ST. LOUIS, Oct. 21, 2011 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) announced today a voluntary retirement offer is being extended to certain employees of Ameren Missouri, and Ameren Services Company, an Ameren Corporation subsidiary that provides support services.
Eligible employees must be age 58 or over as of Dec. 31, 2011, and be full-time, regular employees. Management and employees, who are represented by unions that have agreed to participate, are eligible. The offer is not available to officers and certain management employees in key business areas, due to operational needs.
Approximately 715 of the roughly 5,700 Ameren Missouri and Ameren Services employees are eligible.
"While our retail electric rates in Missouri are already approximately 30 percent below the national average, like everyone, we are tightening our belts during this challenging economic period by taking prudent, proactive steps to efficiently and effectively manage our costs for the ultimate benefit of our customers," said Thomas R. Voss, chairman, president and CEO of Ameren Corporation. "Clearly, we will not make staffing reductions that affect our ability to continue to provide safe and reliable service. However, this program is part of our continued efforts to create an organization that can operate effectively in an environment where demand for energy has softened, costs are rising and our reimbursement for those costs in rates continues to lag. Looking ahead, we will remain focused on maintaining our financial strength and flexibility and on delivering safe, reliable and affordable energy to our customers and solid long-term returns for our shareholders."
Eligible employees are being offered a lump sum payment of two weeks' pay for each full year of service with a minimum of 13 weeks and a maximum of 52 weeks of pay. Eligible employees will have until Dec. 22, 2011, to decide whether to accept the voluntary separation offer. Those who accept are expected to leave the company by year-end 2011.
With assets of $23 billion, St. Louis-based Ameren Corporation owns subsidiaries that operate a diverse mix of electric generating plants strategically located in the Midwest market, with a generating capacity of more than 16,500 megawatts. Through our Missouri and Illinois subsidiaries, we serve 2.4 million electric customers and nearly 1 million natural gas customers in a 64,000-square-mile area. Our mission is to meet their energy needs in a safe, reliable, efficient and environmentally responsible manner. For more information, visit Ameren.com.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Form 10-K for the year ended December 31, 2010, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
SOURCE Ameren Corporation