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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Summary Of Benefit Liability Recorded
The following table presents the net benefit liability/(asset) recorded on the balance sheets as of December 31, 2019 and 2018:
 
2019

2018

Ameren(a)
$
216

$
481

Ameren Missouri
142

229

Ameren Illinois(a)
(16
)
120


(a)
Assets associated with other postretirement benefits are recorded in “Other assets” on the balance sheet.
Funded Status Of Benefit Plans And Amounts Included In Regulatory Assets And OCI The following table presents the funded status of Ameren’s pension and postretirement benefit plans as of December 31, 2019 and 2018. It also provides the amounts included in regulatory assets and accumulated OCI at December 31, 2019 and 2018, that have not been recognized in net periodic benefit costs.
 
2019
 
2018
 
Pension Benefits
 
Postretirement
Benefits
 
Pension Benefits
 
Postretirement
Benefits
Accumulated benefit obligation at end of year
$
4,735

$
(a)

 
$
4,258

$
(a)

Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of year
$
4,459

$
1,034

 
$
4,827

$
1,240

Service cost
88

 
18

 
100

 
21

Interest cost
187

 
43

 
169

 
40

Plan amendments
—

 
2

 
—

 
(49
)
Participant contributions
—

 
8

 
—

 
9

Actuarial (gain) loss
469

 
69

 
(401
)
 
(163
)
Benefits paid
(236
)
 
(64
)
 
(236
)
 
(64
)
Net benefit obligation at end of year
4,967

 
1,110

 
4,459

 
1,034

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
3,899

 
1,113

 
4,293

 
1,223

Actual return on plan assets
878

 
237

 
(218
)
 
(57
)
Employer contributions
23

 
3

 
60

 
2

Participant contributions
—

 
8

 
—

 
9

Benefits paid
(236
)
 
(64
)
 
(236
)
 
(64
)
Fair value of plan assets at end of year
4,564

 
1,297

 
3,899

 
1,113

Funded status – deficiency (surplus)
403

 
(187
)
 
560

 
(79
)
Accrued benefit cost (asset) at December 31
$
403

$
(187
)
 
$
560

$
(79
)
Amounts recognized in the balance sheet consist of:
 
 
 
 
 
 
 
Noncurrent asset(b)
$
—

$
(187
)
 
$
—

$
(79
)
Current liability(c)
2

 
—

 
2

 
—

Noncurrent liability
401

 
—

 
558

 
—

Net liability (asset) recognized
$
403

$
(187
)
 
$
560

$
(79
)
Amounts recognized in regulatory assets consist of:
 
 
 
 
 
 
 
Net actuarial (gain) loss
$
244

$
(170
)
 
$
393

$
(91
)
Prior service credit
—

 
(41
)
 
(2
)
 
(48
)
Amounts recognized in accumulated OCI (pretax) consist of:
 
 
 
 
 
 
 
Net actuarial loss
26

 
4

 
35

 
3

Total
$
270

$
(207
)
 
$
426

$
(136
)

(a)
Not applicable.
(b)
Included in “Other assets” on Ameren’s consolidated balance sheet.
(c)
Included in “Other current liabilities” on Ameren’s consolidated balance sheet.
Assumptions Used To Determine Benefit Obligations
The following table presents the assumptions used to determine our benefit obligations at December 31, 2019 and 2018:
  
Pension Benefits
 
Postretirement Benefits
  
2019
 
2018
 
2019
 
2018
Discount rate at measurement date
3.50
%
 
4.25
%
 
3.50
%
 
4.25
%
Increase in future compensation
3.50

 
3.50

 
3.50

 
3.50

Medical cost trend rate (initial)(a)
(b)

 
(b)

 
5.00

 
5.00

Medical cost trend rate (ultimate)(a)
(b)

 
(b)

 
5.00

 
5.00


(a)
Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.
(b)
Not applicable
Schedule Of Cash Contributions Made To Benefit Plans
The following table presents the cash contributions made to our defined benefit retirement plan and to our postretirement plans during 2019, 2018, and 2017:
 
Pension Benefits
 
Postretirement Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Ameren Missouri
$
3

 
$
18

 
$
19

 
$
1

 
$
1

 
$
1

Ameren Illinois
19

 
35

 
37

 
1

 
1

 
1

Other
1

 
7

 
8

 
1

 
—

 
—

Ameren
$
23

 
$
60

 
$
64

 
$
3

 
$
2

 
$
2
Target Allocation Of The Plans' Asset Categories The following table presents our target allocations for 2020 and our pension and postretirement plans’ asset categories as of December 31, 2019 and 2018:
Asset
Category
Target Allocation
2020
 
Percentage of Plan Assets at December 31,
2019
 
2018
Pension Plan:
 
 
 
 
 
Cash and cash equivalents
0% – 5%
 
3
%
 
1
%
Equity securities:
 
 
 
 
 
U.S. large-capitalization
21% – 31%
 
27
%
 
24
%
U.S. small- and mid-capitalization
3% – 13%
 
7
%
 
7
%
International
9% – 19%
 
14
%
 
13
%
Global
3% – 13%
 
9
%
 
8
%
Total equity
51% – 61%
 
57
%
 
52
%
Debt securities
35% – 45%
 
36
%
 
42
%
Real estate
0% – 9%  
 
4
%
 
5
%
Private equity
0% – 5%
 
(a)

 
(a)

Total
 
 
100
%
 
100
%
Postretirement Plans:
 
 
 
 
 
Cash and cash equivalents
0% – 7%
 
1
%
 
2
%
Equity securities:
 
 
 
 
 
U.S. large-capitalization
23% – 33%
 
31
%
 
40
%
U.S. small- and mid-capitalization
3% – 13%
 
9
%
 
7
%
International
9% – 19%
 
14
%
 
13
%
Global
5% – 15%
 
11
%
 
—
%
Total equity
55% – 65%
 
65
%
 
60
%
Debt securities
33% – 43%
 
34
%
 
38
%
Total
 
 
100
%
 
100
%

(a)
Less than 1% of plan assets.
Components Of Net Periodic Benefit Cost
The following table presents the components of the net periodic benefit cost of Ameren’s pension and postretirement benefit plans during 2019, 2018, and 2017:
 
Pension Benefits
 
 
Postretirement Benefits
 
2019
 
2018
 
2017
 
 
2019
 
2018
 
2017
Service cost(a)
$
88

 
$
100

 
$
93

 
 
$
18

 
$
21

 
$
21

Non-service cost components:
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
187

 
169

 
179

 
 
43

 
40

 
47

Expected return on plan assets
(276
)
 
(276
)
 
(262
)
 
 
(77
)
 
(77
)
 
(75
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
 
Prior service credit
(1
)
 
(1
)
 
(1
)
 
 
(5
)
 
(4
)
 
(5
)
Actuarial (gain) loss
25

 
68

 
55

 
 
(15
)
 
(6
)
 
(6
)
Total non-service cost components(b)
$
(65
)
 
$
(40
)
 
$
29

 
 
$
(54
)
 
$
(47
)
 
$
(39
)
Net periodic benefit cost (income)
$
23

 
$
60

 
$
64

 
 
$
(36
)
 
$
(26
)
 
$
(18
)
(a)    Service cost, net of capitalization, is reflected in “Operating Expenses - Other operations and maintenance” on Ameren’s statement of income.
(b)
2019 and 2018 amounts and the non-capitalized portion of 2017 non-service cost components are reflected in “Other Income, Net” on Ameren’s consolidated statement of income. See Note 6 – Other Income, Net for additional information.
Summary Of Estimated Amortizable Amounts From Regulatory Assets and Accumulated OCI Into Net Periodic Benefit Cost
The estimated amounts that will be amortized from regulatory assets and accumulated OCI into Ameren’s net periodic benefit cost in 2020 are as follows:
 
Pension Benefits
 
Postretirement Benefits
Regulatory assets:
 
 
 
Prior service credit
$
(1
)
 
$
(4
)
Net actuarial (gain) loss
52

 
(9
)
Accumulated OCI:
 
 
 
Net actuarial loss
5

 
—

Total
$
56

 
$
(13
)
Summary Of Benefit Plan Costs Incurred
The Ameren Companies are responsible for their share of the pension and postretirement benefit costs. The following table presents the pension costs and the postretirement benefit costs incurred for the years ended December 31, 2019, 2018, and 2017:
  
Pension Costs
 
Postretirement Costs
  
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Ameren Missouri(a)
$
5

 
$
22

 
$
24

 
$
(6
)
 
$
(1
)
 
$
(4
)
Ameren Illinois
20

 
39

 
41

 
(30
)
 
(25
)
 
(14
)
Other
(2
)
 
(1
)
 
(1
)
 
—

 
—

 
—

Ameren
$
23

 
$
60

 
$
64

 
(36
)
 
$
(26
)
 
$
(18
)
(a)
Does not include the impact of the regulatory tracking mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri and the level of such costs included in customer rates.
Schedule Of Expected Payments From Qualified Trust And Company Funds
The expected pension and postretirement benefit payments from qualified trust and company funds, which reflect expected future service, as of December 31, 2019, are as follows:
  
Pension Benefits
 
Postretirement Benefits
  
Paid from
Qualified
Trust Funds
 
Paid from
Company
Funds
 
Paid from
Qualified
Trust Funds
 
Paid from
Company
Funds
2020
$
257

 
$
3

 
$
58

 
$
2

2021
269

 
3

 
60

 
2

2022
274

 
3

 
61

 
2

2023
279

 
3

 
63

 
2

2024
284

 
3

 
64

 
2

2025 – 2029
1,446

 
12

 
313

 
12
Assumptions Used To Determine Net Periodic Benefit Cost
The following table presents the assumptions used to determine net periodic benefit cost for our pension and postretirement benefit plans for the years ended December 31, 2019, 2018, and 2017:
  
Pension Benefits
 
Postretirement Benefits
  
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate at measurement date
4.25
%
 
3.50
%
 
4.00
%
 
4.25
%
 
3.50
%
 
4.00
%
Expected return on plan assets
7.00

 
7.00

 
7.00

 
7.00

 
7.00

 
7.00

Increase in future compensation
3.50

 
3.50

 
3.50

 
3.50

 
3.50

 
3.50

Medical cost trend rate (initial)(a)
(b)

 
(b)

 
(b)

 
5.00

 
5.00

 
5.00

Medical cost trend rate (ultimate)(a)
(b)

 
(b)

 
(b)

 
5.00

 
5.00

 
5.00


(a)
Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.
(b)
Not applicable.
Schedule Of Potential Changes In Key Assumptions
The table below reflects the sensitivity of Ameren’s plans to potential changes in key assumptions:
  
Pension Benefits
 
Postretirement Benefits
  
Service Cost
and Interest
Cost
 
Expected
Return on
Assets
 
Projected
Benefit
Obligation
 
Service Cost
and Interest
Cost
 
Expected
Return on
Assets
 
Postretirement
Benefit
Obligation
0.25% decrease in discount rate
$
(1
)
 
$
—

 
$
165

 
$
—

 
$
—

 
$
36

0.25% decrease in return on assets
—

 
10

 
—

 
—

 
3

 
—

0.25% increase in future compensation
2

 
—

 
14

 
—

 
—

 
—

1.00% increase in annual medical trend
—

 
—

 
—

 
3

 
—

 
57

1.00% decrease in annual medical trend
—

 
—

 
—

 
(3
)
 
—

 
(57
)
Schedule Of Matching Contributions The following table presents the portion of the matching contribution to the Ameren 401(k) plan attributable to each of the Ameren Companies for the years ended December 31, 2019, 2018, and 2017:
 
2019
 
2018
 
2017
Ameren Missouri
$
19

 
$
17

 
$
16

Ameren Illinois
16

 
15

 
13

Other
—

 
1

 
1

Ameren
$
35

 
$
33

 
$
30
Pension Benefits  
Target Allocation Of The Plans' Asset Categories
The following table sets forth, by level within the fair value hierarchy discussed in Note 8 – Fair Value Measurements, the pension plans’ assets measured at fair value and NAV as of December 31, 2019 and 2018:
 
December 31, 2019
 
 
December 31, 2018
 
Level 1
 
Level 2
 
NAV
 
Total
 
 
Level 1
 
Level 2
 
NAV
 
Total
Cash and cash equivalents
$
—

 
$
—

 
$
139

 
$
139

 
 
$
—

 
$
—

 
$
41

 
$
41

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. large-capitalization
—

 
—

 
1,253

 
1,253

 
 
—

 
—

 
955

 
955

U.S. small- and mid-capitalization
344

 
—

 
—

 
344

 
 
272

 
—

 
—

 
272

International
296

 
—

 
363

 
659

 
 
224

 
—

 
298

 
522

Global
—

 
—

 
407

 
407

 
 
—

 
—

 
321

 
321

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
—

 
597

 
13

 
610

 
 
—

 
701

 
19

 
720

Municipal bonds
—

 
75

 
—

 
75

 
 
—

 
87

 
—

 
87

U.S. Treasury and agency securities
5

 
1,010

 
—

 
1,015

 
 
—

 
891

 
—

 
891

Other
—

 
8

 
—

 
8

 
 
1

 
11

 
—

 
12

Real estate
—

 
—

 
211

 
211

 
 
—

 
—

 
202

 
202

Private equity
—

 
—

 
2

 
2

 
 
—

 
—

 
3

 
3

Total
$
645

 
$
1,690

 
$
2,388

 
$
4,723

 
 
$
497

 
$
1,690

 
$
1,839

 
$
4,026

Less: Medical benefit assets(a)
 
 
 
 
 
 
(176
)
 
 
 
 
 
 
 
 
(144
)
Plus: Net receivables(b)
 
 
 
 
 
 
17

 
 
 
 
 
 
 
 
17

Fair value of pension plans’ assets
 
 
 
 
 
 
$
4,564

 
 
 
 
 
 
 
 
$
3,899


(a)
Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation.
(b)
Receivables related to pending securities sales, offset by payables related to pending securities purchases.
Postretirement Benefits  
Target Allocation Of The Plans' Asset Categories
The following table sets forth, by level within the fair value hierarchy discussed in Note 8 – Fair Value Measurements, the postretirement benefit plans’ assets measured at fair value and NAV as of December 31, 2019 and 2018:
 
December 31, 2019
 
 
December 31, 2018
 
Level 1
 
Level 2
 
NAV
 
Total
 
 
Level 1
 
Level 2
 
NAV
 
Total
Cash and cash equivalents
$
12

 
$
—

 
$
—

 
$
12

 
 
$
32

 
$
—

 
$
—

 
$
32

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. large-capitalization
238

 
—

 
112

 
350

 
 
297

 
—

 
89

 
386

U.S. small- and mid-capitalization
93

 
—

 
—

 
93

 
 
63

 
—

 
—

 
63

International
59

 
—

 
102

 
161

 
 
45

 
—

 
84

 
129

Global
—

 
—

 
120

 
120

 
 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
 
—

 
12

 
—

 
12

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
—

 
—

 
—

 
—

 
 
—

 
144

 
—

 
144

Municipal bonds
—

 
107

 
—

 
107

 
 
—

 
107

 
—

 
107

U.S. Treasury and agency securities
—

 
—

 
—

 
—

 
 
—

 
62

 
—

 
62

Other
—


—

 
277

 
277

 
 
—

 
7

 
34

 
41

Total
$
402


$
107

 
$
611

 
$
1,120

 
 
$
437

 
$
332

 
$
207

 
$
976

Plus: Medical benefit assets(a)
 
 
 
 
 
 
176

 
 
 
 
 
 
 
 
144

Less: Net payables(b)
 
 
 
 
 
 
1

 
 
 
 
 
 
 
 
(7
)
Fair value of postretirement benefit plans’ assets
 
 
 
 
 
 
$
1,297

 
 
 
 
 
 
 
 
$
1,113

(a)
Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation. These 401(h) assets are included in the pension plan assets shown above.
(b)
Payables related to pending securities purchases, offset by interest receivables and receivables related to pending securities sales.