Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 341

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 341
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  The SERP provides supplemental retirement benefits at compensation levels that are higher than the limits specified by Internal Revenue Service ("IRS") regulations for qualified retirement plans.  The purpose of the SERP is to provide a competitive retirement benefit level that cannot be delivered solely through TVA's qualified retirement plans due to IRS limitations and to provide a benefit level (as a percentage replacement of pre-retirement pay) that is more comparable to that of employees who are not subject to the IRS limitations.

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.

On July 16, 2025, the SERP was amended so that participants will cease accruing new benefits on September 30, 2025.  Participants will continue to be entitled to receive their accrued benefits as calculated on September 30, 2025.  Additionally, the RP, which previously prohibited participation by any TVA executive who was a participant in the SERP, was amended to authorize participation for all executives otherwise entitled to participate, effective October 1, 2025.

More information regarding these retirement benefits is found following the Pension Benefits Table.

Assessment of Risk

TVA's Enterprise Risk Management organization, in coordination with other members of TVA's management, including Human Resources, conducts an annual assessment of enterprise-level risks including risks arising from TVA's compensation policies and practices.

Based on the results of this assessment, no risks were identified with the compensation policies and practices that are reasonably likely to have a material adverse effect on the organization and its achievement of its strategic goals and objectives.

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Executive Compensation Tables and Narrative Disclosures    

Summary Compensation and Grants of Plan-Based Awards

The following table provides earned compensation information for each NEO in 2025 (and 2024 and 2023, as applicable).

Summary Compensation TableName and Principal PositionYearSalaryBonus(1)Non-Equity Incentive Plan Compensation(2)Change in Pension Value andNonqualified Deferred Compensation Earnings(3)All Other Compensation(4)Total(5)Donald A. Moul(6)2025$1,000,923 $— $3,769,438 $908,756 $31,050 $5,710,167 President