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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Summary Of Benefit Liability Recorded
The following table presents the net benefit liability/(asset) recorded on the balance sheets as of December 31, 2022 and 2021:
20222021
Ameren(a)
$(377)$(717)
Ameren Missouri(a)
(84)(189)
Ameren Illinois(a)
(263)(416)
(a)Liabilities associated with pension and other postretirement benefits are recorded in “Other current liabilities” and “Other deferred credits and liabilities” on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ balance sheets.
Funded Status Of Benefit Plans and Amounts Included In Regulatory Assets and AOCI The following table presents the funded status of Ameren’s pension and postretirement benefit plans as of December 31, 2022 and 2021. It also provides the amounts included in regulatory assets or liabilities and accumulated OCI at December 31, 2022 and 2021, that have not been recognized in net periodic benefit costs.
20222021
Pension
Benefits		Postretirement
Benefits		Pension
Benefits		Postretirement
Benefits
Accumulated benefit obligation at end of year$3,911 $(a)$5,174 $(a)
Change in benefit obligation:
Net benefit obligation at beginning of year$5,457 $1,129 $5,510 $1,204 
Service cost128 20 134 23 
Interest cost163 34 152 33 
Participant contributions— 8 — 9 
Actuarial gain(1,425)(289)(82)(80)
Benefits paid(262)(64)(257)(60)
Net benefit obligation at end of year4,061 838 5,457 1,129 
Change in plan assets:
Fair value of plan assets at beginning of year5,745 1,558 5,510 1,453 
Actual return on plan assets(1,461)(255)432 154 
Employer contributions5 2 60 2 
Participant contributions— 8 — 9 
Benefits paid(262)(64)(257)(60)
Fair value of plan assets at end of year4,027 1,249 5,745 1,558 
Funded status – deficiency (surplus)34 (411)(288)(429)
Accrued benefit cost (asset) at December 31$34 $(411)$(288)$(429)
Amounts recognized in the balance sheet consist of:
Noncurrent asset$— $(411)$(327)$(429)
Current liability(b)
3 — 2 — 
Noncurrent liability(c)
31 — 37 — 
Net liability (asset) recognized$34 $(411)$(288)$(429)
Amounts recognized in regulatory assets or liabilities consist of:
Net actuarial gain$(107)$(268)$(415)$(343)
Prior service credit— (29)— (33)
Amounts recognized in accumulated OCI (pretax) consist of:
Net actuarial (gain) loss15 (4)(8)1 
Total$(92)$(301)$(423)$(375)
(a)Not applicable.
(b)Included in “Other current liabilities” on Ameren’s consolidated balance sheet.
(c)Included in “Other deferred credits and 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, 2022 and 2021:
Pension BenefitsPostretirement Benefits
2022202120222021
Discount rate at measurement date5.55 %3.00 %5.55 %3.00 %
Increase in future compensation3.50 
(a)
3.50 3.50 
(a)
3.50 
Cash balance pension plan interest crediting rate5.00 
(b)
5.00 (c)(c)
Medical cost trend rate (initial)(d)
(c)(c)(e)5.00 
Medical cost trend rate (ultimate)(d)
(c)(c)5.00 5.00 
(a)Increase in future compensation is 4.50% for 2023, 4.00% in 2024, and 3.50% thereafter.
(b)Cash balance pension plan interest crediting rate is 5.50% for 2023 and 2024, and 5.00% thereafter.
(c)Not applicable.
(d)Initial and ultimate medical cost trend rate for certain Medicare-eligible participants was 2.50% at December 31, 2022 and 2021.
(e)Initial medical cost trend rates of 7.25% for pre-Medicare plan participants and 6.75% for post-Medicare plan participants trend down to the ultimate rate by 2030, with a 3.00% upward adjustment to the post-Medicare trend rate in 2025.
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 2022, 2021, and 2020:
Pension BenefitsPostretirement Benefits
202220212020202220212020
Ameren Missouri$1 $22 $17 $1 $1 $1 
Ameren Illinois3 28 27 1 1 1 
Ameren Services1 10 8 — — — 
Ameren$5 $60 $52 $2 $2 $2 
Target Allocation Of The Plans' Asset Categories
The following table presents our target allocations and our pension and postretirement plans’ asset categories as of December 31, 2022 and 2021:
Asset
Category
Target Allocation
2022(a)
Percentage of Plan Assets at December 31,
20222021
Pension Plan:
Cash and cash equivalents
0% – 5%
1 %3 %
Equity securities:
U.S. large-capitalization
11% – 21%
15 %23 %
U.S. small- and mid-capitalization
3% – 13%
8 %9 %
International
9% – 19%
16 %15 %
Global
7% – 17%
12 %11 %
Total equity
45% – 55%
51 %58 %
Debt securities
35% – 45%
35 %35 %
Diversified credit
0% – 10%
7 %(b)
Real estate
0% – 10%
6 %4 %
Private equity
0% – 5%
(b)(b)
Total 100 %100 %
Postretirement Plans:
Cash and cash equivalents
0% – 7%
2 %3 %
Equity securities:
U.S. large-capitalization
23% – 33%
29 %30 %
U.S. small- and mid-capitalization
3% – 13%
8 %9 %
International
9% – 19%
13 %13 %
Global
5% – 15%
10 %10 %
Total equity
55% – 65%
60 %62 %
Debt securities
33% – 43%
38 %35 %
Total 100 %100 %
(a)These target allocations reflect targets that were approved in 2022 to take effect in the subsequent year.
(b)Less than 1% of plan assets.
Components Of Net Periodic Benefit Cost
The following table presents the components of the net periodic benefit cost (income) of Ameren’s pension and postretirement benefit plans during 2022, 2021, and 2020:
Pension BenefitsPostretirement Benefits
202220212020202220212020
Service cost(a)
$128 $134 $110 $20 $23 $19 
Non-service cost components:
Interest cost163 152 174 34 33 39 
Expected return on plan assets(b)
(320)(297)(291)(85)(80)(80)
Amortization of(b):
Prior service credit— — (1)(4)(4)(4)
Actuarial (gain) loss25 73 60 (19)(6)(9)
Total non-service cost components(c)
$(132)$(72)$(58)$(74)$(57)$(54)
Net periodic benefit cost (income)(d)
$(4)$62 $52 $(54)$(34)$(35)
(a)Service cost, net of capitalization, is reflected in “Operating Expenses - Other operations and maintenance” on Ameren’s statement of income.
(b)Prior service cost is amortized on a straight-line basis over the average future service of active participants benefiting under the plan amendment. Net actuarial gains or losses related to the net benefit obligation subject to amortization are amortized on a straight-line basis over 10 years. The difference between the actual and expected return on plan assets is amortized over 4 years.
(c)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.
(d)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP and the level of such costs included in rates.
Summary Of Benefit Plan Costs Incurred
The Ameren Companies are responsible for their share of the pension and postretirement benefit costs (income). The following table presents the pension and postretirement benefit costs (income) incurred for the years ended December 31, 2022, 2021, and 2020:
Pension CostsPostretirement Costs
202220212020202220212020
Ameren Missouri(a)
$(3)$29 $22 $(14)$(4)$(5)
Ameren Illinois3 34 32 (41)(31)(31)
Other(4)(1)(2)1 1 1 
Ameren$(4)$62 $52 $(54)$(34)$(35)
(a)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP 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, 2022, are as follows:
Pension BenefitsPostretirement Benefits
Paid from
Qualified
Trust Funds		Paid from
Company
Funds		Paid from
Qualified
Trust Funds		Paid from
Company
Funds
2023$273 $3 $58 $2 
2024278 3 60 2 
2025282 3 60 2 
2026286 3 60 2 
2027290 3 60 2 
2028 – 20321,473 13 294 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, 2022, 2021, and 2020:
Pension BenefitsPostretirement Benefits
202220212020202220212020
Discount rate at measurement date3.00 %2.75 %3.50 %3.00 %2.75 %3.50 %
Expected return on plan assets6.50 6.50 7.00 6.50 6.50 7.00 
Increase in future compensation3.50 3.50 3.50 3.50 3.50 3.50 
Cash balance pension plan interest crediting rate5.00 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 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, 2022, 2021, and 2020:
202220212020
Ameren Missouri$23 $21 $20 
Ameren Illinois19 16 17 
Other1 1 1 
Ameren$43 $38 $38 
Pension Benefits  
Target Allocation Of The Plans' Asset Categories
The following table sets forth, by level within the fair value hierarchy discussed in Note 8 – Fair Value Measurements, the pension plans’ assets measured at fair value and NAV as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Level 1Level 2NAVTotalLevel 1Level 2NAVTotal
Cash and cash equivalents$— $— $172 $172 $— $— $116 $116 
Equity securities:
U.S. large-capitalization— — 658 658 — — 1,381 1,381 
U.S. small- and mid-capitalization321 — — 321 558 — — 558 
International266 — 395 661 372 — 531 903 
Global— — 493 493 — — 621 621 
Debt securities:
Corporate bonds— 397 — 397 — 545 27 572 
Municipal bonds— 41 — 41 — 50 — 50 
U.S. Treasury and agency securities— 859 — 859 — 1,450 — 1,450 
Diversified credit— — 281 281 — — — — 
Other(3)7 — 4 17 11 — 28 
Real estate— — 271 271 — — 228 228 
Private equity— — 1 1 — — 1 1 
Total$584 $1,304 $2,271 $4,159 $947 $2,056 $2,905 $5,908 
Less: Medical benefit assets(a)
(172)(234)
Plus: Net receivables(b)
40 71 
Fair value of pension plans’ assets$4,027 $5,745 
(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, 2022 and 2021:
December 31, 2022December 31, 2021
Level 1Level 2NAVTotalLevel 1Level 2NAVTotal
Cash and cash equivalents$14 $— $— $14 $24 $— $— $24 
Equity securities:
U.S. large-capitalization221 — 87 308 283 — 115 398 
U.S. small- and mid-capitalization92 — — 92 113 — — 113 
International43 — 98 141 60 — 117 177 
Global— — 110 110 — — 132 132 
Debt securities:
Municipal bonds— 123 — 123 — 133 — 133 
Other— — 287 287 — — 335 335 
Total$370 $123 $582 $1,075 $480 $133 $699 $1,312 
Plus: Medical benefit assets(a)
172 234 
Plus: Net receivables(b)
  2 12 
Fair value of postretirement benefit plans’ assets  $1,249 $1,558 
(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.