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.