Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 351

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 351
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 circumstances.

Retirement and Pension Plans 

The table below provides the actuarial present value of the NEOs' accumulated benefits, including the number of years of credited service, under TVA's retirement and pension plans as of September 30, 2025, determined using a methodology and interest rate and mortality rate assumptions consistent with those used in the financial statements in this Annual Report, set forth in Note 21 — Benefit Plans.

Pension Benefits TableNamePlan NameNumber ofYears of Credited ServicePresent Value of Accumulated BenefitPayments During Last YearDonald A. MoulTVARSN/AN/A(2)$— SERP Tier 14.275(3)$1,861,040 — Jeffrey J. LyashTVARSN/AN/A(2)— SERP Tier 116.060(1)13,831,451 3,755,034 Thomas C. RiceTVARS22.360279,056 — SERP Tier 1N/AN/A— John M. Thomas, III TVARS19.276570,531 19,896 SERP Tier 119.2767,593,527 2,061,530 Matthew M. RasmussenTVARS22.380354,509 — SERP Tier 1N/AN/A— Rebecca C. ToleneTVARS22.380334,537 — SERP Tier 1N/AN/A— Jeremy P. FisherTVARS21.060267,788 — SERP Tier 1N/AN/A— Timothy S. RauschTVARSN/AN/A(2)— SERP Tier 16.9582,285,412 — David B. FountainTVARSN/AN/A(2)— SERP Tier 15.000930,158 252,524 

Notes

(1)  Mr. Lyash was granted ten years of credited service for calculating his SERP benefit: five years upon the commencement of his employment with TVA and an additional five years because he was employed with TVA for at least five years. 

(2)  Mr. Moul, Mr. Lyash, Mr. Rausch, and Mr. Fountain were not eligible to participate in the TVARS pension plan since they were hired after June 30, 2014. 

(3)  Under the terms of his offer letter, if Mr. Moul is