Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 284

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 2
Chunk 284
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19.  Benefit Plans 

TVA sponsors a pension plan that covers most of its full-time employees hired before July 1, 2014, a qualified defined contribution plan ("401(k) plan") that covers most of its full-time employees, two unfunded post-retirement health care plans that provide for non-vested contributions toward the cost of eligible retirees' medical coverage, other post-employment benefits, such as workers' compensation, the SERP, and the RP.  The pension plan and the 401(k) plan are administered by a separate legal entity, the TVA Retirement System ("TVARS"), which is governed by its own board of directors.The components of net periodic benefit cost for the three and nine months ended June 30, 2025 and 2024, were as follows:Components of Net Periodic Benefit Cost(1)(in millions) For the Three Months Ended June 30For the Nine Months Ended June 30 Pension BenefitsOther Post-Retirement BenefitsPension BenefitsOther Post-Retirement Benefits 20252024202520242025202420252024Service cost$8 $7 $3 $3 $24 $22 $9 $8 Interest cost131 145 3 4 394 434 12 15 Expected return on plan assets(126)(123)— — (379)(370)— — Amortization of prior service credit(22)(22)(4)(4)(67)(67)(13)(13)Recognized net actuarial loss44 25 — — 131 75 — — Total net periodic benefit cost35 32 2 3 103 94 8 10 Special/contractual termination benefits(2)— — 1 — — — 1 — Total benefit cost$35 $32 $3 $3 $103 $94 $9 $10 Note  (1)  The components of net benefit cost other than the service cost component are included in Other net periodic benefit cost on the Consolidated Statements of Operations.(2)  Special/contractual termination benefits for certain eligible employees related to TVA's restructuring activities.  See Note 3 — Restructuring. 

TVA's minimum required pension plan contribution for 2025 is $300 million.  TVA contributes $25 million per month to TVARS and as of June 30