Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 270

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 270
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2024Change in benefit obligation    Benefit obligation at beginning of year$11,002 $10,099 $353 $347 Service cost32 29 11 11 Interest cost526 579 17 21 Plan participants' contributions3 3 — — Collections(1)— — 12 12 Actuarial (gain) loss (457)1,059 1.1(67)(4)Curtailments (2)(1)— — — Special/contractual termination benefits (3)— — 1 — Net transfers (to) from variable fund/401(k) plan2 5 — — Expenses paid(7)(6)— — Benefits paid(799)(766)(36)(34)Benefit obligation at end of year10,301 11,002 291 353 Change in plan assets    Fair value of net plan assets at beginning of year8,673 8,129 — — Actual return on plan assets412 1,004 — — Plan participants' contributions3 3 — — Collections(1)— — 12 12 Net transfers (to) from variable fund/401(k) plan2 5 — — Employer contributions310 304 24 22 Expenses paid(7)(6)— — Benefits paid(799)(766)(36)(34)Fair value of net plan assets at end of year8,594 8,673 — — Funded status$(1,707)$(2,329)$(291)$(353)Note(1)  Collections include retiree contributions as well as provider discounts and rebates.(2)  The 2025 pension obligation plan curtailment gain is a result of the amendments to the TVA SERP in which participants ceased accruing new benefits effective September 30, 2025.  This reduced the projected benefit obligation by $1 million.

(3)  Special/contractual termination benefits for certain eligible employees related to TVA's restructuring activities.  For 2025, the other post-retirement plan recognized a loss that increased the obligation by $1 million as a result of special/contractual termination benefits for certain eligible employees related to TVA’s restructuring activities.  See Note 3 — Restructuring.  

For 2025, the $457 million pension benefit