Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 355

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 355
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 preceding sentence.

SERP Tier 1.  The Tier 1 structure is designed to replace 60 percent of the amount of a participant's compensation at the time the participant reaches age 62 and has accrued 24 years of TVA service.  Tier 1 benefits are based on a participant's highest average compensation during three consecutive SERP years and a pension multiple of 2.5 percent for each year of credited service up to a maximum of 24 years.  Compensation is defined as salary and EAIP for benefit calculation purposes.  Tier 1 benefits are offset by Social Security benefits, benefits provided under TVA's qualified defined benefit pension plan, and prior employer pension benefits when applicable.

SERP Tier 2.  The Tier 2 structure is designed to adjust qualified plan benefits to executives when benefits are lost due to IRS limits.  Pension benefits are based on a participant's average compensation over three consecutive fiscal years and a pension multiplier of 1.3 percent for each year of service.  For benefit calculation, pension includes salary and annual incentives.  TVA has no NEOs under Tier 2.

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Restoration Plan.  Effective October 1, 2022, TVA established the RP.  The RP is a nonqualified excess 401(k) plan designed to allow certain eligible employees whose contributions to the 401(k) plan are limited by IRS rules to save additional amounts for retirement and receive non-elective and matching employer contributions.  The plan is designed to provide a competitive level of retirement benefits and assist in the recruitment of executive talent for TVA.

Nonqualified Deferred Compensation 

The following table provides information regarding deferred contributions, earnings, and balances for each of the NEOs.  The amounts reported under this table do not represent compensation in addition to the compensation that was earned in 2025 and already reported in the Summary Compensation Table, but rather the amounts of compensation earned by the NEOs in 2025 or prior years that were or have been deferred.

Nonqualified Deferred Compensation TableNameExecutiveContributions in 2025RegistrantContributions in 2025(1)AggregateEarnings in 2025(2)AggregateWithdrawals/DistributionsAggregateBalance atSeptember 30, 2025Donald A. Moul$— $— $— $— $— Jeffrey J. Lyash— — — — — Thomas C. Rice— 70,493 4,797 (7)—