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.
In order to protect TVARS members in the event the federal government divests TVA, the TVARS board can clarify in the TVARS rules that COLAs are vested benefits . (See support from Dennis To here .) Time is very critical now that TVA is working with President Obama’s administration on a financial review of TVA which includes the option of TVA being divested from the federal government. (See here .) TVARS could be terminated upon divestiture. It is very important that the TVARS board take steps to safe-guard benefits before this occurs. If system termination occurs while TVARS remains significantly underfunded, TVARS may never be able to achieve fully funded status. Not one of the six other TVARS board members would second the motion I made in June 2012 to clarify that COLAs are vested benefits. Once again, I would be glad to forward any e-mails from you to the entire TVARS board. Please e-mail them to me at ljmuzyn@tva.gov .
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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