Welcome to Save Our Retirement, Inc.
Our Supporters Say
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Save Our Retirement, Inc. has received comments from our supporters, we'll share some of those here:
- "You are doing a good thing. my husband has retired and I have had to delay my retirement because of the changes. Even if we don't win, you will have shown TVA that they cannot keep making changes like this and expect the changes not to be challenged." R&DC
Last Updated (Thursday, 11 March 2010 12:07)
On-Line Donation Now Available
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Our on-line, secure, donation process is now available. For your convenience and security, we chose PayPal to provide this service. PayPal is one of the most widely-used means of payment and donation on the Internet.
You may make your on-line donation using the PayPal Donation Link under the Main Menu to the right. Thank you for your donation!
Last Updated (Sunday, 28 February 2010 08:34)
TVA OIG Audit Report Published
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The TVA OIG has released its audit “Review of TVA’s Pension Risk”. The report is published on the OIG's website. A link to that report is shown on the Main Menu (to the right).
The report is in Adobe Reader (PDF) format. Most PCs are capable of opening PDF documents for viewing. If your PC does not have Adobe Reader, go to Adobe.com and install this free program by clicking here and following on-screen instructions.
Last Updated (Wednesday, 24 February 2010 16:48)
Our Mission
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With the benefit reductions enacted in August of 2009, TVA broke longstanding commitments and promises that TVA employees have relied on in making their retirement and career decisions. TVA contributed to the perilous financial condition the retirement system found itself in through their lack of support for adequate funding over the last twenty years. We want to restore the benefits lost by all TVA retirees and employees, and put the retirement system back on firm financial footing. We are extremely sensitive to the fact that every dime TVA spends, whether on pensions for its workers, bonuses for its executives, fuel, or power generating plants, comes from the electric ratepayers of the Tennessee Valley. We believe that ratepayers understand that costs for pensions already promised to workers are a legitimate and necessary cost of maintaining a competitive and reliable electric system. We also believe that they understand that these pension costs are not overly burdensome when properly funded as they are earned.
Last Updated (Monday, 22 February 2010 06:40)
About Us | |
We are a group of TVA retirees and employees who are very proud to be part of the TVA family. We are proud of the many things TVA has accomplished in the past, and we look forward to many future accomplishments. We have formed a non-profit corporation, Save Our Retirement, Inc. (SOR), which consists of board members, officers, and many supporters throughout TVA. We are union represented, managers and specialists. We take safeguarding your donations very seriously, and we vow to spend any money entrusted to us very wisely. If we are unable to raise the $250,000 we need in order to begin legal proceedings, or if we are successful in recovering the legal fees from TVA, we will develop a systematic way of returning your money. We voluntarily give our time and pay our own travel expenses when doing SOR work. We have not utilized any of the funds donated for our own expenses, and we pledge that we will continue that policy. We each vow that we will never accept a payment of any kind for our services or personal expenses from SOR funds. Those of us still employed at TVA are very careful not to use TVA time and resources for our SOR work.
Each one of us has individually made a commitment to do what is in the best interest of TVA retirees and employees. We want to be completely open about ourselves. We would be very happy to have one of our members contact you to explain more about us and our mission. Please contact us at the link below. Unfortunately, we believe that it would not be wise to publish our individual names on this website.
If you have questions, please contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it The Benefit Reductions | |
We have studied the $300 million in retirement benefit reductions approved by the TVA retirement system board on a 4-3 vote in August 2009. The most significant reductions are to the amounts of, and eligibility for, cost-of-living adjustments (COLAs) for current retirees, future retirees, and their beneficiaries. The COLAs are applicable to the pension, supplemental and additional benefits for those covered under both the original and cash balance benefit structures. We believe that it is not right to reduce the COLAs, which we believe are earned, promised, and vested (guaranteed). In consultation with legal counsel, we have reached the conclusion that there is a very strong case to be made that the reductions were illegal and in violation of the current TVA retirement system rules and regulations. If we do not challenge them now, we believe it will be much more difficult to successfully challenge future reductions. What We Ask of You | |
After consulting with several law firms, our most promising course of action is expected to cost as much as $250,000. We want to raise this amount before beginning any legal action because we want to avoid a situation where legal action is started but cannot be finished because of a shortage of funds. There are currently about 23,000 TVA retirees and 12,000 TVA employees. While we suggest $100 per person, even if only one-fourth of us were to donate $50, we would greatly exceed our goal. Whether one donates $100, $75, or $50, we think that would be a very small price to pay for a reasonable chance at undoing COLA reductions which will have a lifetime impact on one’s retirement income. Regardless of the eventual outcome, we believe it is better to try and fail than not to try and regret it later when TVA once again uses this method to mitigate a future pension funding deficit. Please help us by contributing. For your convenience, we offer two methods of donation: (1) On-Line, Secure, PayPal Process and (2) Pay by U. S. Mail: Our secure, on-line donation process is available to the right under the Main Menu area. For those wishing to send their donation via U. S. Mail, please click here. Thank you very much for your support. Last Updated (Sunday, 28 February 2010 08:26) |
