Corteva, Inc. Retirement Savings Plan
Plan Overview
Corteva, Inc. Retirement Savings Plan (Plan) is a defined contribution plan subject to ERISA and IRC, sponsored by Corteva Agriscience, LLC. The Plan is tax-qualified and allows employees to contribute up to 15% of eligible compensation, with automatic enrollment at 6% increasing by 1% annually. The Company matches contributions up to 6% and provides an additional 3% Retirement Savings Contribution for active employees.
Administration and Participation
- Administrator: Benefit Plans Administrative Committee
- Investment Committee: Selects and oversees investments
- Investment Manager: NEPC, LLC (expanded responsibilities effective April 1, 2025)
- Trustees: Bank of America and Northern Trust
- Eligibility: All employees of the Company or its subsidiaries, except certain represented employees and leased individuals
Investment Options
- Master Trust: Offers passively managed index funds, actively managed funds, target retirement funds, stable value fund, Corteva common stock, and self-directed brokerage accounts
- Investment Valuation: Investments stated at fair value, except fully benefit-responsive contracts at contract value
Key Data
- Participant Accounts: As of December 31, 2025, forfeited nonvested accounts totaled $1,663,830
- Administrative Expenses: $1,055,306 for the year ended December 31, 2025
- Corteva Common Stock Transactions: Purchased $9,040,146 and sold $17,979,704 in 2025; dividends received $1,203,546
Financial Statements
- Net Assets Available for Benefits: As of December 31, 2025, and 2024
- Changes in Net Assets: For the year ended December 31, 2025
- Supplemental Schedules: Reconciliation of assets, liabilities, and income
Significant Accounting Policies
- Basis of Accounting: Accrual basis in accordance with GAAP
- Use of Estimates: Management makes estimates affecting asset and liability reporting
- Risks and Uncertainties: Investments subject to market, credit, and liquidity risks
- Investment Valuation and Income Recognition: Fair value measurement with adjustments for realized gains/losses
Master Trust
- Objective: Allows participants to invest in custom-designed options
- Investments: Actively managed pools, commingled index funds, and stable value fund
- Valuation: Fair value for most investments, contract value for fully benefit-responsive contracts
- Off-Balance Sheet Risk: Swap contracts, futures, and options may expose the Trust to market and credit risks
Fair Value Measurements
- Fair Value Hierarchy: Level 1 (active markets), Level 2 (observable inputs), Level 3 (unobservable inputs)
- Valuation Methods: Market prices, quoted prices, and models based on observable inputs
Related Party Transactions
- Corteva Common Stock: Purchased and sold during the year, with realized gains and dividends
- DCMC Costs: $703,880 for the year ended December 31, 2025
Plan Termination
- Termination Rights: Company may terminate the Plan subject to ERISA provisions
- Participant Vesting: 100% vested upon termination
Tax Status
- Qualified Plan: Exempt from federal taxation under IRC
- Tax Liability: No uncertain tax positions recognized as of December 31, 2025
Reconciliation to Form 5500
- Amounts Allocated to Withdrawing Participants: Reconciled to Form 5500
- Notes Receivable from Participants: Reconciled to Form 5500
- Total Additions and Deductions: Reconciled to Form 5500
Subsequent Events
- Roth Catch-Up Contributions: Required for high wage earners effective January 1, 2026
