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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits
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 included the following components:
Three Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$6 $6 $— $— $6 $6 
Interest cost21 2222 2324
Expected return on plan assets(31)(30)—— (31)(30)
Amortization of actuarial loss7 5—2 7 7
Settlement charge— — —7 — 7
Net periodic pension cost$3 $3 $2 $11 $5 $14 
Nine Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$16 $17 $1 $1 $17 $18 
Interest cost62644 5 66 69 
Expected return on plan assets(93)(90)— — (93)(90)
Amortization of actuarial loss18171 3 19 20 
Settlement charge— — — 7 — 7 
Net periodic pension cost$3 $8 $6 $16 $9 $24 
The service cost component of net periodic pension 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 2023 settlement charge related to the settlement of liabilities under the SERP for certain plan participants.
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 to qualified plans during the nine months ended September 30, 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 nine months ended September 30, 2024 or 2023.