TVA pension fund shortfall affecting ratepayers

TVA pension fund shortfall affecting ratepayers

Posted:

CHATTANOOGA (AP) - A shortfall in the Tennessee Valley Authority's pension fund is affecting electric ratepayers.

The Chattanooga Times Free Press reports that TVA has added nearly $1.3 billion from customers to the find since 2008 when investment markets tanked.

However, the federal utility didn't add any money to the fund in 2012. Chief Financial Officer John Thomas says he expects market gains will make up the shortfall in 10 to 15 years. The fund currently stands at $7 billion, though it should be at $11.5 billion.

The federal utility provides electricity to 9 million people in Tennessee, Kentucky, Mississippi, Alabama, Georgia, North Carolina and Virginia.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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