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Credit for FY 2013 Lump-Sum Payments

The board of directors of the TVA Retirement System held its regular quarterly meeting Friday, June 28.

The TVARS board approved changes to the TVARS rules and 401(k) Plan provisions to allow credit on up to 4% of regular salary or wages for certain TVA lump-sum payments made to employees in FY 2013 in lieu of base-wage or salary increases. The credit is used to calculate pension benefits under the rules and TVA matching contributions under the 401(k) Plan.

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