XML 44 R23.htm IDEA: XBRL DOCUMENT v3.22.0.1
Benefit Plans
 3 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
TVA sponsors a qualified defined benefit plan ("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, and the SERP. 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 and other amounts recognized as changes in regulatory assets for the three months ended December 31, 2021 and 2020, were as follows:
Components of TVA's Benefit Plans(1)
(in millions)
 
Three Months Ended December 31
 Pension BenefitsOther Post-Retirement Benefits
 2021202020212020
Service cost$13 $14 $4 $5 
Interest cost94 91 4 4 
Expected return on plan assets(109)(123)— — 
Amortization of prior service credit(23)(24)(4)(5)
Recognized net actuarial loss96 112 1 3 
Total net periodic benefit cost as actuarially determined71 70 5 7 
Amount expensed due to actions of regulator6 7 — — 
Total net periodic benefit cost$77 $77 $5 $7 
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.

    TVA's minimum required pension plan contribution for 2022 is $300 million. TVA contributes $25 million per month to TVARS and as of December 31, 2021, had contributed $75 million. The remaining $225 million will be contributed by September 30, 2022. For the three months ended December 31, 2021, TVA also contributed $27 million to the 401(k) plan, $10 million (net of $1 million in rebates) to the other post-retirement plans, and $1 million to the SERP.