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Funding Motion & Election Update

Funding Motion

On June 20, I moved that the TVARS board
  • adopt the funding policy developed by our actuary which is consistent with the Employee Retirement Income Security Act (ERISA).  This is the funding policy our competitors are legally required to follow.
  • recommend the corresponding contribution of $715 million for 2015.

I explained that approving my motion would
  • not require TVA to do anything.  TVA could still contribute less than $715 million.  Efforts to reach a negotiated settlement to the lawsuit would continue.
  • demonstrate that the TVARS board is suggesting a nationally acceptable plan to achieve a financially healthy retirement system.

Jim Hovious seconded my motion, but besides the two of us, no other board member expressed support.  Instead, a majority of the board voted to table my motion.

Election Update

The TVARS board did not change the voting process for the upcoming election.  Nominating petitions can be submitted beginning this week.  Petitions must reach the Knoxville mail room no later than 4:45 p.m. EDT Monday, July 14.

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