118 STAT. 2966 PUBLIC LAW 108–447—DEC. 8, 2004 ‘‘(1) IN GENERAL.—The Board shall approve a compensation plan that specifies all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) for the chief executive officer and employees of the Corporation. ‘‘(2) ANNUAL SURVEY.—The compensation plan shall be based on an annual survey of the prevailing compensation for similar positions in private industry, including engineering and electric utility companies, publicly owned electric utilities, and Federal, State, and local governments. ‘‘(3) CONSIDERATIONS.—The compensation plan shall pro vide that education, experience, level of responsibility, geographic differences, and retention and recruitment needs will be taken into account in determining compensation of employees. ‘‘(4) POSITIONS AT OR BELOW LEVEL IV.—The chief executive officer shall determine the salary and benefits of employees whose annual salary is not greater than the annual rate payable for positions at level IV of the Executive Schedule under section 5315 of title 5, United States Code. ‘‘(5) POSITIONS ABOVE LEVEL IV.—On the recommendation of the chief executive officer, the Board shall approve the sala ries of employees whose annual salaries would be in excess of the annual rate payable for positions at level IV of the Executive Schedule under section 5315 of title 5, United States Code.’’. SEC. 602. CHANGE IN MANNER OF APPOINTMENT OF STAFF. Section 3 of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831b) is amended— (1) by striking the first undesignated paragraph and inserting the following: ‘‘(a) APPOINTMENT BY THE CHIEF EXECUTIVE OFFICER.—The chief executive officer shall appoint, with the advice and consent of the Board, and without regard to the provisions of the civil service laws applicable to officers and employees of the United States, such managers, assistant managers, officers, employees, attorneys, and agents as are necessary for the transaction of the business of the Corporation.’’; and (2) by striking ‘‘All contracts’’ and inserting the following: ‘‘(b) WAGE RATES.—All contracts’’. SEC. 603. CONFORMING AMENDMENTS. (a) The Tennessee Valley Authority Act of 1933 (16 U.S.C. 831 et seq.) is amended— (1) by striking ‘‘board of directors’’ each place it appears and inserting ‘‘Board of Directors’’; and (2) by striking ‘‘board’’ each place it appears and inserting ‘‘Board’’. (b) Section 9 of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831h) is amended— (1) by striking ‘‘The Comptroller General of the United States shall audit’’ and inserting the following: ‘‘(c) AUDITS.—The Comptroller General of the United States shall audit’’; and (2) by striking ‘‘The Corporation shall determine’’ and inserting the following:
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