The TVA retirement board has come up with a package of savings to send to the TVA board for approval or a veto. It is an effort to salvage a pension plan savaged by recession. The proposal is for TVA to contribute $1 billion to the pension fund in 2010. The cost of living adjustments for retirees go to zero in 2010, 3 percent in 2011, zero in 2012 and 2.5 percent in 2013. Retires in 2010 get no cost of living until age 60. The interest on fixed annuity while working is to fall to six percent beginning in 2010.
The TVA board meets today (Thursday) but the pension proposal, agreed to Monday, occurred after today’s agenda was released.