Company: TNCAF
Filing Date: 2025-06-18
Form Type: 11-K
Source: 0001232384-25-000054
Chunk: 11

Company: TC ENERGY CORP
Filing Date: 2025-06-18
Form: 11-K
Chunk 11
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 stock                 |     |                                              |   9,501 |     |         |   9,501 |     |         | — |     |           | — |     |        |       — |
| Total                                  |     |                                              | 980,076 |     |         | 357,067 |     |         | — |     |           | — |     |        | 623,009 |

1 Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.

2 In 2023, the Vanguard Target Retirement mutual funds and Allspring Special Mid-Cap Value Fund were replaced with common collective trusts.

4. Other receivables and other liabilities

Other receivables and liabilities consist of non-monetary balances from an investment account that was separately managed by Baron Capital specifically for the Plan until being discontinued in August 2024. Other receivables and liabilities as of December 31, 2024 and 2023 relate to outstanding amounts to Baron Capital.

TransCanada 401(k) and Savings Plan 9

5. Income taxes

The pre-approved plan document sponsor obtained an advisory opinion on June 30, 2020 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. Although the Plan was amended after receiving the opinion letter, the Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. The Plan is exempt from federal income taxes. Accordingly, no provision for federal income taxes has been made in the accompanying financial statements.

The Plan Administrator has analyzed any income tax assets and liabilities of the Plan and has concluded that as of December 31, 2024 and 2023, there are no uncertain income tax positions taken or expected to be taken that would require recognition of a liability or asset, or disclosure in the financial statements. The Plan is subject to audits by taxing jurisdictions. However, there are currently no audits in progress for any tax periods.

6. Party-in-interest and related party transactions

Parties-in-interest are defined under Department of Labor Regulations as any fiduciary of the Plan, any party rendering service to the Plan, the Company, and certain others. Transactions resulting in Plan assets being transferred to or used by a related party are prohibited under ERISA unless a specific exemption is applied. Transactions involving the investments described below are permitted party-in-interest transactions.

Fidelity is a party-in-interest as defined