The Tennessee Valley Authority's executive management and board of directors have not been up to the task of overseeing the company's defined benefit plan and its pension promises.

The plan's funding has deteriorated to levels that force the TVA to propose drastic changes to the plan. Those changes include benefit reductions and freezing its cash balance plan. But the proposal falls short of a disciplined program for shoring up funding.

The reductions have been proposed even though the TVA had a net income of $1.1 billion on revenue of $11 billion in fiscal 2015, and invested almost $2.9 billion in new plant and environmental improvements, making it seem as if employees and retirees are footing at least part of the bill for these investments.

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Lost Medicaid Funding

To date, the failure to expand Medicaid / TennCare has cost the State of Tennessee ? in lost federal funding.