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TVA Retirees may now apply for the 7th TVARS director position

The TVA Retirement System (TVARS or System) Board of Directors is now accepting resumes from TVA retirees interested in serving as the 7th member of the TVARS Board.  According to the TVARS Rules and Regulations, the 7th director must be a TVA retiree and is selected by a majority of the other 6 directors (3 of whom are elected by TVA employees and 3 of whom are appointed by TVA). The term of the current 7th director ends on October 31, 2018, and the position of the new 7th director will have a 3-year term from November 1, 2018, to October 31, 2021. However, the TVARS Rules provide a limited carryover period of up to one year for the current 7th director to continue in the event the TVARS Board is unable to select a new 7th director by the end of the sitting 7th director’s term.

TVARS is a federal agency established by TVA in 1939 to provide retirement benefits for TVA employees, retirees and beneficiaries, and administers a defined benefit pension plan and a 401(k) plan. The TVARS Board administers the System and these retirement plans through a staff of 23 employees loaned from TVA to TVARS and a number of outside firms providing services in the following areas: audit, investment consulting, investment management, trustee and record keeping, legal, and governance. There are 9,800 TVA employees eligible for benefits under the TVARS retirement plans, and TVARS currently pays out over $700 million annually in benefits to 24,000 retirees and beneficiaries. TVARS defined benefit plan assets total approximately $8 billion and 401(k) plan assets total $2.4 billion.

The general responsibilities of a TVARS Board director may be found in the TVARS Governance Policy on the TVARS website under “Board” (www.tvars.com/aboutus.htm) and the desired characteristics of the 7th director may be found in the TVARS Director Election/Selection Policy also at www.tvars.com/aboutus.htm. The responsibilities of the TVARS Board involve fiduciary duties and will require a good bit of time on the part of the 7th director.  Regular meetings are held quarterly, committee meetings are held periodically, and special meetings may be called to handle specific action items as needed. Directors will normally need preparation time prior to any of these meetings and occasional travel will be required depending on the location of meetings.

If you are interested in being considered by the TVARS Board for the 7th director position, please send your resume, contact information, and any other information on your background and experience relevant to the position, to Angie Shepherd, TVA Retirement System, 400 W. Summit Hill Drive, Knoxville, Tennessee 37902, or submit by email to retsvcs@tva.gov referencing 7th director vacancy in the subject line. Please respond by Friday June 29, 2018 to be considered for the TVARS Board vacancy. The TVARS Board will be reviewing candidate information and interviewing potential directors this summer.  If you do not receive confirmation from TVARS that your information was received, or if you have any questions regarding the position, please contact Angie Shepherd at 865-632-6357 or retsvcs@tva.gov

Sam DeLay
Election Committee Chair

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