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Quick TVA Pension Update

The TVARS Board has yet to meet to discuss and approve the actual rules to implement the pension changes. I suspect TVA is dragging their feet as long as they can because they might want something different if the appeals court rules before the end of August. TVARS must give 30 days’ notice before the new rules take effect October 1, and I do not believe that can be done until the actual rules are finalized. I believe it is likely that Allen Stokes, Suzan Bowman, et al. will go along and rubber stamp any change requests that TVA might make. All COLAs are now in jeopardy. TVA is trying to use the TVARS approved changes as evidence that COLAs are not vested benefits. That is very clear from TVA's last filing with the court.

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This is my personal blog to facilitate communication among TVA employees, retirees and beneficiaries who are members of TVARS and who wish to preserve their retirement benefits. Please join my site and post your comments.  I have been an elected member of the TVA Retirement System (TVARS, or the system) board of directors since 2003. I am not speaking officially for the TVARS board of directors or TVA management. TVARS is an entity legally independent of TVA. Three of the board members are TVA employees (including myself), three are appointed by TVA management (currently all TVA executive managers), and the seventh is generally a retired TVA employee (appointed by the other six). As TVA employees, we all have a duty of loyalty to carry out directives issued by TVA management in our regular TVA jobs. However, each board member has a fiduciary duty to all the members of the system when performing TVARS duties. This fiduciary duty legally supercedes our duty of loyalty to carry out di...
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