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Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits
NOTE 7. PENSION AND OTHER POSTRETIREMENT BENEFITS
Regions' defined benefit pension plans cover certain employees as the pension plans are closed to new entrants. The Company also sponsors a SERP, which is a non-qualified pension plan that provides certain senior executive officers defined benefits in relation to their compensation.
Net periodic pension cost (credit) includes the following components:
Qualified PlansNon-qualified PlansTotal
Three Months Ended June 30
202120202021202020212020
(In millions)
Service cost$10 $8 $2 $1 $12 $9 
Interest cost12 16 — 1 12 17 
Expected return on plan assets(36)(38)— — (36)(38)
Amortization of actuarial loss12 11 2 1 14 12 
Net periodic pension cost (credit)$(2)$(3)$4 $3 $2 $— 
Qualified PlansNon-qualified PlansTotal
Six Months Ended June 30
202120202021202020212020
(In millions)
Service cost$19 $17 $3 $2 $22 $19 
Interest cost24 32 1 2 25 34 
Expected return on plan assets(71)(75)— — (71)(75)
Amortization of actuarial loss23 20 4 3 27 23 
Net periodic pension cost (credit)$(5)$(6)$8 $7 $3 $1 
The service cost component of net periodic pension cost (credit) is recorded in salaries and employee benefits on the consolidated statements of income. Components other than service cost are recorded in other non-interest expense on the consolidated statements of income.
Regions' funding policy for the qualified plans is to contribute annually at least the amount required by IRS minimum funding standards. Regions made no contributions during the first six months of 2021.
Regions also provides other postretirement benefits, such as defined benefit health care plans and life insurance plans, that cover certain retired employees. There was no material impact from other postretirement benefits on the consolidated financial statements for the six months ended June 30, 2021 or 2020.