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Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
NOTE 8. 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 March 31
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$6 $5 $— $— $6 $5 
Interest cost20 2112 2123
Expected return on plan assets(31)(30)—— $(31)(30)
Amortization of actuarial loss5 611 6 7
Net periodic pension (benefit) cost$— $2 $2 $3 $2 $5 
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.
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 three months of 2024.
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 three months ended March 31, 2024 or 2023.