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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
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Sam DeLay Re-Elected

In the recent election for a director vacancy on the TVA Retirement System Board, employees voted to re-elect Samuel J. L. DeLay, senior program manager, Energy Use Technology, Operational Research & Support, Innovation & Research, Chattanooga. His new three-year term will run from Nov. 1, 2020, to Oct. 31, 2023. Of the 2,728 votes cast, DeLay received 1,508 (55.3 percent). Wesley M. Conkle received 660 (24.2 percent); Julia E. Koella received 560 votes (20.5 percent).
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TVARS Board Nomination - Samuel J. DeLay

From:  Delay, Samuel J < sjdelay@tva.gov > Sent:  Monday, June 22, 2020 4:06 PM To:  Delay, Samuel J < sjdelay@tva.gov > Subject:  TVARS Board Nomination – Samuel J. DeLay Folks, I am running for re-election to the TVA Retirement System (TVARS) Board of Directors (term from November 1, 2020 to October 30, 2023). In order to qualify for the TVARS Board Election ballot, I usually ask for petition signatures, in the office, from 25 people.   Please help me qualify for the election. This year, due to COVID 19, and many people not being in the office, the election rules allow emails to substitute for signing the petition. From the election guidelines: Due to many employees working remotely during the COVID-19 pandemic, TVARS will accept nominations  by e-mail   from an employee’s TVA e-mail account  to:   TVARSBoardNomination@tva.gov   To nominate me,  you   need to cut and paste this subject line:  “TVARS Board Nomination – Samuel J. DeLay” No text
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Annual TVARS Update

I would first like to take this opportunity to wish all TVARS beneficiaries a wonderful Christmas.  All the best in 2020! The following 2020 COLA, interest crediting rates, and IRS contribution limits were reported by TVARS. The following financial update was based on TVA regulatory filings and reporting by Dave Flessner, Business Editor of the Chattanooga Times Free Press.  Cost-of-living adjustment (COLA) for 2020 For 2020, the COLA for eligible retirees and beneficiaries will be 1.54 percent. TVARS Rules and Regulations provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA based on an inflation measure, which is the Consumer Price Index — All Urban Consumers (CPI-U) — an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. Under TVARS Rules, the COLA is calculated as the percentage change in the average CPI-U for the period of November 2
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7th Director Search Committee recommends instant runoff Retiree Voting; TVA says NO

Report from the 7th Director Search Committee – Sam DeLay, Chair Please add this to the minutes for the meeting, June 6, 2019 as item A-6647, or the appropriate number. The committee met on June 5, 2019 and discussed the election progress and the prospects for another round of interviews, currently proposed for July 2019 by the TVARS Executive Pat Brackett. It was recognized that the Board would likely not be able to reach consensus on the candidates to make a selection of the 7th Director and the committee recommends another path for electing the 7th director. The committee recommends modification of Section 3(2)(a) of the Rules and Regulations of the TVA Retirement System to amended to delete the language marked through and to add the language underlined to enable retirees to elect their own representative. As part of the items for this meeting, “Attachment – Description of Instant Runoff Voting” TVARS' election service provider proposed an Instant Runoff process which
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Two-Year Anniversary of GAO TVARS Report

Next month marks the two-year anniversary of the March 2017 GAO TVARS Report .  The GAO recommended that TVA "take steps to have its retirement system adopt funding rules designed to ensure the pension plan’s full funding."  The GAO went further and recommended using a "closed amortization period" to ensure that the plan is fully funded at the end of the period.  TVARS uses an "open amortization period."  What is the difference to TVA retirees?  $4,360 million according to the GAO: Notice that in both cases, TVA begins by owing the pension $6,000 million and paying $452 million in the first year.  So far, so good.  What do we notice about the payments TVA is required to make as the years go by?  Well, using the "closed amortization period,"  the annual payment remains $452 million.  However, the way TVARS does it, using the "open amortization period," the annual payment is reduced by $3 million to $5 million as each year passes. 
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