September 14 – Congressman Zach Wamp recently sent a letter to the Tennessee Valley Authority (TVA) Board expressing his disappointment with its recent approval of a plan to reduce retirement benefits for more than 34,000 TVA employees and retirees. He asked the Board to reconsider this multi-year plan and commit to revisit the obligation on an annual basis, as has been previous Board policy. 

The text of Congressman Wamp’s letter follows:

“As a staunch supporter and defender of the Tennessee Valley Authority’s (TVA) commitment to provide low-cost electricity to residents and businesses of the Valley, I was disappointed that the Board voted to approve a plan that will reduce retirement benefits for more than 34,000 TVA employees and retirees. The decision comes at an especially difficult time as individuals and families across the Valley are struggling to make ends meet in an uncertain economy. 

“Your dedicated, hardworking employees deserve to know the retirement benefits they have worked for and were promised will be there when they need them. While I understand the tremendous challenges facing TVA, I respectfully ask that you reconsider this multi-year plan and commit to revisit your obligation on an annual basis as has been your policy in the past. 

“If sacrifices are required for TVA employees and retirees, it is my hope that they are made agency-wide and lucrative year-end bonuses are not awarded. Under these circumstances, excessive compensation for executives will undoubtedly prompt public outcry and undermine my efforts to defend TVA.”