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Mon October 15, 2012
TVA Shortfall Affects Ratepayers
A new Tennessee Valley Authority quarterly report shows their pension fund shortfall is affecting ratepayers. TVA officials say one of the main reasons for the 2 percent increase was the $300 million the agency put into its pension fund. TVA has added nearly 1.3 billion from customers to the fund since 2008. But, the utility didn’t add to the fund or increase rates this year. John Thomas with TVA says he expects market gains to make up for the shortfall in 10 to 15 years. He says TVA will continue to take care of its employees and retirees. Less than 20 years ago, the fund had a surplus. National pension expert Harry Dressler looked over TVA’s quarterly report for the U.S. Securities and Exchange Commission and says TVA customers should question why they’re having to shoulder part of the utility’s pension fund.