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Section 1: 11-K (11-K)

Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 11-K

ý    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the year ended December 31, 2019
 
Or

o    TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the Transition Period from __________________ to __________________


Commission file number 1-32525





A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERIPRISE FINANCIAL 401(k) PLAN

 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AMERIPRISE FINANCIAL, INC.
55 Ameriprise Financial Center
Minneapolis, MN 55474















Ameriprise Financial 401(k) Plan
 Financial Statements and Supplemental Schedule
 
December 31, 2019 and 2018
with Report of Independent Registered Public Accounting Firm




Ameriprise Financial 401(k) Plan
Form 11-K


INDEX
 
Report of Independent Registered Public Accounting Firm
1

 
Financial Statements
 
 
Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018
2

 
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2019 and 2018
3

 
Notes to Financial Statements
4

 
Supplemental Schedule
 
 
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
12

 
Signature
22

 
Exhibit Index
23






Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of the Ameriprise Financial 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Ameriprise Financial 401(k) Plan (the “Plan”) as of December 31, 2019 and 2018 and the related statements of changes in net assets available for benefits for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 25, 2020

We have served as the Plan’s auditor since 2012.


1


Ameriprise Financial 401(k) Plan

Statements of Net Assets Available for Benefits
 
December 31,
2019
 
2018
Assets
 

 
 

Cash
$
1,118,735

 
$
715,083

Investments at fair value
2,140,700,958

 
1,697,978,201

Investments at contract value
151,717,155

 
131,475,299

Receivables:
 

 
 

Accrued income
34,935

 
35,929

Due from broker
2,546,473

 
2,248,051

Employer contributions
4,430,947

 
4,331,507

Participant loans
33,072,420

 
34,925,673

Total assets
2,333,621,623

 
1,871,709,743

 
 
 
 
Liabilities
 

 
 

Due to broker
7,070,595

 
3,423,856

Accrued expenses
67,094

 
78,426

Total liabilities
7,137,689

 
3,502,282

Net assets available for benefits at end of year
$
2,326,483,934

 
$
1,868,207,461

See Notes to Financial Statements.


2


Ameriprise Financial 401(k) Plan

Statements of Changes in Net Assets Available for Benefits
 
Years Ended December 31,
2019
 
2018
Contributions:
 
 
 

Employer, net of forfeitures
$
55,525,536

 
$
53,954,466

Participant
109,878,557

 
103,087,818

Participant rollovers
10,787,056

 
14,347,962

Total contributions
176,191,149

 
171,390,246

Investment income (loss):
 
 
 
Interest
3,489,735

 
2,829,458

Dividends
12,209,491

 
10,940,090

Net realized/unrealized appreciation (depreciation)
477,933,107

 
(216,286,053
)
Total investment income (loss)
493,632,333

 
(202,516,505
)
Other income
75,887

 
83,892

Interest on participant loans
1,519,046

 
1,302,324

Total additions
671,418,415

 
(29,740,043
)
Administrative expenses
(1,054,365
)
 
(1,004,825
)
Withdrawal payments
(212,087,577
)
 
(146,190,412
)
Total deductions
(213,141,942
)
 
(147,195,237
)
Net increase (decrease) in net assets available for benefits
458,276,473

 
(176,935,280
)
Net assets available for benefits at beginning of year
1,868,207,461

 
2,045,142,741

Net assets available for benefits at end of year
$
2,326,483,934

 
$
1,868,207,461

See Notes to Financial Statements.


3


Ameriprise Financial 401(k) Plan
Notes to Financial Statements
December 31, 2019

1.  Description of the Plan
General
The Ameriprise Financial 401(k) Plan (the “Plan”), which became effective October 1, 2005, is a defined contribution plan. Under the terms of the Plan, certain regular full-time and part-time employees of Ameriprise Financial, Inc. and its participating subsidiaries (the “Company”) can make contributions to the Plan and are eligible to receive Company contributions beginning with the pay period in which they complete 60 days of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore, does not include all situations and limitations covered by the Plan. Participants should refer to the Plan document for more complete information.
Recordkeeping and Trustee of Plan Assets
Wells Fargo Bank, N.A. is the Plan’s trustee for all assets, and Alight Solutions is the Plan’s recordkeeper, including the self-directed brokerage account. The Plan is administered by the Ameriprise Financial Employee Benefits Administration Committee (“EBAC”). The Ameriprise Financial 401(k) Investment Committee (“KIC”) selects and monitors the investment options offered to participants under the Plan and oversees matters related to Plan investments (excluding the Ameriprise Financial Stock Fund and investments selected by participants under the self-directed brokerage account). Members of the EBAC and KIC are appointed by fiduciaries as specified in the Plan.
Contributions
Elective Contributions
Each pay period, eligible participants may make pretax and/or Roth 401(k) contributions (up to 80% of eligible compensation), and after-tax contributions (up to 10% of eligible compensation) or a combination of any of the three, not to exceed 80% of their eligible compensation to the Plan through payroll deductions. The Internal Revenue Code of 1986, as amended (the “Code”), imposes a limitation on participants’ pretax and Roth contributions to plans that are qualified under Code Section 401(k) and other specified tax favored plans. This limit was $19,000 and $18,500 for 2019 and 2018, respectively, for employees under age 50. For employees age 50 and older the limit was $25,000 and $24,500 for 2019 and 2018, respectively. The Plan complied with nondiscrimination requirements under the Code for both 2019 and 2018.
Fixed Match Contributions
The Company matches 100% of the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each pay period. At the end of each year, the Company completes a fixed match true-up for qualifying participants to ensure the fixed match contribution provided by the Company is equal to the lesser of 5% of eligible compensation or the participants’ annual deferral rate average. Participants must be employed on the last business day of the Plan year or have terminated employment, generally due to retirement (at or after age 65), disability (as defined in the Plan), transfer to Franchise Advisor role or death to receive a true-up contribution.
On April 24, 2020, the Company instituted a new 2% base Company contribution at each pay period for the Plan for certain employees not eligible to participate in the Ameriprise Financial Retirement Plan due to plan amendments to freeze the plan to new entrants. This base contribution will be invested based on the employee’s elections or a default fund if no elections are made and eligible employees do not have to elect to save their own money to receive this contribution.
Limit on Contributions
For purposes of the Plan, eligible compensation is a participant’s regular cash compensation up to $280,000 and $275,000 for 2019 and 2018, respectively, before tax deductions and certain other withholdings. Eligible compensation for all employees includes performance related cash bonuses, overtime, commissions and certain other amounts in addition to regular earnings.
Rollover Contributions
A rollover is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers into the Plan are not eligible for Company match contributions.
Vesting
Participants are immediately vested in their pretax, Roth 401(k), after-tax, and rollover contributions and any income and appreciation on such contributions. Company contributions are vested on a five-year graded schedule of 20% per year of service with the Company or if the participant attains age 65 as an active employee, becomes disabled or deceased while employed. Company contributions not vested at the time of termination of employment are forfeited and can be used to pay plan expenses or future Company contributions. Forfeitures for the plan years ended December 31, 2019 and 2018 were $1,081,967 and $1,229,748, respectively.

4


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

Tax Status
As long as the Plan remains qualified and tax exempt, amounts invested in the Plan through participant and Company contributions and rollovers, as well as any income and appreciation on such amounts, are not subject to federal income tax until distributed to the participant. See Note 8 for additional information on the Plan’s tax status.
Distributions and Withdrawals
If employment ends, participants are eligible to receive a distribution of their vested account balance. Participants (or their beneficiaries) may elect to receive their accounts as a single lump-sum distribution in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares. Partial payments may be available to participants who meet certain requirements set forth in the Plan document. Terminated participants can defer payments until age 70½. Beginning January 1, 2020 terminated participants can defer payments until age 72.
Participants may be eligible to request an in-service withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Participants may elect to receive their withdrawal in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares.
Loan Program
Participants may borrow from their fund accounts a minimum of $500 and up to a maximum of the lesser of $50,000 or 50% of their vested account balance. The administrative loan origination fee of $75 per loan is paid by the participant and is deducted from the proceeds of the loan. Loan terms range up to 59 months unless the loan is used towards the purchase of a primary residence in which case the loan terms can range up to 359 months. The loans are secured by the balance in the participant’s account and bear a fixed interest rate of the prime rate as reported in the Wall Street Journal on the first business day of the month before the date the loan is originated. Principal and interest payments are deducted automatically from the participant’s pay each period. If the participant’s employment with the Company ends for any reason, and their Plan loan is current, the Plan allows the participant to continue making loan repayments if the participant contacts the Plan’s Administrative Delegate to request a loan-repayment coupon book before their loan would otherwise default. If so requested, upon the participant’s termination, the participant’s loan will be re-amortized to a monthly repayment schedule.
If the participant’s employment with the Company ends for any reason, and their Plan loan is in default when their employment ends, they have the option to pay off the loan in full within 60 days or the participant may make alternative arrangements for repayment of the loan in order to prevent a default and acceleration due to non-payment, if payroll deduction is no longer available. If the outstanding loan is not paid in full within 60 days from separation from service or an alternative arrangement is not made, the loan will automatically be foreclosed and the amount outstanding will be immediately deducted from the benefit payable to the plan participant from the Plan. The amount deducted will be treated as a distribution to that participant regardless of whether they elected to receive a distribution of their vested Plan account. Unless the outstanding loan amount was previously taxed as a “deemed distribution,” the participant will then be responsible for any income taxes on the amount of the outstanding loan balance and possibly a 10% additional penalty tax that applies to early distributions.
Sale of Ameriprise Auto and Home Business
The Company and AmFam, Inc., entered into a stock purchase agreement dated April 1, 2019 under which AmFam, Inc., agreed to purchase IDS Property Casualty Insurance Company and closed the transaction on October 1, 2019. In conjunction with this transaction, the Company accelerated vesting for all employees who ceased being an active employee of the Company and became employees under the AmFam, Inc., control group. In addition, IDS Property Casualty ceased to be a participating company in the Plan and employees transitioned were terminated from the Plan. Transitioned employees became eligible for lump sum distributions and had all normal distribution rights under the Plan. In addition they had the option to rollover their 401(k) loan balance to the American Family 401(k) Plan.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
2.  Significant Accounting Policies and Adoption of New Accounting Standards
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.

5


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Plan Fees and Expenses
Administrative expenses, which may include recordkeeping, participant servicing, legal fees, trustee fees, loan origination fees, fees incurred within the self-directed brokerage account and investment consulting fees, among other expenses, are paid by Plan participants and recorded as incurred, unless paid by the Company. The Company currently pays a portion of the administrative expenses, including fees of the auditors, legal fees and certain investment managers.
Fees paid to investment managers are paid from the fees associated with the investment options offered by the Plan, unless paid by the Company. In addition, expenses related to the investment of the Plan funds, for example, brokerage commissions, stock transfer or other taxes and charges incurred for the purchase or sale of the funds’ investments, as opposed to administrative expenses, are generally paid by the Plan participants out of the applicable investment. Fees paid out of an investment reduce the return of that investment.
A flat fee of $21 per quarter is charged to participant accounts with a balance of $5,000 or more (including loan balances). It is deducted proportionately from the participant’s investment options on a quarterly basis. The fee is deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. The only 12b-1 fees incurred are on certain self-directed brokerage funds.
Other Income
Other income includes a rebate of a portion of revenue sharing payments made to the Plan from a portion of the 12b-1 fees incurred from certain funds within the self-directed brokerage account. These payments are deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. Other income is recorded when earned.
Valuation of Investments and Income Recognition
Investments are reported at fair value, with the exception of fully benefit-responsive investment contracts which are reported at contract value. See Note 4 and Note 5 for the Plan’s accounting policies related to the fully benefit-responsive investment contracts and the valuation of investments, respectively.
Purchases and sales of securities are reflected on a trade-date basis. The cost of securities sold is determined using the average cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. As required by the Plan, all dividend and interest income is reinvested into the same investment funds in which the dividends and interest arose. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as the change in fair value of assets.
Participant Loans
Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, which is a reasonable estimate of fair value due to restrictions on the transfers of these loans. Interest income on participant loans is recorded when it is earned. 
Withdrawal Payments 
Withdrawal payments are recorded when paid. 
Adoption of New Accounting Standards
Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the Financial Accounting Standards Board updated the accounting standards related to disclosures for fair value measurements. The update eliminates the following disclosures: 1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, 2) the policy of timing of transfers between levels of the fair value hierarchy, and 3) the valuation processes for Level 3 fair value measurements. These updates should be applied retrospectively. The update is effective for annual periods beginning after December 15, 2019. Early adoption is permitted. The Plan early adopted the standard to eliminate disclosure requirements in 2018 on a retrospective basis. The Plan early adopted the provisions of the standard to include new disclosures on January 1, 2019. There is no impact of the standard to the Plan’s Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits.

6


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

3.  Investments
Investment Elections
A participant may currently elect to invest contributions in any combination of investment funds in increments of 1% and change investment elections for future contributions or transfer existing account balances on any business day the New York Stock Exchange is open. Investment funds may impose redemption restrictions.
Investment Options
A summary of investment options at December 31, 2019 is set forth below.
Mutual Funds
Wells Fargo Advantage Small Company Growth R6 is managed by Peregrine Capital Management and invests in small-capitalization growth companies in the discovery and rediscovery phases of development.
Collective Investment Funds
The Collective Investment Funds include various investment options as follows: Voya Target Solution Trust Funds, Victory Small Cap Value Collective Fund (75), Boston Partners Large Cap Value Equity CIT (Class D), Wellington Trust NA CIF II Growth 2, Columbia Trust Large Cap Index Fund A, Ivy Investments International Core Equity CIT Fund (Class 3), EB US Mid Cap Opportunistic Value Fund II, Columbia Trust Balanced Fund (Class I), Columbia Trust Contrarian Core Fund Class 1 and Columbia Trust Total Return Fund I, BlackRock Equity Index Fund, BlackRock Russell 2500 Index Fund, BlackRock MSCI ACWI ex-US Index Fund and BlackRock US Debt Index Fund.
Collective investment funds allow for daily redemptions but may require advance notice in certain circumstances. There were no unfunded commitments for the Collective Investment Funds at December 31, 2019 and 2018.
Separate Accounts
The Congress Mid Cap Growth Fund is a separate account managed by Congress Asset Management Company. The fund invests at least 80% of its net assets in equity securities of mid-capitalization companies. The remaining 20% of its net assets can be invested in equity securities of small-capitalization and large-capitalization companies.
Ameriprise Financial Stock Fund
The Ameriprise Financial Stock Fund is an Employee Stock Ownership Plan (“ESOP”) that invests primarily in the Company’s common stock, purchased in either the open market or directly from the Company, and in cash or short-term cash equivalents.
Self-Directed Brokerage Account
The Plan’s self-directed brokerage option gives participants the choice to invest in more than 14,000 mutual funds including exchange-traded funds and closed-ended mutual funds. Ameriprise Financial, Inc. was formerly a wholly owned subsidiary of American Express Company (“American Express”). On September 30, 2005, Ameriprise Financial, Inc. spun-off from American Express. As a result, American Express common stock was an investment option as specified by the Plan. Employees had the option to transfer the value of the American Express common stock to another investment in the Plan or transfer it to the self-directed brokerage option. American Express common stock may be held in the self-directed brokerage account on a hold or sell basis only and, with the exception of reinvestment of dividends, new purchases are not allowed.
Income Fund
The Income Fund is a stable value separately managed account which invests primarily in various book value wrap contracts with varying maturities, sizes and yields, offered by insurance companies, banks or financial institutions, which are backed by fixed income securities issued by the U.S. government and its agencies. See Note 4 for a more comprehensive discussion of book value wrap contracts. Ameriprise Trust Company is the investment manager for the Income Fund. The Income Fund also invests in the Columbia Trust Government Money Market Fund (which invests primarily in short-term debt instruments issued by the U.S. government and its agencies) and the MetLife Insurance Stable Value Government Separate Account (which invests primarily in U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government). The investment objective of the Income Fund is to preserve principal and income, while maximizing current income. There is no assurance that the Income Fund will meet its objective.
4.  Book Value Wrap Contracts
Book value wrap contracts are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of units of collective investment funds with fixed income strategies and a pooled portfolio of actively managed fixed income securities, referred to as the Covered Assets, which may be owned by the Income Fund or in some cases the third party that underwrites the performance of the Covered Assets for the benefit of the Income Fund. The securities owned by the third party are held in a Separate Account and are not subject to the liabilities of the general account of the third party. The Covered

7


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

Assets include U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government. The Income Fund enters into book value wrap contracts (the contractual component) with third parties, generally insurance companies, banks or financial institutions, to underwrite the performance of the Covered Assets from the risk of adverse interest rate movements. Under these contracts, the third party is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Covered Assets. While the contracts are designed to protect the Income Fund against interest rate risk, the Income Fund is still exposed to risk if issuers of Covered Assets default on payment of interest or principal or upon the occurrence of certain events, described below, involving the Income Fund, its plan sponsor or its investment manager.
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are reported at contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive book value wrap contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents the face amount of the contract plus accrued interest at the contract rate.
Certain events may limit the ability of the Income Fund to transact at contract value with the book value wrap contract issuers for participant benefit payments or investment transfers. Possible events include a transfer from the Income Fund in violation of the equity wash required by the book value wrap contracts. An equity wash restriction prohibits money from being moved directly from the Income Fund to the self-directed brokerage account, without first being invested in another investment fund for 90 days. After the 90 days, the assets may be transferred from the other investment fund to the self-directed brokerage account. Other possible events include participant-directed withdrawals that occur due to a plan sponsor-initiated event, such as the implementation of an early retirement program or facility closing, of which the book value wrap contract issuer has not been made aware, or a request by the trustee to terminate a contract at market value. While these events are not probable, it is possible that they could occur.
Certain events may allow the book value wrap contract issuer to terminate a book value wrap contract and settle at the market value of the Covered Assets, as opposed to contract value. These events may include the termination of the Plan or the Trust holding the Income Fund assets, the replacement of the trustee of the Income Fund without the consent of the book value wrap contract issuer, a change in the investment guidelines, administration or policies of the Income Fund that may cause a material adverse effect on the book value wrap contract issuer, a breach of the contract terms by a counterparty, a legal or regulatory event such as a ruling by a regulatory agency governing the Income Fund, its investment manager or the book value wrap contract issuer that may cause material adverse effect to a party under the book value wrap contract, or the failure of the Trust to be tax-exempt under the Internal Revenue Code.
5.  Fair Value Measurements
U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
The Plan categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Plan’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2
Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3
Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the balances of assets measured at fair value on a recurring basis.

8


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

 
December 31, 2019
Level 1
 
Level 2
 
Level 3
 
Total
Investments
 

 
 

 
 

 
 

Mutual funds
$
61,359,319

 
$

 
$

 
$
61,359,319

Ameriprise Financial common shares
220,404,634

 

 

 
220,404,634

Self-directed brokerage account
392,378,983

 

 

 
392,378,983

Collective investment funds measured at net asset value (“NAV”) (1)
 
 
 
 
 
 
1,368,664,125

Separate accounts measured at NAV (1)
 
 
 
 
 
 
97,893,897

Total investments at fair value
$
674,142,936

 
$

 
$

 
$
2,140,700,958

 
December 31, 2018
Level 1
 
Level 2
 
Level 3
 
Total
Investments
 

 
 

 
 

 
 

Mutual funds
$
51,080,548

 
$

 
$

 
$
51,080,548

Ameriprise Financial common shares
157,009,450

 

 

 
157,009,450

Self-directed brokerage account
321,412,498

 

 

 
321,412,498

Collective investment funds measured at NAV (1)
 
 
 
 
 
 
1,088,964,984

Separate accounts measured at NAV (1)
 
 
 
 
 
 
79,510,721

Total investments at fair value
$
529,502,496

 
$

 
$

 
$
1,697,978,201

(1) Amounts are comprised of investments measured at fair value using NAV (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy.
Determination of Fair Value
The Plan uses valuation techniques consistent with the market approach to measure the fair value of its assets. The Plan’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The Plan maximizes the use of observable inputs and minimizes the use of unobservable inputs. All other assets of the Plan are valued using net asset value (“NAV”).
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
Investments
Mutual Funds
The fair value of the Wells Fargo Advantage Small Company Growth R6 fund is determined by the NAV which represents the exit price. The fair value is classified as Level 1 as the fund is traded in active markets and quoted prices are available.
Ameriprise Financial Common Shares
The fair value of Ameriprise Financial, Inc. common shares is determined using quoted prices in active markets and is classified as Level 1.
Self-Directed Brokerage Account
Actively traded money market funds are measured at NAV and classified as Level 1. The fair value of common stock and exchange-traded funds are determined using quoted prices in active markets and are classified as Level 1. The fair value of mutual funds is determined by the NAV which represents the exit price. Mutual funds are classified as Level 1 as they are traded in active markets and quoted prices are available.
Collective Investment Funds
The fair value of collective investment funds is determined by the NAV of the funds. The NAV is used as a practical expedient and represents the exit price for the funds. These funds are excluded from classification in the fair value hierarchy. Collective investment funds are traded in principal-to-principal markets with little publicly released pricing information.

9


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

Separate Accounts
The fair value of units in separate accounts is measured at NAV as a practical expedient and represents the exit price. Separate accounts are excluded from classification in the fair value hierarchy.
6.  Transactions with Parties-in-Interest
The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan. Parties-in-interest include the Company and the trustee of the Plan assets (Wells Fargo Bank, N.A.). Transactions involving funds managed by the Company and trustee of Plan assets are considered party-in-interest transactions. These transactions, based on customary and reasonable rates, are not, however, considered prohibited transactions under Section 408(b) of ERISA and the regulations promulgated thereunder.
The Columbia Trust collective funds are maintained by Ameriprise Trust Company, a Minnesota-chartered trust company, and distributed by Columbia Management Investment Distributors, Inc., member FINRA. Ameriprise Trust Company serves as trustee and offers investment management and related services to these collective funds. Columbia Management Investment Advisers, LLC provides investment advice for certain of these funds in a subadvisory capacity. These companies are wholly-owned subsidiaries of Ameriprise Financial, Inc.
The total fair value of Ameriprise Financial, Inc.’s common stock held by plan participants was $220,404,634 and $157,009,450 at December 31, 2019 and 2018, respectively. The total fair value of the investment options, excluding the self-directed brokerage account, managed by subsidiaries of Ameriprise Financial, Inc. was $338,506,931 and $425,285,914 at December 31, 2019 and 2018, respectively. As investment manager, these subsidiaries earn annual management fees ranging from 0.30% to 0.41% of the amounts invested in the Collective Investment Funds. Fees incurred for investment management services for the Income Fund, excluding fees associated with wrap contracts which are paid by the Plan, are paid directly by the Company. Fees paid by the Plan for investment management services are included as a reduction of the return earned on each collective investment fund. Participant loans also qualify as party-in interest transactions and are secured by the vested balances in participant accounts.
See Note 2 for more information on Plan fees and expenses.
7.  Risks and Uncertainties
The Plan invests in various investment securities, which are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. 
8.  Income Tax Status
The Plan received a favorable determination letter from the Internal Revenue Service dated September 7, 2017 indicating that the Plan is qualified under the Code and the Trust established under the Plan is tax-exempt and the Plan satisfies the requirement of Code Section 4975(e)(7). The Plan has been amended after the period covered by the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and operated in compliance with the applicable requirements of the Code, and therefore the Plan and the Trust are intended to be qualified and tax-exempt, and the Plan is intended to satisfy the requirements of Code Section 4975(e)(7). The IRS no longer issues determination letters to qualified plans on a five-year cycle to evidence compliance with IRS rules.
There are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the Plan’s financial statements. The Plan is subject to routine audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan believes it is no longer subject to income tax examinations for years prior to 2015.

10


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2019

9.  Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of amounts reported in the financial statements to amounts reported on Form 5500.
 
December 31,
2019
 
2018
Net assets available for benefits per the financial statements
$
2,326,483,934

 
$
1,868,207,461

Deemed distributions of participant loans
(322,170
)
 
(342,741
)
Difference between contract value and fair value of fully benefit-responsive investment contracts
478,170

 
(2,424,706
)
Net assets available for benefits per Form 5500
$
2,326,639,934

 
$
1,865,440,014

 
Years Ended December 31,
2019
 
2018
Net increase (decrease) in net assets available for benefits per the financial statements
$
458,276,473

 
$
(176,935,280
)
Change in deemed distributions of participant loans
20,571

 
36,825

Change in difference between contract value and fair value of fully benefit-responsive investment contracts
2,902,876

 
(921,131
)
Net income (loss) per Form 5500
$
461,199,920

 
$
(177,819,586
)
10.  Subsequent Events
The Company evaluated events or transactions that occurred after the statement of net assets available for benefits date for potential recognition or disclosure through the date the financial statements were issued. The annual fixed match true-up contribution of $4,430,947 for the 2019 plan year, which is recorded as a receivable at December 31, 2019, was posted to participant accounts on January 27, 2020.
On March 11, 2020, the World Health Organization declared the outbreak of a novel strain of coronavirus (COVID-19) a pandemic.  COVID-19 presents ongoing significant economic and societal disruption and global financial markets have experienced and may continue to experience significant volatility resulting from COVID-19.   The extent of the impact of COVID-19 on the Plan and the Plan's net assets available for benefits and contributions will depend on future developments, including the duration and continued spread of the outbreak. 
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was approved and contains several optional provisions that temporarily impact 401(k) plans. The Company elected to adopt a COVID-19 withdrawal option and will allow participants who have loans to defer loan payments effective May 7, 2020.





11






Ameriprise Financial 401(k) Plan
SUPPLEMENTAL SCHEDULE


12


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d)
Cost**
 
(e) Current Value

 
Mutual Funds —
 

 
 
 
 
*
Wells Fargo Advantage Small Company Growth R6
1,103,386

 
 
 
$
61,359,319

 
Total Mutual Funds
 

 
 
 
61,359,319

 
 
 
 
 
 
 
 
Collective Investment Funds —
 
 
 
 
 

*
Columbia Trust Balanced Fund (Class I)
4,322,733

 
 
 
75,042,653

*
Columbia Trust Contrarian Core Fund
10,191,041

 
 
 
171,005,661

*
Columbia Trust Gov Money Market Fund
8,037,761

 
 
 
8,037,761

*
Columbia Trust Total Return Fund I
7,451,091

 
 
 
84,420,856

 
EB US Mid Cap Opportunistic Value Fund II
3,273,160

 
 
 
45,922,438

 
Boston Partners Large Cap Value Equity CIT D
3,484,680

 
 
 
83,527,772

 
Victory Small Cap Value Collective Fund (75)
2,061,162

 
 
 
73,328,914

 
Voya Target Solution Trust Income (Class 4)
1,226,593

 
 
 
19,141,203

 
Voya Target Solution Trust 2020 (Class 4)
1,719,106

 
 
 
30,272,301

 
Voya Target Solution Trust 2025 (Class 4)
3,128,131

 
 
 
59,090,567

 
Voya Target Solution Trust 2030 (Class 4)
3,294,291

 
 
 
65,907,648

 
Voya Target Solution Trust 2035 (Class 4)
3,032,539

 
 
 
63,281,480

 
Voya Target Solution Trust 2040 (Class 4)
2,645,819

 
 
 
57,282,574

 
Voya Target Solution Trust 2045 (Class 4)
2,153,894

 
 
 
47,565,197

 
Voya Target Solution Trust 2050 (Class 4)
1,274,818

 
 
 
28,212,355

 
Voya Target Solution Trust 2055 (Class 4)
757,372

 
 
 
16,781,894

 
Voya Target Solution Trust 2060 (Class 4)
573,443

 
 
 
9,012,731

 
Ivy Investments International Core Equity CIT Fund (Class 3)
7,174,466

 
 
 
114,002,262

 
Wellington Trust NA CIF II Growth 2
6,784,966

 
 
 
119,822,506

 
BlackRock Equity Index Fund
6,369,270

 
 
 
172,846,712

 
BlackRock Russell 2500 Index Fund
239,865

 
 
 
5,095,251

 
BlackRock MSCI ACWI ex-US Index Fund
623,156

 
 
 
7,860,557

 
BlackRock US Debt Index Fund
210,844

 
 
 
4,965,728

 
Total Collective Investment Funds
 

 
 
 
1,362,427,021

 
 
 
 
 
 
 
 
Separate Accounts —
 

 
 
 
 

 
Congress Mid Cap Growth Fund
5,556,887

 
 
 
97,893,897

 
Total Separate Accounts
 

 
 
 
97,893,897

 
 
 
 
 
 
 
 
Ameriprise Financial Stock Fund —
 

 
 
 
 
*
Wells Fargo/BlackRock Short-Term Investment Fund
6,237,104

 
 
 
6,237,104

*
Ameriprise Financial, Inc. Common Shares
1,323,849

 
 
 
220,404,634

 
Total Ameriprise Financial Stock Fund
 
 
 
 
226,641,738

 
 
 
 
 
 
 
***
Self-Directed Brokerage Account
 

 
 
 
392,378,983


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     13


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
MetLife Insurance Stable Value Government Separate Account
139,254

 
 
 
15,381,633

*
Columbia Trust Gov Money Market Fund
5,927,251

 
 
 
5,927,251

 
U.S. Government and Agency Securities:
 
 
 
 
 
 
FEDERAL HOME LOAN BANKS 2.625% 10/01/2020
2,950,000

 
 
 
2,969,858

 
FHLB 2.25% 06/11/2021
5,150,000

 
 
 
5,196,343

 
FHLMC 1.625% 09/29/2020
2,150,000

 
 
 
2,149,877

 
FHLMC 2.375% 01/13/2022
2,525,000

 
 
 
2,562,098

 
FHLMC REFERENCE BOND 1.500% 01/17/2020
3,200,000

 
 
 
3,199,782

 
FHLMC REFERENCE BOND 1.875% 11/17/2020
1,000,000

 
 
 
1,001,637

 
FNMA 2.5% 04/13/2021
1,225,000

 
 
 
1,238,917

 
FNMA BENCHMARK NOTE 2.000% 01/05/2022
2,775,000

 
 
 
2,796,837

 
U.S. TREASURY NOTE 2.000% 05/31/2024
6,825,000

 
 
 
6,919,910

 
U.S. TREASURY NOTE 2.000% 10/31/2022
11,010,000

 
 
 
11,131,282

 
U.S. TREASURY NOTE 2.125% 05/31/2026
10,800,000

 
 
 
11,016,844

 
U.S. TIPS 0.125% 04/15/2022
3,775,000

 
 
 
3,989,405

 
FGOLD 15YR 3.500% 08/01/2025
69,089

 
 
 
71,611

 
FGOLD 15YR 3.500% 09/01/2025
11,556

 
 
 
11,977

 
FGOLD 15YR 3.500% 10/01/2025
3,310

 
 
 
3,431

 
FGOLD 15YR 4.000% 02/01/2025
23,935

 
 
 
24,969

 
FGOLD 15YR 4.000% 07/01/2025
10,003

 
 
 
10,434

 
FGOLD 15YR 4.000% 08/01/2025
38,160

 
 
 
39,815

 
FGOLD 15YR 3.000% 01/01/2027
131,761

 
 
 
135,291

 
FGOLD 15YR 3.000% 01/01/2032
190,021

 
 
 
195,411

 
FGOLD 15YR 3.000% 01/01/2032
196,677

 
 
 
201,827

 
FGOLD 15YR 3.000% 01/01/2033
349,266

 
 
 
359,164

 
FGOLD 15YR 3.000% 02/01/2027
43,958

 
 
 
45,135

 
FGOLD 15YR 3.000% 03/01/2033
807,240

 
 
 
830,185

 
FGOLD 15YR 3.000% 04/01/2032
674,281

 
 
 
695,505

 
FGOLD 15YR 3.000% 08/01/2021
1,128

 
 
 
1,156

 
FGOLD 15YR 3.000% 09/01/2026
94,117

 
 
 
96,636

 
FGOLD 15YR 3.000% 10/01/2026
4,279

 
 
 
4,393

 
FGOLD 15YR 3.000% 10/01/2026
11,621

 
 
 
11,932

 
FGOLD 15YR 3.000% 11/01/2025
3,209

 
 
 
3,295

 
FGOLD 15YR 3.000% 11/01/2026
64,577

 
 
 
66,306

 
FGOLD 15YR 3.000% 12/01/2026
220,573

 
 
 
226,481

 
FGOLD 15YR 3.500% 01/01/2021
1,844

 
 
 
1,911

 
FGOLD 15YR 3.500% 01/01/2034
1,936,006

 
 
 
2,010,876

 
FGOLD 15YR 3.500% 02/01/2026
8,892

 
 
 
9,217

 
FGOLD 15YR 3.500% 03/01/2026
11,107

 
 
 
11,514

 
FGOLD 15YR 3.500% 04/01/2033
398,922

 
 
 
414,851


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     14


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FGOLD 15YR 3.500% 05/01/2026
1,638

 
 
 
1,698

 
FGOLD 15YR 3.500% 05/01/2032
404,382

 
 
 
420,527

 
FGOLD 15YR 3.500% 06/01/2026
116,560

 
 
 
120,833

 
FGOLD 15YR 3.500% 07/01/2026
39,246

 
 
 
40,694

 
FGOLD 15YR 3.500% 07/01/2026
166,131

 
 
 
172,228

 
FGOLD 15YR 3.500% 08/01/2026
4,205

 
 
 
4,359

 
FGOLD 15YR 3.500% 08/01/2026
72,279

 
 
 
74,946

 
FGOLD 15YR 3.500% 08/01/2026
22,637

 
 
 
23,468

 
FGOLD 15YR 3.500% 09/01/2026
2,050

 
 
 
2,126

 
FGOLD 15YR 3.500% 09/01/2026
3,721

 
 
 
3,857

 
FGOLD 15YR 3.500% 09/01/2026
10,412

 
 
 
10,794

 
FGOLD 15YR 3.500% 10/01/2021
1,525

 
 
 
1,580

 
FGOLD 15YR 3.500% 10/01/2025
109,017

 
 
 
113,005

 
FGOLD 15YR 3.500% 11/01/2025
84,453

 
 
 
87,546

 
FGOLD 15YR 3.500% 12/01/2025
18,193

 
 
 
18,858

 
FGOLD 15YR 3.500% 12/01/2025
214,473

 
 
 
222,333

 
FGOLD 15YR 3.500% 12/01/2025
321

 
 
 
333

 
FGOLD 15YR 3.500% 12/01/2025
6,739

 
 
 
6,985

 
FGOLD 15YR 3.500% 12/01/2025
24,759

 
 
 
25,666

 
FGOLD 15YR 4.000% 05/01/2026
36,371

 
 
 
38,050

 
FGOLD 15YR 4.000% 06/01/2025
2,553

 
 
 
2,665

 
FGOLD 15YR 4.000% 06/01/2026
29,923

 
 
 
31,294

 
FGOLD 15YR GIANT 3.000% 01/01/2032
688,965

 
 
 
709,794

 
FGOLD 15YR GIANT 3.000% 02/01/2031
479,402

 
 
 
493,888

 
FGOLD 15YR GIANT 3.000% 03/01/2031
299,279

 
 
 
308,323

 
FGOLD 15YR GIANT 3.000% 03/01/2032
1,160,801

 
 
 
1,197,336

 
FGOLD 15YR GIANT 3.000% 05/01/2031
783,033

 
 
 
806,692

 
FGOLD 15YR GIANT 3.000% 07/01/2030
362,916

 
 
 
373,879

 
FGOLD 15YR GIANT 3.000% 09/01/2027
21,983

 
 
 
22,571

 
FGOLD 15YR GIANT 3.000% 09/01/2031
469,875

 
 
 
484,652

 
FGOLD 15YR GIANT 3.000% 10/01/2030
171,445

 
 
 
176,625

 
FGOLD 15YR GIANT 3.000% 11/01/2026
217,993

 
 
 
223,830

 
FGOLD 15YR GIANT 3.000% 12/01/2026
84,680

 
 
 
86,946

 
FGOLD 15YR GIANT 3.000% 12/01/2030
631,444

 
 
 
650,526

 
FGOLD 15YR GIANT 3.500% 01/01/2027
158,731

 
 
 
164,568

 
FGOLD 15YR GIANT 3.500% 01/01/2030
229,409

 
 
 
238,851

 
FGOLD 15YR GIANT 3.500% 02/01/2034
555,750

 
 
 
576,247

 
FGOLD 15YR GIANT 3.500% 04/01/2026
28,169

 
 
 
29,202

 
FGOLD 15YR GIANT 3.500% 04/01/2030
104,856

 
 
 
109,158

 
FGOLD 15YR GIANT 3.500% 05/01/2033
1,067,618

 
 
 
1,112,595


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     15


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FGOLD 15YR GIANT 3.500% 06/01/2029
65,417

 
 
 
68,109

 
FGOLD 15YR GIANT 3.500% 07/01/2026
7,103

 
 
 
7,364

 
FGOLD 15YR GIANT 3.500% 07/01/2029
210,328

 
 
 
218,984

 
FGOLD 15YR GIANT 3.500% 07/01/2033
229,717

 
 
 
238,654

 
FGOLD 15YR GIANT 3.500% 08/01/2026
17,092

 
 
 
17,720

 
FGOLD 15YR GIANT 3.500% 08/01/2029
14,956

 
 
 
15,572

 
FGOLD 15YR GIANT 3.500% 08/01/2032
749,050

 
 
 
780,272

 
FGOLD 15YR GIANT 3.500% 08/01/2033
401,355

 
 
 
416,782

 
FGOLD 15YR GIANT 3.500% 11/01/2025
30,137

 
 
 
31,241

 
FGOLD 15YR GIANT 3.500% 11/01/2029
296,675

 
 
 
308,891

 
FGOLD 15YR GIANT 3.500% 12/01/2025
2,856

 
 
 
2,961

 
FGOLD 15YR GIANT 3.500% 12/01/2029
347,821

 
 
 
362,140

 
FGOLD 15YR GIANT 3.500% 12/01/2033
351,578

 
 
 
364,898

 
FGOLD 15YR GIANT 4.000% 04/01/2033
49,325

 
 
 
51,599

 
FGOLD 15YR GIANT 4.000% 05/01/2025
59,129

 
 
 
61,700

 
FGOLD 15YR GIANT 4.000% 05/01/2026
5,465

 
 
 
5,703

 
FGOLD 15YR GIANT 4.000% 06/01/2026
181,971

 
 
 
189,916

 
FGOLD 15YR GIANT 4.000% 07/01/2026
82,136

 
 
 
85,914

 
FGOLD 15YR GIANT 4.000% 12/01/2025
2,596

 
 
 
2,708

 
FGOLD 15YR GIANT 4.000% 12/01/2026
32,972

 
 
 
34,401

 
FHLMC 15YR UMBS 3.000% 12/01/2034
1,600,000

 
 
 
1,642,376

 
FHLMC 15YR UMBS MIRROR 3.000% 03/01/2031
644,892

 
 
 
663,636

 
FHLMC 15YR UMBS MIRROR 3.000% 04/01/2034
378,702

 
 
 
388,200

 
FHLMC 15YR UMBS SUPER 2.500% 08/01/2034
1,793,013

 
 
 
1,809,432

 
FHLMC 15YR UMBS SUPER 2.500% 10/01/2034
243,416

 
 
 
245,647

 
FHLMC 15YR UMBS SUPER 2.500% 12/01/2034
1,029,229

 
 
 
1,038,665

 
FHLMC 15YR UMBS SUPER 3.000% 01/01/2034
777,198

 
 
 
796,829

 
FHLMC 5/1 HYBRID ARM 4.284% 12/01/2036
23,163

 
 
 
24,254

 
FHLMC_K008 3.531% 06/25/2020
995,546

 
 
 
997,479

 
FHLMC_K009 3.808% 08/25/2020
137,448

 
 
 
138,153

 
FHLMC_K014 3.871% 04/25/2021
494,095

 
 
 
501,745

 
FHLMC_K015 3.230% 07/25/2021
55,609

 
 
 
56,291

 
FHLMC_K016 2.968% 10/25/2021
329,194

 
 
 
333,185

 
FHLMC_K018 2.789% 01/25/2022
423,567

 
 
 
428,189

 
FHLMC_T-13 6.085% 09/25/2029
58

 
 
 
57

 
FHLMC_K011 4.084% 11/25/2020
421,896

 
 
 
427,667

 
FGOLD 15YR GIANT 3.000% 09/01/2030
316,670

 
 
 
326,237

 
FGOLD 15YR GIANT 3.500% 03/01/2030
52,941

 
 
 
55,124

 
FNMA 15YR 3.500% 01/01/2026
44,908

 
 
 
46,529

 
FNMA 15YR 3.500% 01/01/2026
4,239

 
 
 
4,391


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     16


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FNMA 15YR 3.500% 01/01/2026
53,671

 
 
 
55,598

 
FNMA 15YR 3.500% 02/01/2026
106,021

 
 
 
109,852

 
FNMA 15YR 3.500% 03/01/2026
282,596

 
 
 
292,830

 
FNMA 15YR 3.500% 09/01/2026
123,070

 
 
 
127,508

 
FNMA 15YR 3.500% 10/01/2025
84,469

 
 
 
87,509

 
FNMA 15YR 3.500% 10/01/2025
1,146

 
 
 
1,187

 
FNMA 15YR 3.500% 10/01/2025
947

 
 
 
981

 
FNMA 15YR 3.500% 10/01/2025
215,564

 
 
 
223,321

 
FNMA 15YR 3.500% 10/01/2025
153,437

 
 
 
158,956

 
FNMA 15YR 3.500% 10/01/2025
190,671

 
 
 
197,551

 
FNMA 15YR 3.500% 11/01/2025
78,616

 
 
 
81,452

 
FNMA 15YR 3.500% 11/01/2025
12,854

 
 
 
13,318

 
FNMA 15YR 3.500% 11/01/2025
10,569

 
 
 
10,950

 
FNMA 15YR 3.500% 12/01/2025
18,871

 
 
 
19,552

 
FNMA 15YR 4.000% 02/01/2025
254

 
 
 
265

 
FNMA 15YR 4.000% 04/01/2025
11,235

 
 
 
11,717

 
FNMA 15YR 4.000% 05/01/2025
50,119

 
 
 
52,289

 
FNMA 15YR 4.000% 06/01/2025
79,943

 
 
 
83,353

 
FNMA 15YR 4.000% 06/01/2025
6,951

 
 
 
7,250

 
FNMA 15YR 4.000% 09/01/2024
42,170

 
 
 
43,960

 
FNMA 15YR 4.500% 02/01/2025
73,283

 
 
 
76,442

 
FNMA 15YR 4.500% 03/01/2023
1,884

 
 
 
1,951

 
FNMA 15YR 4.500% 04/01/2025
6,818

 
 
 
7,039

 
FNMA 15YR 4.500% 05/01/2024
1,899

 
 
 
1,977

 
FNMA 15YR 4.500% 10/01/2024
38,174

 
 
 
39,840

 
FNMA 15YR 5.000% 02/01/2023
9,495

 
 
 
9,839

 
FNMA 15YR 5.000% 02/01/2024
23,155

 
 
 
23,982

 
FNMA 15YR 5.000% 05/01/2023
17,949

 
 
 
18,543

 
FNMA 15YR 5.000% 05/01/2023
21,481

 
 
 
22,303

 
FNMA 15YR 5.000% 06/01/2023
17,432

 
 
 
18,009

 
FNMA 15YR 5.000% 08/01/2020
5,750

 
 
 
5,940

 
FNMA 15YR 5.000% 10/01/2021
1,478

 
 
 
1,527

 
FNMA 15YR 5.000% 11/01/2023
10,654

 
 
 
11,029

 
FNMA 30YR 6.000% 11/01/2028
10,597

 
 
 
11,692

 
FNMA 30YR 6.500% 04/01/2032
7,560

 
 
 
8,391

 
FNMA 30YR 6.500% 04/01/2032
7,062

 
 
 
7,838

 
FNMA 30YR 7.000% 07/01/2028
4,593

 
 
 
4,598

 
FNMA 10/1 HYBRID ARM 3.715% 12/01/2033
881

 
 
 
920

 
FNMA 10/1 HYBRID ARM 3.749% 10/01/2034
2,248

 
 
 
2,334

 
FNMA 15YR 3.000% 01/01/2030
109,471

 
 
 
112,706


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     17


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FNMA 15YR 3.000% 01/01/2031
208,196

 
 
 
214,352

 
FNMA 15YR 3.000% 01/01/2032
490,435

 
 
 
504,062

 
FNMA 15YR 3.000% 01/01/2033
902,966

 
 
 
930,909

 
FNMA 15YR 3.000% 01/01/2034
1,577,533

 
 
 
1,616,428

 
FNMA 15YR 3.000% 02/01/2029
477,407

 
 
 
491,500

 
FNMA 15YR 3.000% 02/01/2030
352,219

 
 
 
362,634

 
FNMA 15YR 3.000% 02/01/2031
561,881

 
 
 
577,825

 
FNMA 15YR 3.000% 02/01/2031
521,058

 
 
 
536,477

 
FNMA 15YR 3.000% 02/01/2034
545,924

 
 
 
559,410

 
FNMA 15YR 3.000% 03/01/2031
991,215

 
 
 
1,021,882

 
FNMA 15YR 3.000% 03/01/2031
104,622

 
 
 
107,725

 
FNMA 15YR 3.000% 03/01/2033
318,963

 
 
 
327,831

 
FNMA 15YR 3.000% 04/01/2031
189,645

 
 
 
195,254

 
FNMA 15YR 3.000% 04/01/2031
481,440

 
 
 
495,716

 
FNMA 15YR 3.000% 04/01/2032
270,371

 
 
 
278,726

 
FNMA 15YR 3.000% 05/01/2031
277,908

 
 
 
286,126

 
FNMA 15YR 3.000% 06/01/2030
520,790

 
 
 
534,607

 
FNMA 15YR 3.000% 06/01/2032
195,350

 
 
 
201,393

 
FNMA 15YR 3.000% 06/01/2034
904,394

 
 
 
926,849

 
FNMA 15YR 3.000% 07/01/2030
71,415

 
 
 
73,533

 
FNMA 15YR 3.000% 07/01/2032
446,308

 
 
 
458,707

 
FNMA 15YR 3.000% 07/01/2032
299,305

 
 
 
308,536

 
FNMA 15YR 3.000% 09/01/2029
139,548

 
 
 
143,666

 
FNMA 15YR 3.000% 09/01/2031
757,690

 
 
 
780,093

 
FNMA 15YR 3.000% 09/01/2032
1,619,080

 
 
 
1,669,164

 
FNMA 15YR 3.000% 09/01/2033
983,581

 
 
 
1,008,779

 
FNMA 15YR 3.000% 10/01/2030
407,733

 
 
 
419,797

 
FNMA 15YR 3.000% 10/01/2030
367,397

 
 
 
378,047

 
FNMA 15YR 3.000% 10/01/2030
368,745

 
 
 
379,649

 
FNMA 15YR 3.000% 10/01/2031
134,254

 
 
 
138,231

 
FNMA 15YR 3.000% 11/01/2030
247,206

 
 
 
253,912

 
FNMA 15YR 3.000% 11/01/2031
941,296

 
 
 
968,955

 
FNMA 15YR 3.000% 11/01/2031
472,170

 
 
 
486,157

 
FNMA 15YR 3.000% 11/01/2033
1,217,009

 
 
 
1,248,308

 
FNMA 15YR 3.000% 11/01/2033
827,650

 
 
 
848,819

 
FNMA 15YR 3.500% 01/01/2026
5,360

 
 
 
5,554

 
FNMA 15YR 3.500% 01/01/2026
94,010

 
 
 
97,405

 
FNMA 15YR 3.500% 01/01/2027
107,919

 
 
 
111,845

 
FNMA 15YR 3.500% 01/01/2027
27,744

 
 
 
28,739

 
FNMA 15YR 3.500% 01/01/2029
8,016

 
 
 
8,336


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     18


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FNMA 15YR 3.500% 01/01/2030
292,347

 
 
 
303,576

 
FNMA 15YR 3.500% 01/01/2034
1,621,932

 
 
 
1,679,853

 
FNMA 15YR 3.500% 01/01/2034
1,615,365

 
 
 
1,673,052

 
FNMA 15YR 3.500% 02/01/2026
58,826

 
 
 
60,944

 
FNMA 15YR 3.500% 02/01/2026
15,254

 
 
 
15,805

 
FNMA 15YR 3.500% 02/01/2026
153,554

 
 
 
159,093

 
FNMA 15YR 3.500% 02/01/2029
16,115

 
 
 
16,765

 
FNMA 15YR 3.500% 02/01/2029
239,465

 
 
 
249,095

 
FNMA 15YR 3.500% 02/01/2030
236,761

 
 
 
245,490

 
FNMA 15YR 3.500% 02/01/2031
257,189

 
 
 
267,620

 
FNMA 15YR 3.500% 02/01/2032
250,293

 
 
 
260,430

 
FNMA 15YR 3.500% 02/01/2033
618,017

 
 
 
642,732

 
FNMA 15YR 3.500% 02/01/2034
404,090

 
 
 
418,521

 
FNMA 15YR 3.500% 03/01/2032
152,318

 
 
 
158,406

 
FNMA 15YR 3.500% 03/01/2033
256,911

 
 
 
267,013

 
FNMA 15YR 3.500% 04/01/2026
812

 
 
 
841

 
FNMA 15YR 3.500% 04/01/2026
16,254

 
 
 
16,840

 
FNMA 15YR 3.500% 04/01/2026
97,986

 
 
 
101,517

 
FNMA 15YR 3.500% 04/01/2027
23,445

 
 
 
24,347

 
FNMA 15YR 3.500% 04/01/2030
72,758

 
 
 
75,704

 
FNMA 15YR 3.500% 04/01/2030
99,129

 
 
 
103,152

 
FNMA 15YR 3.500% 04/01/2033
20,992

 
 
 
21,814

 
FNMA 15YR 3.500% 04/01/2034
862,869

 
 
 
894,008

 
FNMA 15YR 3.500% 05/01/2033
26,429

 
 
 
27,487

 
FNMA 15YR 3.500% 06/01/2026
3,608

 
 
 
3,738

 
FNMA 15YR 3.500% 06/01/2027
66,085

 
 
 
68,458

 
FNMA 15YR 3.500% 06/01/2029
87,330

 
 
 
90,832

 
FNMA 15YR 3.500% 06/01/2030
159,609

 
 
 
166,415

 
FNMA 15YR 3.500% 06/01/2032
407,918

 
 
 
424,241

 
FNMA 15YR 3.500% 06/01/2033
1,525,101

 
 
 
1,582,954

 
FNMA 15YR 3.500% 07/01/2029
170,568

 
 
 
177,070

 
FNMA 15YR 3.500% 07/01/2032
374,539

 
 
 
389,285

 
FNMA 15YR 3.500% 08/01/2026
4,250

 
 
 
4,403

 
FNMA 15YR 3.500% 08/01/2026
42,098

 
 
 
43,809

 
FNMA 15YR 3.500% 08/01/2027
42,076

 
 
 
43,660

 
FNMA 15YR 3.500% 08/01/2029
290,357

 
 
 
302,085

 
FNMA 15YR 3.500% 08/01/2029
370,485

 
 
 
385,028

 
FNMA 15YR 3.500% 08/01/2032
357,695

 
 
 
371,546

 
FNMA 15YR 3.500% 08/01/2032
321,497

 
 
 
334,329

 
FNMA 15YR 3.500% 08/01/2033
327,560

 
 
 
340,286


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     19


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FNMA 15YR 3.500% 08/01/2033
291,607

 
 
 
302,264

 
FNMA 15YR 3.500% 09/01/2026
15,650

 
 
 
16,216

 
FNMA 15YR 3.500% 09/01/2026
18,904

 
 
 
19,588

 
FNMA 15YR 3.500% 09/01/2028
21,710

 
 
 
22,494

 
FNMA 15YR 3.500% 09/01/2029
435,552

 
 
 
453,159

 
FNMA 15YR 3.500% 09/01/2029
226,862

 
 
 
235,582

 
FNMA 15YR 3.500% 09/01/2033
1,854,181

 
 
 
1,922,342

 
FNMA 15YR 3.500% 10/01/2026
445,565

 
 
 
461,655

 
FNMA 15YR 3.500% 10/01/2026
77,163

 
 
 
79,955

 
FNMA 15YR 3.500% 10/01/2026
110,504

 
 
 
114,496

 
FNMA 15YR 3.500% 10/01/2026
978

 
 
 
1,014

 
FNMA 15YR 3.500% 10/01/2026
143,263

 
 
 
148,942

 
FNMA 15YR 3.500% 10/01/2028
107,861

 
 
 
112,146

 
FNMA 15YR 3.500% 10/01/2029
96,535

 
 
 
100,751

 
FNMA 15YR 3.500% 11/01/2025
125,032

 
 
 
129,549

 
FNMA 15YR 3.500% 11/01/2026
899

 
 
 
940

 
FNMA 15YR 3.500% 11/01/2026
237,250

 
 
 
245,855

 
FNMA 15YR 3.500% 11/01/2028
161,443

 
 
 
167,858

 
FNMA 15YR 3.500% 11/01/2033
1,324,866

 
 
 
1,374,066

 
FNMA 15YR 3.500% 12/01/2025
21,104

 
 
 
21,863

 
FNMA 15YR 3.500% 12/01/2028
109,518

 
 
 
113,851

 
FNMA 15YR 3.500% 12/01/2028
17,117

 
 
 
17,797

 
FNMA 15YR 3.500% 12/01/2029
29,718

 
 
 
30,860

 
FNMA 15YR 3.500% 12/01/2032
522,623

 
 
 
541,627

 
FNMA 15YR 4.000% 01/01/2029
45,751

 
 
 
47,874

 
FNMA 15YR 4.000% 01/01/2029
45,751

 
 
 
47,874

 
FNMA 15YR 4.000% 01/01/2029
45,751

 
 
 
47,874

 
FNMA 15YR 4.000% 01/01/2029
45,751

 
 
 
47,874

 
FNMA 15YR 4.000% 07/01/2025
9,146

 
 
 
9,539

 
FNMA 15YR 4.000% 08/01/2026
9,251

 
 
 
9,650

 
FNMA 15YR 4.000% 09/01/2025
3,184

 
 
 
3,320

 
FNMA 15YR 4.000% 11/01/2026
62,340

 
 
 
65,037

 
FNMA 15YR 4.500% 05/01/2024
18,738

 
 
 
19,532

 
FNMA 15YR 5.000% 02/01/2023
7,657

 
 
 
7,910

 
FNMA 15YR 5.000% 04/01/2024
5,406

 
 
 
5,617

 
FNMA 15YR UMBS 2.500% 09/01/2034
432,483

 
 
 
436,445

 
FNMA 15YR UMBS 2.500% 12/01/2034
650,000

 
 
 
655,959

 
FNMA 15YR UMBS 3.000% 07/01/2034
1,170,988

 
 
 
1,200,291

 
FNMA 15YR UMBS 3.000% 12/01/2034
1,713,352

 
 
 
1,759,796

 
FNMA 6M LIBOR ARM 3.290% 12/01/2032
16,640

 
 
 
17,296


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     20


Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2019

(a)
(b)  Identity of Issue, Borrower, Lessor, or Similar Party
(c) Shares/Units or Face Amount
 
(d) Cost**
 
(e) Current Value

 
FNMA 6M LIBOR ARM 3.415% 11/01/2032
5,671

 
 
 
5,773

 
FNMA 6M LIBOR ARM 3.728% 03/01/2034
21,503

 
 
 
22,009

 
FNMA 6M LIBOR ARM 3.791% 09/01/2035
36,052

 
 
 
36,778

 
FNMA 7/1 HYBRID ARM 3.635% 01/01/2034
8,306

 
 
 
8,545

 
FNMA 7/1 HYBRID ARM 4.620% 03/01/2036
6,094

 
 
 
6,362

 
FNMA 7/1 HYBRID ARM 4.794% 01/01/2036
1,030

 
 
 
1,077

 
FNMA MEGA 15YR REMIC-BACKED 3.500% 11/01/2025
173,453

 
 
 
179,690

 
FNMA_03-W11 4.959% 06/25/2033
142

 
 
 
148

 
FHLMC_K006 4.251% 01/25/2020
1,887

 
 
 
1,886

 
FHLMC_K007 4.224% 03/25/2020
213,033

 
 
 
212,952

 
FHLMC_K010 4.333% 10/25/2020
443,107

 
 
 
448,093

 
FHLMC_K012 4.185% 12/25/2020
300,000

 
 
 
304,108

 
FHLMC_K025 2.682% 10/25/2022
500,000

 
 
 
508,399

 
FHLMC_K714 3.034% 10/25/2020
233,180

 
 
 
233,722

 
FHLMC_K715 2.856% 01/25/2021
488,106

 
 
 
490,250

 
FHLMC_K716 3.130% 06/25/2021
1,000,000

 
 
 
1,010,154

 
Total fully benefit-responsive investment contracts
 
 
 
 
152,195,325

 
 
 
 
 
 


*
Loans to Participants
 

 
 
 


 
  Various Loans, 3.25% — 9.5% due through 2049
 

 
 
 
33,072,420

 
Less: Deemed distributions
 

 
 
 
(322,170
)
 
Net participant loans
 

 
 
 
32,750,250

 
 
 

 
 
 
 

 
Assets Held at End of Year per Form 5500
 

 
 
 
$
2,325,646,533


*
Indicates Party-in-interest                                       
**
Cost information not required for participant-directed investments
***
The Self-Directed Brokerage Account includes Party-in-interest investment options     21


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
AMERIPRISE FINANCIAL, INC.
(Registrant)
Date:
June 25, 2020
By
/s/ Michelle Rudlong
 
Michelle Rudlong
Delegate
Employee Benefits Administration Committee



22


EXHIBIT INDEX

Exhibit        Description

23.1Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.


23
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Section 2: EX-23.1 (EXHIBIT 23.1)

Exhibit


Exhibit 23.1

Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statement on Form S‑8 (No. 333-128790, No. 333-156074 and No. 333-238913) of Ameriprise Financial, Inc. of our report dated June 25, 2020 relating to the financial statements and supplemental schedules of the Ameriprise Financial 401(k) Plan, which appears in this Form 11-K.


/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 25, 2020



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