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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
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 (benefit) included the following components:
Three Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202320222023202220232022
(In millions)
Service cost$6 $7 $— $1 $6 $8 
Interest cost22 1421 2415
Expected return on plan assets(30)(35)—— $(30)(35)
Amortization of actuarial loss5 722 7 9
Settlement charge— — 7— 7 —
Net periodic pension (benefit) cost3(7)114$14 $(3)

Nine Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202320222023202220232022
(In millions)
Service cost$17 $25 $1 $2 $18 $27 
Interest cost64425 2 69 44 
Expected return on plan assets(90)(105)— — (90)(105)
Amortization of actuarial loss17203 5 20 25 
Settlement charge— — 7 — 7 — 
Net periodic pension (benefit) cost8(18)169$24 $(9)
The service cost component of net periodic pension (benefit) cost 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.
The settlement charge relates to the settlement of liabilities under the SERP for certain plan participants in 2023.
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 nine months of 2023.
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 nine months ended September 30, 2023 or 2022.