opinions and not official opinions of the full seven member TVARS board or TVA management. I worked very hard during my terms to keep TVA employees and retirees informed of matters that could affect their system and their benefits. I voted and campaigned against the two TVA last minute “take it or leave it” proposals for benefit reductions in 2009 and 2016. These were both approved by 4 to 3 votes without TVARS board deliberations, negotiations, or attempts to form a consensus. I repeatedly proposed proper funding per industry best practices and GAO recommendations, public board meetings, open elections among all retirees for the retiree 7th director position, and rules to keep board members free of conflicts of interest arising from contractual TVA relationships and TVA executive retirement be

Mike Belcher won the TVARS Board runoff election with more than 55% of the vote. Thank you Mike for running, and thank you everyone who voted! I am sure Mike will represent all of us well.

The TVARS Board has the power to reduce your TVA 401(k) match.  The TVARS Board has twice voted 4-3 to reduce pension benefits.  Reducing your 401(k) match is the obvious next lever to pull. An average of less than one of every three employees voted in the initial election this year for one of the three elected director spots on the TVARS Board.  The runoff election ends October 10th.  See election details here . Please encourage other employees to vote, especially those who have not been with TVA very long and may not realize that the TVARS Board controls the amount of their 401(k) match. It is important to elect someone who will work with Jim Hovious and Sam DeLay to protect your 401(k) benefits.  The term of the current seventh director ends October 31st.  The seventh director has been the fourth and deciding vote in reducing pension benefits.  Per TVARS rules, selecting a new seventh director requires four votes from the other six directors.  A current sitting seventh directo