TVA Retirees Association

To view the report on the March 2013 quarterly meeting of the Board of Directors of the TVA Retirement System click on the following link: http://tva-today.com/news/report-on-latest-tvars-board-quarterly-meeting-3/

To view the photos for the Les Bays Article in the March issue of TVARA News, please click on the following link: http://www.tvara.org/tp40/application.asp?app=album2&aID=8014&id=83143&u=

TVARS to follow Social Security in Requiring Direct Deposit -- for more details, please view the Announcements

To view the report on the December 11, 2012 quarterly meeting of the Board of Directors of the TVA Retirement System click on the following link: http://www.tvars.com/qtr_meeting_report.htm.

At the TVA Retirement System (TVARS) Board meeting on December 11, 2012, the TVARS Board approved a 2.30 percent cost-of-living adjustment (COLA) for eligible retirees for calendar year 2013. Retirees will see the increase in checks beginning Jan. 31, 2013.

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The TVA Retirement System (TVARS) Board has heard the concern from the retiree community and leadership regarding the need to have more timely communication regarding TVARS actions. As a result, in cooperation with TVA and TVARA, the TVARS Board is committed to developing and implementing a communication plan during 2011. Their most recent attempt to keep retirees informed was the ‘Year in Review’ letter that was mailed to all retirees in early February. To access this letter, please click on the following link at http://retiree.tva.com/retiree.htm and then click on 2010 Year In Review.

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2010 Cost-of-living Adjustment Information

As previously communicated, the TVA Retirement System Board approved amendments to the cost-of-living adjustment (COLA) for the years 2010 to 2013. Based on this temporary change, the COLA will be calculated as follows:

For calendar year 2010, the COLA will be 0%.
For calendar year 2011, the COLA will be the increase in the CPI, capped at 3%
For calendar year 2012, the COLA will be 0%.
For calendar year 2013, the COLA will be the increase in the CPI, capped at 2.5%

At the end of this four-year period, the COLA benefit will be restored to increase in CPI capped at 5%.

The recommended COLA for retirees and beneficiaries for 2010 would have been 0% even if the TVARS Board had not approved this temporary change

Based on the comparison of the CPI percentage change in the period November 2007 to October 2008 to the period November 2008 to October 2009, the CPI change was calculated as a decline of 0.63%. .

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FOR ADDRESS CHANGES NOTIFY: TVA Retirement System, 400 W. Summit Hill Drive, Knoxville, TN 37902 or

Call toll-free 1-800-824-3870

FOR INFORMATION REGARDING PENSION BENEFITS & 401(K) ACCOUNTS: Call TVA Retirement System toll-free 1-800-824-3870 or visit the website @ www.tva.gov/retireeportal

FOR MEDICAL AND DRUG COVERAGE: Call Employee Service Center toll-free @ 1-888-275-8094

FOR TVARA MEMBERSHIP CONTACT RICHARD T. WILSON AT 865-632-8542

FOR NEWSLETTER INFORMATION: Contact tvara@tva.gov or call 865-632-3318.

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TVARS to follow Social Security in Requiring Direct Deposit

As you may know, the U.S. Department of Treasury is phasing out paper check payments and requiring federal benefit recipients to receive their money electronically. The payments can be paid by direct deposit to a bank or credit union or to a Direct Express Debit MasterCard account. Since May 1, 2011, anyone newly applying for federal benefits, including Social Security, SSI, Veterans Affairs, Railroad Retirement Board, Department of Labor, Office of Personnel Management benefits and other non-tax payments, have been required to use direct deposit or the Direct Express card at the time they sign up for their benefits. March 1, 2013, is the final deadline by which all remaining federal benefit check recipients must receive their money electronically.

The TVA Retirement System (TVARS) will follow Social Security and other federal agencies in requiring direct deposit of monthly retirement benefits by the end of 2013. Choosing direct deposit makes it safer, easier, and more convenient for retirees and beneficiaries to receive their payments. There is no worry about the check being lost or stolen and the money is available immediately. There is no need to wait for the mail to arrive.

This change will apply to anyone who receives a TVARS monthly benefit, including current retirees and beneficiaries. Retirement Management will be notifying benefit recipients who are receiving a paper check about this change and the requirement to change to direct deposit later this year.

Retirees and beneficiaries who have not already elected direct deposit are encouraged to make the change now. Check recipients can sign up for direct deposit by submitting form RS-73, available from the TVARS website at www.tvars.com in the Forms section or by submitting Standard Form 1199A, available from most financial institutions. Any questions related to direct deposit or any other retirement-related questions can be directed to Retirement Management at 865-632-2672 or 800-824-3870.

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