Leonard Muzyn's TVARS Blog

TVARS will accept nominations through Monday, July 10, for a three-year term as an elected member of the TVARS Board of Directors. The term will run from November 1, 2017, through October 31, 2020. Any employee who is a TVARS member is eligible to run for election. The TVARS Board consists of seven members:  three appointed by TVA, three elected by employees who are TVARS members, and one who is selected by the other six. The TVARS Board is responsible for the administration of the System and the 401(k) Plan. The board holds quarterly meetings and other special-called meetings, as necessary, throughout the year in order to conduct business, and each director serves on various board committees. For more information on the duties and responsibilities of directors of the TVARS Board, please see the TVARS Governance Policy . Nominations are made by petition. Signatures of 25 employees who are TVARS members are required. The required form of the nominating petition must be used. N...

I made the following motion at the June 15, 2017 TVA Retirement System (TVARS) Board meeting: Whereas the TVARS Board wishes to amend its rules and regulations to meet the funding recommendations in the March 2017 GAO Report to Congress , the TVARS Board hereby approves amending the system’s rules and regulations to specify that the annual “accrued liability contribution” be determined using a fixed amortization period of 20 years beginning in fiscal year 2018 instead of the currently specified 30-year rolling amortization period. I then stated the following in support of the motion: This amendment would eliminate TVARS’ funding shortfall in 20 years. Per the GAO's report, 15 to 20 years is the maximum period recommended by a Blue Ribbon Panel commissioned by the Society of Actuaries. The GAO report indicates that TVA officials have stated a goal to fully fund the pension within 20 years, but that TVA has not identified such a goal or milestones in its performance plan...