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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

The following table presents the net benefit liability/(asset) recorded on the balance sheets as of December 31, 2020 and December 31, 2019:


	2020		2019
Ameren(a)	$	(249)	$	216
Ameren Missouri(a)	(25)		142
Ameren Illinois(a)	(210)		(16)

(a)Assets associated with pension and 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, 2020 and December 31, 2019. It also provides the amounts included in regulatory assets or liabilities and accumulated OCI at December 31, 2020 and December 31, 2019, that have not been recognized in net periodic benefit costs.


	2020				2019
	Pension Benefits			Postretirement Benefits	Pension Benefits			Postretirement Benefits
Accumulated benefit obligation at end of year	$	5,213	$	(a)	$	4,735	$	(a)
Change in benefit obligation:
Net benefit obligation at beginning of year	$	4,967	$	1,110	$	4,459	$	1,034
Service cost	110			19	88			18
Interest cost	174			39	187			43
Plan amendments	—			—	—			2
Participant contributions	—			8	—			8
Actuarial loss	508			91	469			69

Benefits paid	(249)			(63)	(236)			(64)


Net benefit obligation at end of year	5,510			1,204	4,967			1,110
Change in plan assets:
Fair value of plan assets at beginning of year	4,564			1,297	3,899			1,113
Actual return on plan assets	1,143			209	878			237
Employer contributions	52			2	23			3


Participant contributions	—			8	—			8


Benefits paid	(249)			(63)	(236)			(64)
Fair value of plan assets at end of year	5,510			1,453	4,564			1,297
Funded status – deficiency (surplus)	—			(249)	403			(187)
Accrued benefit cost (asset) at December 31	$	—	$	(249)	$	403	$	(187)
Amounts recognized in the balance sheet consist of:
Noncurrent asset(b)	$	(39)	$	(249)	$	—	$	(187)
Current liability(c)	2			—	2			—
Noncurrent liability	37			—	401			—
Net liability (asset) recognized	$	—	$	(249)	$	403	$	(187)
Amounts recognized in regulatory assets or liabilities consist of:
Net actuarial (gain) loss	$	(138)	$	(200)	$	244	$	(170)
Prior service credit	—			(37)	—			(41)

Amounts recognized in accumulated OCI (pretax) consist of:
Net actuarial loss	5			6	26			4

Total	$	(133)	$	(231)	$	270	$	(207)

(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, 2020 and 2019:


	Pension Benefits				Postretirement Benefits
	2020		2019		2020		2019
Discount rate at measurement date	2.75	%	3.50	%	2.75	%	3.50	%
Increase in future compensation	3.50		3.50		3.50		3.50
Cash balance pension plan interest crediting rate	5.00		5.00		(a)		(a)
Medical cost trend rate (initial)(b)	(a)		(a)		5.00		5.00
Medical cost trend rate (ultimate)(b)	(a)		(a)		5.00		5.00

(a)Not applicable.

(b)Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.

Schedule Of Cash Contributions Made To Benefit Plans

The following table presents the cash contributions made to our defined benefit retirement plans and to our postretirement plan during 2020, 2019, and 2018:


	Pension Benefits						Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Ameren Missouri	$	17	$	3	$	18	$	1	$	1	$	1
Ameren Illinois	27		19		35		1		1		1
Other	8		1		7		—		1		—
Ameren	$	52	$	23	$	60	$	2	$	3	$	2

Target Allocation Of The Plans' Asset Categories

The following table presents our target allocations for 2021 and our pension and postretirement plans’ asset categories as of December 31, 2020 and 2019:


Asset Category	Target Allocation 2020	Percentage of Plan Assets at December 31,
		2020		2019
Pension Plan:
Cash and cash equivalents	0% – 5%	1	%	3	%
Equity securities:
U.S. large-capitalization	21% – 31%	26	%	27	%
U.S. small- and mid-capitalization	3% – 13%	9	%	7	%
International	9% – 19%	15	%	14	%
Global	3% – 13%	9	%	9	%
Total equity	51% – 61%	59	%	57	%
Debt securities	35% – 45%	36	%	36	%
Real estate	0% – 9%	4	%	4	%
Private equity	0% – 5%	(a)		(a)
Total		100	%	100	%
Postretirement Plans:
Cash and cash equivalents	0% – 7%	3	%	1	%
Equity securities:
U.S. large-capitalization	23% – 33%	31	%	31	%
U.S. small- and mid-capitalization	3% – 13%	8	%	9	%
International	9% – 19%	15	%	14	%
Global	5% – 15%	10	%	11	%
Total equity	55% – 65%	64	%	65	%
Debt securities	33% – 43%	33	%	34	%
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 2020, 2019, and 2018:


	Pension Benefits						Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Service cost(a)	$	110	$	88	$	100	$	19	$	18	$	21
Non-service cost components:
Interest cost	174		187		169		39		43		40
Expected return on plan assets	(291)		(276)		(276)		(80)		(77)		(77)
Amortization of:

Prior service credit	(1)		(1)		(1)		(4)		(5)		(4)
Actuarial (gain) loss	60		25		68		(9)		(15)		(6)


Total non-service cost components(b)	$	(58)	$	(65)	$	(40)	$	(54)	$	(54)	$	(47)
Net periodic benefit cost (income)	$	52	$	23	$	60	$	(35)	$	(36)	$	(26)

(a) Service cost, net of capitalization, is reflected in “Operating Expenses - Other operations and maintenance” on Ameren’s statement of income.

(b) 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 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, 2020, 2019, and 2018:


	Pension Costs						Postretirement Costs
	2020		2019		2018		2020		2019		2018
Ameren Missouri(a)	$	22	$	5	$	22	$	(5)	$	(6)	$	(1)
Ameren Illinois	32		20		39		(31)		(30)		(25)
Other	(2)		(2)		(1)		1		—		—
Ameren	$	52	$	23	$	60	$	(35)	$	(36)	$	(26)

(a)Does not include the impact of the tracker 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, 2020, 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
2021	$	260	$	2	$	58	$	2
2022	267		2		60		2
2023	274		3		61		2
2024	278		3		62		2
2025	283		3		61		2
2026 – 2030	1,454		12		303		11

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, 2020, 2019, and 2018:


	Pension Benefits						Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Discount rate at measurement date	3.50	%	4.25	%	3.50	%	3.50	%	4.25	%	3.50	%
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
Cash balance pension plan interest crediting rate	5.00		5.00		5.00		(a)		(a)		(a)
Medical cost trend rate (initial)(b)	(a)		(a)		(a)		5.00		5.00		5.00
Medical cost trend rate (ultimate)(b)	(a)		(a)		(a)		5.00		5.00		5.00

(a)Not applicable.

(b)Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.

Schedule Of Potential Changes In Key Assumptions

The table below reflects the sensitivity of Ameren’s plans to potential changes in key assumptions for the year ended December 31, 2020:


	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)	$	—	$	195	$	—	$	—	$	42
0.25% decrease in return on assets	—		10		—		—		3		—
0.25% increase in future compensation	2		—		20		—		—		—

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, 2020, 2019, and 2018:


	2020		2019		2018
Ameren Missouri	$	20	$	19	$	17
Ameren Illinois	17		16		15
Other	1		—		1
Ameren	$	38	$	35	$	33

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, 2020 and 2019:


	December 31, 2020								December 31, 2019
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash and cash equivalents	$	—	$	—	$	145	$	145		$	—	$	—	$	139	$	139
Equity securities:
U.S. large-capitalization	—		—		1,511		1,511			—		—		1,253		1,253
U.S. small- and mid-capitalization	513		—		—		513			344		—		—		344
International	375		—		492		867			296		—		363		659
Global	—		—		546		546			—		—		407		407
Debt securities:
Corporate bonds	—		506		17		523			—		597		13		610
Municipal bonds	—		50		—		50			—		75		—		75
U.S. Treasury and agency securities	3		1,325		—		1,328			5		1,010		—		1,015
Other	(5)		8		—		3			—		8		—		8
Real estate	—		—		208		208			—		—		211		211
Private equity	—		—		2		2			—		—		2		2
Total	$	886	$	1,889	$	2,921	$	5,696		$	645	$	1,690	$	2,388	$	4,723
Less: Medical benefit assets(a)							(219)									(176)
Plus: Net receivables(b)							33									17
Fair value of pension plans’ assets							$	5,510								$	4,564

(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, 2020 and 2019:


	December 31, 2020								December 31, 2019
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash and cash equivalents	$	38	$	—	$	—	$	38		$	12	$	—	$	—	$	12
Equity securities:
U.S. large-capitalization	279		—		107		386			238		—		112		350
U.S. small- and mid-capitalization	104		—		—		104			93		—		—		93
International	75		—		107		182			59		—		102		161
Global	—		—		120		120			—		—		120		120

Debt securities:

Municipal bonds	—		106		—		106			—		107		—		107


Other	—		—		295		295			—		—		277		277
Total	$	496	$	106	$	629	$	1,231		$	402	$	107	$	611	$	1,120
Plus: Medical benefit assets(a)							219									176
Plus: Net receivables(b)							3									1
Fair value of postretirement benefit plans’ assets							$	1,453								$	1,297

(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)Receivables related to pending securities sales, offset by payables related to pending securities purchases.