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Quotes & Info
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| AEE > SEC Filings for AEE > Form 8-K on 4-Sep-2009 | All Recent SEC Filings |
4-Sep-2009
Other Events
Reference is made to Overview and Outlook in Management's Discussion and Analysis of Financial Condition and Results of Operations under Part I, Item 2, in the Form 10-Q for the quarterly period ended June 30, 2009, of registrant Ameren Corporation ("Ameren") and its registrant subsidiaries, Union Electric Company, doing business as AmerenUE ("UE"), Central Illinois Public Service Company, doing business as AmerenCIPS ("CIPS"), Ameren Energy Generating Company ("Genco"), CILCORP Inc. ("CILCORP"), Central Illinois Light Company, doing business as AmerenCILCO ("CILCO"), and Illinois Power Company, doing business as AmerenIP ("IP"), for a discussion of Ameren's review of its planned operations and maintenance expenses and certain planned and potential cost-containment actions in connection therewith.
On September 4, 2009, Ameren announced that, as part of its efforts to reduce its operations and maintenance expenses, it is initiating a system-wide voluntary separation election program for approximately 350 management employees (excluding senior executive officers) who are 58 years of age or older as of December 31, 2009. This program is being offered to eligible employees at each of Ameren's subsidiaries, including registrants UE, CIPS, Genco, CILCORP, CILCO and IP. Employees who accept the separation offer will receive severance payments based on years of service in accordance with Ameren's severance plan for management employees. Employees must decide whether to accept the separation offer by October 22, 2009, and those accepting will be leaving their employment by November 1, 2009, subject to any business continuity needs. The effect of this separation program on the results of operations and financial position of Ameren and its registrant subsidiaries cannot be determined until such time as the number and position of those employees separated have been determined; however, Ameren expects to record an unusual charge to earnings during 2009 related to the program which could be up to $30 million if all eligible employees accepted the offer.
Ameren also announced that, upon completion of the voluntary separation election program, based on the level of participation in the voluntary separation program and other business reasons, it will pursue a targeted involuntary employee separation program.
This combined Form 8-K is being filed separately by Ameren, UE, CIPS, Genco, CILCORP, CILCO and IP. Information contained herein relating to any individual registrant has been filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant.
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