v3.25.2
Benefit Plans
 9 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Benefit Plans 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 30
For the Nine Months Ended June 30
 Pension BenefitsOther Post-Retirement BenefitsPension BenefitsOther Post-Retirement Benefits
 20252024202520242025202420252024
Service 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, 2025, had contributed $225 million. The remaining $75 million will be contributed by September 30, 2025. For the nine months ended June 30, 2025, TVA also contributed $19 million (net of $4 million in rebates) to the other post-retirement plans and $10 million to the SERP. In addition, TVA recognized 401(k) contribution costs of $95 million for the nine months ended June 30, 2025.