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TVARS Rules Amendment Restricts Directors Participating in TVA SERP

At its March 12, 2021, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to Section 3(2) of the TVARS Rules and Regulations that would restrict any individual who is or was a participant in TVA’s Supplemental Executive Retirement Plan (SERP) from being eligible to serve as a director on the TVARS board:
 
 
TVA RETIREMENT SYSTEM
  
NOTICE OF AMENDMENT TO THE 
 
RULES AND REGULATIONS OF THE TVA RETIREMENT SYSTEM (TVARS) 
 
April 12, 2021
 
At its March 12, 2021, quarterly meeting, the TVA Retirement System Board of Directors (TVARS Board) approved by a 4 to 3 vote an amendment to Section 3(2) of the TVARS Rules and Regulations. This amendment adds a new subsection to Section 3(2) that would restrict any individual who is or was a participant in TVA’s Supplemental Executive Retirement Plan (SERP) from being eligible to serve as a Director on the TVARS Board until it is determined by actuarial valuation that the Retirement System has reached 100% funded status under the actuarial rules applicable to TVA (ASC 715).
 
TVARS has presented notice of this amendment to TVA as of the date of this Notice. The amendment will become effective May 12, 2021, unless vetoed by TVA within 30 days of this Notice. A copy of the amendment as approved by the TVARS Board is attached. https://tvars.com/wp-content/uploads/board-rules-amendment_4-12-21.pdf

 
Mark N. Meigs
Executive Secretary
TVA Retirement System
 
 

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