Tennessee Valley Authority Retirement System Financial Condition
The Issue
We are Tennessee Valley Authority retirees, employees, family members and friends. Many of us are second and third generation "TVA family" who have lived and worked for improvement of the quality of life for all in the Tennessee Valley Authority's seven state service area and beyond. We are grateful for that opportunity. We are not asking for a "free ride" nor a handout. All that we want is assurance that our families continue to receive the benefits promised to us by the TVA, namely our hard earned pensions and other retirement benefits.
The TVA has underfunded the TVA Retirement System for the past eight years and it is at the lowest level in the history of the TVA. Current financials indicate a $6 billion shortfall that equates to only 53% of funds necessary to provide pension benefits to the 23,700 retirees, 10,900 employees and their family members. Even with record profits this year of $1.1 billion net income, the TVA Retirement System contribution failed to meet the pension needs. According to a recent article in the Chattanooga Times Free Press, even TVA Director Pete Mahurin acknowledged TVA needs to get its underfunded pension fund in better shape. While praising the financial improvements that led TVA to a record $1.1 billion of net income in fiscal 2015, Mahurin said TVA "needs to get our pension liabilities under better control. I think we've got a real problem with that," said Mahurin, the chairman of the TVA board committee on rates and finances. Our question is "how is TVA going to "get the pension liabilities under control"? TVA is unlike private utilities and is not covered by the Employment Retirement Income Security Act pension funding requirement. TVA's Pension Benefits are not insured by the Pension Benefit Guaranty Corporation
As our elected officials, we turn to you and ask that you give due consideration to our concerns and take all necessary steps, including congressional hearings, and other due diligence to hold TVA accountable for its promises to us. After all, we were accountable for our promises.
Thank you for your continued service to our nation.
Petition Closed
The Issue
We are Tennessee Valley Authority retirees, employees, family members and friends. Many of us are second and third generation "TVA family" who have lived and worked for improvement of the quality of life for all in the Tennessee Valley Authority's seven state service area and beyond. We are grateful for that opportunity. We are not asking for a "free ride" nor a handout. All that we want is assurance that our families continue to receive the benefits promised to us by the TVA, namely our hard earned pensions and other retirement benefits.
The TVA has underfunded the TVA Retirement System for the past eight years and it is at the lowest level in the history of the TVA. Current financials indicate a $6 billion shortfall that equates to only 53% of funds necessary to provide pension benefits to the 23,700 retirees, 10,900 employees and their family members. Even with record profits this year of $1.1 billion net income, the TVA Retirement System contribution failed to meet the pension needs. According to a recent article in the Chattanooga Times Free Press, even TVA Director Pete Mahurin acknowledged TVA needs to get its underfunded pension fund in better shape. While praising the financial improvements that led TVA to a record $1.1 billion of net income in fiscal 2015, Mahurin said TVA "needs to get our pension liabilities under better control. I think we've got a real problem with that," said Mahurin, the chairman of the TVA board committee on rates and finances. Our question is "how is TVA going to "get the pension liabilities under control"? TVA is unlike private utilities and is not covered by the Employment Retirement Income Security Act pension funding requirement. TVA's Pension Benefits are not insured by the Pension Benefit Guaranty Corporation
As our elected officials, we turn to you and ask that you give due consideration to our concerns and take all necessary steps, including congressional hearings, and other due diligence to hold TVA accountable for its promises to us. After all, we were accountable for our promises.
Thank you for your continued service to our nation.
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Petition created on December 3, 2015