11-K 1 amp401kplan123120.htm 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, 2020
 
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, 2020 and 2019
with Report of Independent Registered Public Accounting Firm




Ameriprise Financial 401(k) Plan
Form 11-K


INDEX
Report of Independent Registered Public Accounting Firm
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2020 and 2019
Notes to Financial Statements
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, 2020 and 2019 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, 2020 and 2019, 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, 2020 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 23, 2021

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,
20202019
Assets
  
Cash
$1,281,993 $1,118,735 
Investments at fair value
2,466,196,023 2,140,700,958 
Investments at contract value
174,658,765 151,717,155 
Receivables:
  
Accrued income
47,902 34,935 
Due from broker
4,342,592 2,546,473 
Employer contributions
4,855,710 4,430,947 
Participant loans
30,421,907 33,072,420 
Total assets
2,681,804,892 2,333,621,623 
Liabilities
  
Due to broker
9,583,327 7,070,595 
Accrued expenses
65,577 67,094 
Total liabilities
9,648,904 7,137,689 
Net assets available for benefits at end of year
$2,672,155,988 $2,326,483,934 
See Notes to Financial Statements.

2


Ameriprise Financial 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
 Years Ended December 31,
20202019
Contributions: 
Employer, net of forfeitures$55,007,529 $55,525,536 
Participant112,980,968 109,878,557 
Participant rollovers8,083,485 10,787,056 
Total contributions176,071,982 176,191,149 
Investment income:
Interest2,774,264 3,489,735 
Dividends11,645,212 12,209,491 
Net realized/unrealized appreciation369,313,274 477,933,107 
Total investment income383,732,750 493,632,333 
Other income69,142 75,887 
Interest on participant loans1,479,763 1,519,046 
Total additions561,353,637 671,418,415 
Administrative expenses(942,515)(1,054,365)
Withdrawal payments(214,739,068)(212,087,577)
Total deductions(215,681,583)(213,141,942)
Net increase in net assets available for benefits345,672,054 458,276,473 
Net assets available for benefits at beginning of year2,326,483,934 1,868,207,461 
Net assets available for benefits at end of year$2,672,155,988 $2,326,483,934 
See Notes to Financial Statements.

3


Ameriprise Financial 401(k) Plan
Notes to Financial Statements
December 31, 2020
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.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was approved. The CARES Act contained several optional provisions that temporarily impacted 401(k) plans. The Company elected to adopt a COVID-19 withdrawal option and allowed participants who had loans to defer loan payments effective May 7, 2020 through December 31, 2020.
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. In July 2019, the Principal Financial Group closed on the acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. The successor trustee will become Principal Trust Company effective September 7, 2021. 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 $19,500 and $19,000 for 2020 and 2019, respectively, for employees under age 50. For employees age 50 and older the limit was $26,000 and $25,000 for 2020 and 2019, respectively. The Plan complied with nondiscrimination requirements under the Code for both 2020 and 2019.
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 is invested based on the employee’s elections or a default fund if no elections are made and eligible employees are not required 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 $285,000 and $280,000 for 2020 and 2019, 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.
4


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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.
Forfeitures
Forfeitures are transferred to a forfeiture account, which is maintained for the benefit of the Plan as a whole and is not attributable to any given participant. The balance of the forfeiture account may be used to pay plan expenses, offset the Company’s obligation to fund Company contributions to the plan or restore previously forfeited balances for rehires. At December 31, 2020 and 2019, the forfeiture account totaled $71,848 and $272,446, respectively. Forfeitures used totaled $1,539,000 and $400,000 for 2020 and 2019, respectively. Forfeitures generated for the plan years ended December 31, 2020 and 2019 were $1,338,402 and $1,081,967, respectively.
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 72. Effective July 1, 2021, the Plan will pay out vested balances of $5,000 or less as a lump sum payment within 60 days of termination of employment. Balances of less than $1,000 will be paid directly to the participant and balances of $1,000 to $5,000 will be rolled over to a safe harbor IRA.
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 15th 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 make repayment arrangements with the Plan’s Administrative Delegate 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 continue to make loan payments or pay off the loan in full within 90 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 90 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.
5


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
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. As permitted under U.S. Securities and Exchange Commission rule 12b-1, mutual funds or share classes are assessed a fee to help cover the costs associated with marketing and selling the fund (“12b-1 fees”). The 12b-1 fees may also be used to cover shareholder servicing expenses. 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. 
6


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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 as of December 31, 2020 is set forth below.
Mutual Funds
Mutual funds include the Wells Fargo Advantage Small Company Growth R6 fund and the John Hancock Disciplined Value Mid Cap Fund R6.
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, Ivy Investments International Core Equity CIT Fund (Class 2), Columbia Trust Balanced Fund (Class I), Columbia Trust Contrarian Core Fund | 1 Class, Columbia Trust Total Return Fund I, BlackRock US 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 as of December 31, 2020 and 2019.
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 Assets include U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government. The
7


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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
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:
 December 31, 2020
Level 1Level 2Level 3Total
Investments    
Mutual funds$123,970,466 $— $— $123,970,466 
Ameriprise Financial common shares242,793,554 — — 242,793,554 
Self-directed brokerage account
433,131,248 — — 433,131,248 
Collective investment funds measured at net asset value (“NAV”) (1)
1,547,786,475 
Separate accounts measured at NAV (1)
118,514,280 
Total investments at fair value$799,895,268 $— $— $2,466,196,023 
8


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

 December 31, 2019
Level 1Level 2Level 3Total
Investments    
Mutual funds$61,359,319 $— $— $61,359,319 
Ameriprise Financial common shares220,404,634 — — 220,404,634 
Self-directed brokerage account392,378,983 — — 392,378,983 
Collective investment funds measured at 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 
(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 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 and the John Hancock Disciplined Value Mid Cap Fund R6 are determined by the NAV which represents the exit price. The fair value is classified as Level 1 as the funds are 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.
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, the trustee of the Plan assets (Wells Fargo Bank, N.A.) and the Plan’s recordkeeper (Alight Solutions). Transactions involving funds managed by the Company, trustee and recordkeeper 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
9


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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 $242,793,554 and $220,404,634 as of December 31, 2020 and 2019, respectively. The total fair value of the investment options, excluding the self-directed brokerage account, managed by subsidiaries of Ameriprise Financial, Inc. was $391,169,470 and $338,506,931 as of December 31, 2020 and 2019, respectively. As investment manager, these subsidiaries earn annual management fees ranging from 0.26% 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. 
On March 11, 2020, the World Health Organization declared coronavirus (“COVID-19”) a global pandemic. The COVID-19 pandemic led to extreme volatility in financial markets and the market price of the Plan’s assets. While the pandemic has subsided in many areas, a resurgence of the pandemic could result in significant disruption of the global financial markets. Plan management will continue to monitor the impact COVID-19 has on the Plan.
8.  Income Tax Status
The Plan received a favorable determination letter from the Internal Revenue Service (“IRS”) 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 tax 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 2017.
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,
20202019
Net assets available for benefits per the financial statements
$2,672,155,988 $2,326,483,934 
Deemed distributions of participant loans
(248,078)(322,170)
Difference between contract value and fair value of fully benefit-responsive investment contracts
3,402,002 478,170 
Net assets available for benefits per Form 5500
$2,675,309,912 $2,326,639,934 
 Years Ended December 31,
20202019
Net increase in net assets available for benefits per the financial statements$345,672,054 $458,276,473 
Change in deemed distributions of participant loans
74,092 20,571 
Change in difference between contract value and fair value of fully benefit-responsive investment contracts
2,923,832 2,902,876 
Net income per Form 5500$348,669,978 $461,199,920 
10


Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2020

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 $4,855,710 for the 2020 plan year, which is recorded as a receivable as of December 31, 2020, was posted to participant accounts on January 22, 2021.





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, 2020
(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 R61,195,535 $74,398,170 
John Hancock Disciplined Value Mid Cap Fund R62,126,654 49,572,296 
 Total Mutual Funds 123,970,466 
 Collective Investment Funds — 
*Columbia Trust Balanced Fund (Class I)4,187,656 86,014,445 
*Columbia Trust Contrarian Core Fund | 1 Class9,395,741 193,552,257 
*Columbia Trust Gov Money Market Fund10,750,169 10,750,169 
*Columbia Trust Total Return Fund I7,985,162 100,852,599 
Boston Partners Large Cap Value Equity CIT (Class D)3,181,867 77,796,637 
Victory Small Cap Value Collective Fund (75)1,891,808 70,403,256 
VOYA Target Solution Trust Income (Class 4)3,099,746 54,233,706 
VOYA Target Solution Trust 2025 (Class 4)3,086,343 66,497,708 
VOYA Target Solution Trust 2030 (Class 4)3,245,606 74,486,024 
VOYA Target Solution Trust 2035 (Class 4)2,940,936 70,773,512 
VOYA Target Solution Trust 2040 (Class 4)2,671,633 67,417,418 
VOYA Target Solution Trust 2045 (Class 4)2,196,470 56,876,156 
VOYA Target Solution Trust 2050 (Class 4)1,340,473 34,691,043 
VOYA Target Solution Trust 2055 (Class 4)834,825 21,653,485 
VOYA Target Solution Trust 2060 (Class 4)571,371 10,536,224 
VOYA Target Solution Trust 2065 (Class 4)46,627 537,905 
Ivy Investments International Core Equity CIT Fund (Class 2)6,529,807 111,920,893 
Wellington Trust NA CIF II Growth 27,142,491 180,419,311 
BlackRock US Equity Index Fund6,236,569 200,495,714 
BlackRock Russell 2500 Index Fund659,677 16,817,673 
BlackRock MSCI ACWI ex-US Index Fund1,347,886 18,870,680 
 BlackRock US Debt Index Fund776,036 19,669,328 
 Total Collective Investment Funds 1,545,266,143 
Separate Accounts —  
Congress Mid Cap Growth Fund5,132,815 118,514,280 
Total Separate Accounts 118,514,280 
 Ameriprise Financial Stock Fund — 
*Wells Fargo/BlackRock Short-Term Investment Fund2,520,332 2,520,332 
*Ameriprise Financial, Inc. Common Shares1,249,385 242,793,554 
 Total Ameriprise Financial Stock Fund245,313,886 
***Self-Directed Brokerage Account 433,131,248 
*    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, 2020
(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
139,010 15,854,043 
*
Columbia Trust Gov Money Market Fund
6,966,733 6,966,733 
 
U.S. Government and Agency Securities:
FHLB 2.250% 06/11/20215,150,000 5,198,407 
FHLB 2.375% 03/14/20252,325,000 2,517,121 
FHLB 2.750% 12/13/20242,625,000 2,872,689 
FHLMC 0.375% 09/23/20251,550,000 1,547,596 
FHLMC 2.375% 01/13/2022
2,525,000 2,583,345 
FHLMC REFERENCE NOTE 1.500% 02/12/20254,875,000 5,108,187 
FNMA 0.625% 04/22/20253,675,000 3,717,433 
FNMA 2.500% 04/13/20211,325,000 1,333,767 
FNMA 2.625% 09/06/20242,875,000 3,128,089 
FNMA 2.875% 09/12/20233,100,000 3,324,047 
FNMA BENCHMARK NOTE 0.500% 11/07/2025175,000 175,705 
FNMA BENCHMARK NOTE 2.000% 01/05/2022
2,775,000 2,827,808 
U.S. TREASURY NOTE 1.625% 05/31/20237,550,000 7,818,379 
U.S. TREASURY NOTE 2.875% 07/31/202512,500,000 13,952,149 
FGOLD 15YR 3.500% 08/01/2025
45,185 47,954 
FGOLD 15YR 3.500% 09/01/2025
7,765 8,242 
FGOLD 15YR 3.500% 10/01/2025
2,256 2,394 
FGOLD 15YR 4.000% 02/01/2025
15,452 16,403 
FGOLD 15YR 4.000% 07/01/2025
6,517 6,916 
FGOLD 15YR 4.000% 08/01/2025
25,360 26,923 
FGOLD 15YR 3.000% 01/01/2027
92,327 97,079 
FGOLD 15YR 3.000% 01/01/2032
136,566 143,621 
FGOLD 15YR 3.000% 01/01/2032
154,741 165,272 
FGOLD 15YR 3.000% 01/01/2033
246,766 259,185 
FGOLD 15YR 3.000% 02/01/2027
31,155 32,759 
FGOLD 15YR 3.000% 03/01/2033
594,408 624,251 
FGOLD 15YR 3.000% 04/01/2032
501,571 533,898 
FGOLD 15YR 3.000% 08/01/2021
254 266 
FGOLD 15YR 3.000% 09/01/2026
67,461 70,925 
FGOLD 15YR 3.000% 10/01/2026
3,070 3,228 
FGOLD 15YR 3.000% 10/01/2026
8,280 8,706 
FGOLD 15YR 3.000% 11/01/2025
1,984 2,085 
FGOLD 15YR 3.000% 11/01/2026
46,218 48,594 
FGOLD 15YR 3.000% 12/01/2026
166,305 174,854 
FGOLD 15YR 3.500% 01/01/2021
20 20 
FGOLD 15YR 3.500% 01/01/2034
1,047,725 1,112,120 
FGOLD 15YR 3.500% 02/01/2026
6,286 6,672 
FGOLD 15YR 3.500% 03/01/2026
7,766 8,244 
FGOLD 15YR 3.500% 04/01/2033
249,152 264,874 
FGOLD 15YR 3.500% 05/01/2026
1,125 1,194 
*    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, 2020
(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% 05/01/2032
291,153 312,034 
FGOLD 15YR 3.500% 06/01/2026
79,888 84,805 
FGOLD 15YR 3.500% 07/01/2026
24,862 26,364 
FGOLD 15YR 3.500% 07/01/2026
120,657 128,083 
FGOLD 15YR 3.500% 08/01/2026
3,073 3,262 
FGOLD 15YR 3.500% 08/01/2026
49,662 52,722 
FGOLD 15YR 3.500% 08/01/2026
15,288 16,224 
FGOLD 15YR 3.500% 09/01/2026
1,702 1,805 
FGOLD 15YR 3.500% 09/01/2026
2,682 2,848 
FGOLD 15YR 3.500% 09/01/2026
7,092 7,527 
FGOLD 15YR 3.500% 10/01/2025
70,683 75,011 
FGOLD 15YR 3.500% 11/01/2025
56,340 59,802 
FGOLD 15YR 3.500% 12/01/2025
13,088 13,892 
FGOLD 15YR 3.500% 12/01/2025
156,855 166,504 
FGOLD 15YR 3.500% 12/01/2025
216 229 
FGOLD 15YR 3.500% 12/01/2025
4,668 4,954 
FGOLD 15YR 3.500% 12/01/2025
15,994 16,976 
FGOLD 15YR 4.000% 05/01/2026
27,212 28,965 
FGOLD 15YR 4.000% 06/01/2025
1,619 1,717 
FGOLD 15YR 4.000% 06/01/2026
22,569 24,022 
FGOLD 15YR GIANT 3.000% 01/01/2032
568,357 597,457 
FGOLD 15YR GIANT 3.000% 02/01/2031
347,188 365,122 
FGOLD 15YR GIANT 3.000% 03/01/2031
220,251 231,688 
FGOLD 15YR GIANT 3.000% 03/01/2032
874,583 937,611 
FGOLD 15YR GIANT 3.000% 05/01/2031
576,936 606,928 
FGOLD 15YR GIANT 3.000% 07/01/2030
268,552 282,522 
FGOLD 15YR GIANT 3.000% 09/01/2027
14,899 15,660 
FGOLD 15YR GIANT 3.000% 09/01/2031
337,122 354,986 
FGOLD 15YR GIANT 3.000% 10/01/2030
125,558 132,839 
FGOLD 15YR GIANT 3.000% 11/01/2026
154,332 162,212 
FGOLD 15YR GIANT 3.000% 12/01/2026
58,563 61,550 
FGOLD 15YR GIANT 3.000% 12/01/2030
469,444 493,835 
FGOLD 15YR GIANT 3.500% 01/01/2027
111,698 118,374 
FGOLD 15YR GIANT 3.500% 01/01/2030
176,945 189,946 
FGOLD 15YR GIANT 3.500% 02/01/2034
261,666 277,982 
FGOLD 15YR GIANT 3.500% 04/01/2026
19,504 20,692 
FGOLD 15YR GIANT 3.500% 04/01/2030
82,073 88,115 
FGOLD 15YR GIANT 3.500% 05/01/2033
607,428 645,682 
FGOLD 15YR GIANT 3.500% 06/01/2029
49,371 52,990 
FGOLD 15YR GIANT 3.500% 07/01/2026
4,824 5,122 
FGOLD 15YR GIANT 3.500% 07/01/2029
155,064 166,435 
FGOLD 15YR GIANT 3.500% 07/01/2033
125,884 133,647 
FGOLD 15YR GIANT 3.500% 08/01/2026
11,584 12,295 
*    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, 2020
(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% 08/01/2029
10,885 11,675 
FGOLD 15YR GIANT 3.500% 08/01/2032
543,268 582,413 
FGOLD 15YR GIANT 3.500% 08/01/2033
212,901 226,052 
FGOLD 15YR GIANT 3.500% 11/01/2025
20,780 22,047 
FGOLD 15YR GIANT 3.500% 11/01/2029
225,657 242,201 
FGOLD 15YR GIANT 3.500% 12/01/2025
2,012 2,136 
FGOLD 15YR GIANT 3.500% 12/01/2029
248,815 266,761 
FGOLD 15YR GIANT 3.500% 12/01/2033
177,047 188,008 
FGOLD 15YR GIANT 4.000% 05/01/2025
38,982 41,385 
FGOLD 15YR GIANT 4.000% 05/01/2026
3,586 3,807 
FGOLD 15YR GIANT 4.000% 06/01/2026
118,278 125,522 
FGOLD 15YR GIANT 4.000% 07/01/2026
54,758 58,236 
FGOLD 15YR GIANT 4.000% 12/01/2025
1,808 1,920 
FGOLD 15YR GIANT 4.000% 12/01/2026
20,984 22,268 
FHLMC 15YR UMBS 2.000% 08/01/20352,683,444 2,805,221 
FHLMC 15YR UMBS 2.000% 08/01/20352,566,238 2,682,571 
FHLMC 15YR UMBS 3.000% 12/01/2034
682,262 719,372 
FHLMC 15YR UMBS 3.000% 12/01/2034
1,113,488 1,169,532 
FHLMC 15YR UMBS MIRROR 2.500% 05/01/2033590,147 616,055 
FHLMC 15YR UMBS MIRROR 2.500% 07/01/2032259,821 271,338 
FHLMC 15YR UMBS MIRROR 2.500% 11/01/2032510,236 533,028 
FHLMC 15YR UMBS MIRROR 3.000% 03/01/2031
497,870 530,603 
FHLMC 15YR UMBS MIRROR 3.000% 04/01/2034
187,146 196,273 
FHLMC 15YR UMBS SUPER 2.000% 05/01/20351,492,472 1,559,830 
FHLMC 15YR UMBS SUPER 2.000% 06/01/2035609,790 637,432 
FHLMC 15YR UMBS SUPER 2.000% 09/01/20352,139,406 2,236,370 
FHLMC 15YR UMBS SUPER 2.000% 10/01/20352,167,214 2,265,604 
FHLMC 15YR UMBS SUPER 2.500% 08/01/2034
1,014,913 1,058,060 
FHLMC 15YR UMBS SUPER 2.500% 10/01/2034
148,561 154,914 
FHLMC 15YR UMBS SUPER 2.500% 12/01/2034
695,546 725,080 
FHLMC 15YR UMBS SUPER 3.000% 01/01/2034
384,152 402,500 
FHLMC 5/1 HYBRID ARM 3.006% 12/01/2036 VARIABLE22,247 23,280 
FHLMC_K014 3.871% 04/25/2021369,538 370,686 
FHLMC_K015 3.230% 07/25/202146,579 47,081 
FHLMC_K016 2.968% 10/25/2021318,527 323,174 
FHLMC_K018 2.789% 01/25/2022380,768 388,729 
FHLMC_K019 2.272% 03/25/2022501,388 511,284 
FHLMC_K037 2.592% 04/25/2023328,308 336,505 
FHLMC_K039 2.683% 12/25/2023570,911 589,082 
FHLMC_K040 2.768% 04/25/2024471,132 493,344 
FHLMC_K050 2.802% 01/25/2025882,067 924,944 
FHLMC_K736 1.895% 06/25/2025522,704 538,443 
FHLMC_T-13 6.085% 09/25/2029
50 50 
*    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, 2020
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FGOLD 15YR GIANT 3.000% 09/01/2030
236,780 249,073 
FGOLD 15YR GIANT 3.500% 03/01/2030
40,690 43,686 
FNMA 15YR 3.500% 01/01/2026
30,506 32,370 
FNMA 15YR 3.500% 01/01/2026
2,911 3,088 
FNMA 15YR 3.500% 01/01/2026
35,798 37,984 
FNMA 15YR 3.500% 02/01/2026
74,788 79,376 
FNMA 15YR 3.500% 03/01/2026
185,853 197,266 
FNMA 15YR 3.500% 09/01/2026
84,984 90,194 
FNMA 15YR 3.500% 10/01/2025
55,804 59,191 
FNMA 15YR 3.500% 10/01/2025
761 807 
FNMA 15YR 3.500% 10/01/2025
635 674 
FNMA 15YR 3.500% 10/01/2025
141,702 150,348 
FNMA 15YR 3.500% 10/01/2025
100,577 106,730 
FNMA 15YR 3.500% 10/01/2025
130,408 138,425 
FNMA 15YR 3.500% 11/01/2025
53,481 56,721 
FNMA 15YR 3.500% 11/01/2025
8,474 8,991 
FNMA 15YR 3.500% 11/01/2025
7,002 7,430 
FNMA 15YR 3.500% 12/01/2025
12,761 13,534 
FNMA 15YR 4.000% 02/01/2025
161 171 
FNMA 15YR 4.000% 04/01/2025
7,446 7,902 
FNMA 15YR 4.000% 05/01/2025
33,317 35,367 
FNMA 15YR 4.000% 06/01/2025
54,603 57,959 
FNMA 15YR 4.000% 06/01/2025
4,527 4,806 
FNMA 15YR 4.000% 09/01/2024
22,280 23,631 
FNMA 15YR 4.500% 02/01/2025
48,900 51,956 
FNMA 15YR 4.500% 03/01/2023
988 1,038 
FNMA 15YR 4.500% 05/01/2024
1,078 1,135 
FNMA 15YR 4.500% 10/01/2024
27,794 29,579 
FNMA 15YR 5.000% 02/01/2023
5,235 5,494 
FNMA 15YR 5.000% 02/01/2024
16,212 17,037 
FNMA 15YR 5.000% 05/01/2023
13,008 13,662 
FNMA 15YR 5.000% 05/01/2023
11,847 12,434 
FNMA 15YR 5.000% 06/01/2023
11,617 12,199 
FNMA 15YR 5.000% 10/01/2021
18 18 
FNMA 15YR 5.000% 11/01/2023
6,432 6,817 
FNMA 30YR 6.000% 11/01/2028
8,078 9,008 
FNMA 30YR 6.500% 04/01/2032
7,138 7,997 
FNMA 30YR 6.500% 04/01/2032
5,525 6,253 
FNMA 30YR 7.000% 07/01/2028
4,189 4,203 
FNMA 10/1 HYBRID ARM 1.999% 10/01/2034 VARIABLE2,134 2,208 
FNMA 10/1 HYBRID ARM 2.090% 12/01/2033 VARIABLE834 868 
FNMA 15YR 2.500% 02/01/20331,033,416 1,079,579 
FNMA 15YR 3.000% 01/01/2030
82,906 87,148 
*    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, 2020
(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
156,449 164,537 
FNMA 15YR 3.000% 01/01/2032
352,449 370,599 
FNMA 15YR 3.000% 01/01/2033
717,380 768,828 
FNMA 15YR 3.000% 01/01/2034
898,833 942,262 
FNMA 15YR 3.000% 02/01/2029
364,233 382,764 
FNMA 15YR 3.000% 02/01/2030
237,075 249,079 
FNMA 15YR 3.000% 02/01/2031
420,851 442,038 
FNMA 15YR 3.000% 02/01/2031
366,900 385,635 
FNMA 15YR 3.000% 02/01/2034
324,045 339,715 
FNMA 15YR 3.000% 03/01/2031
787,906 842,507 
FNMA 15YR 3.000% 03/01/2031
75,870 79,776 
FNMA 15YR 3.000% 03/01/2033
219,760 230,642 
FNMA 15YR 3.000% 04/01/2031
141,047 148,285 
FNMA 15YR 3.000% 04/01/2031
357,247 376,196 
FNMA 15YR 3.000% 04/01/2032
207,389 221,971 
FNMA 15YR 3.000% 05/01/2031
204,544 215,134 
FNMA 15YR 3.000% 06/01/2030
373,575 392,781 
FNMA 15YR 3.000% 06/01/2032
151,757 162,445 
FNMA 15YR 3.000% 06/01/2034
432,231 453,056 
FNMA 15YR 3.000% 07/01/2030
46,585 48,969 
FNMA 15YR 3.000% 07/01/2032
320,661 336,565 
FNMA 15YR 3.000% 07/01/2032
224,184 239,152 
FNMA 15YR 3.000% 09/01/2029
105,472 112,045 
FNMA 15YR 3.000% 09/01/2031
540,370 567,453 
FNMA 15YR 3.000% 09/01/2032
1,267,912 1,358,830 
FNMA 15YR 3.000% 09/01/2033
545,762 572,269 
FNMA 15YR 3.000% 10/01/2030
280,887 295,158 
FNMA 15YR 3.000% 10/01/2030
260,008 273,197 
FNMA 15YR 3.000% 10/01/2030
272,004 285,965 
FNMA 15YR 3.000% 10/01/2031
103,104 108,458 
FNMA 15YR 3.000% 11/01/2030
171,446 180,026 
FNMA 15YR 3.000% 11/01/2031
647,870 681,007 
FNMA 15YR 3.000% 11/01/2031
339,179 356,682 
FNMA 15YR 3.000% 11/01/2033
781,526 819,232 
FNMA 15YR 3.000% 11/01/2033
447,849 469,541 
FNMA 15YR 3.500% 01/01/2026
3,819 4,053 
FNMA 15YR 3.500% 01/01/2026
62,733 66,570 
FNMA 15YR 3.500% 01/01/2027
80,162 85,103 
FNMA 15YR 3.500% 01/01/2027
18,943 20,103 
FNMA 15YR 3.500% 01/01/2029
5,323 5,698 
FNMA 15YR 3.500% 01/01/2030
206,685 220,627 
FNMA 15YR 3.500% 01/01/2034
771,640 818,287 
FNMA 15YR 3.500% 02/01/2026
39,542 41,965 
*    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, 2020
(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% 02/01/2026
10,530 11,174 
FNMA 15YR 3.500% 02/01/2026
106,136 112,644 
FNMA 15YR 3.500% 02/01/2029
12,046 12,921 
FNMA 15YR 3.500% 02/01/2029
182,114 195,389 
FNMA 15YR 3.500% 02/01/2030
173,421 184,911 
FNMA 15YR 3.500% 02/01/2031
179,917 192,006 
FNMA 15YR 3.500% 02/01/2032
189,238 202,940 
FNMA 15YR 3.500% 02/01/2033
394,619 421,671 
FNMA 15YR 3.500% 02/01/2034
185,025 195,977 
FNMA 15YR 3.500% 03/01/2032
101,530 108,753 
FNMA 15YR 3.500% 03/01/2033
158,727 168,759 
FNMA 15YR 3.500% 04/01/2026
586 622 
FNMA 15YR 3.500% 04/01/2026
11,274 11,966 
FNMA 15YR 3.500% 04/01/2026
60,438 64,133 
FNMA 15YR 3.500% 04/01/2027
17,858 19,162 
FNMA 15YR 3.500% 04/01/2030
55,517 59,576 
FNMA 15YR 3.500% 04/01/2030
61,060 65,396 
FNMA 15YR 3.500% 04/01/2033
13,027 13,843 
FNMA 15YR 3.500% 04/01/2034
511,560 541,839 
FNMA 15YR 3.500% 05/01/2033
14,942 15,930 
FNMA 15YR 3.500% 06/01/2026
2,626 2,786 
FNMA 15YR 3.500% 06/01/2027
43,585 46,227 
FNMA 15YR 3.500% 06/01/2029
67,901 72,846 
FNMA 15YR 3.500% 06/01/2030
120,770 129,734 
FNMA 15YR 3.500% 06/01/2032
313,880 336,428 
FNMA 15YR 3.500% 07/01/2029
114,111 122,101 
FNMA 15YR 3.500% 07/01/2032
251,569 269,264 
FNMA 15YR 3.500% 08/01/2026
2,869 3,045 
FNMA 15YR 3.500% 08/01/2026
28,979 30,895 
FNMA 15YR 3.500% 08/01/2027
30,656 32,859 
FNMA 15YR 3.500% 08/01/2029
210,067 225,165 
FNMA 15YR 3.500% 08/01/2029
255,159 273,802 
FNMA 15YR 3.500% 08/01/2032
265,523 284,234 
FNMA 15YR 3.500% 08/01/2032
213,838 228,657 
FNMA 15YR 3.500% 08/01/2033
181,356 192,440 
FNMA 15YR 3.500% 08/01/2033
128,232 135,993 
FNMA 15YR 3.500% 09/01/2026
11,171 11,856 
FNMA 15YR 3.500% 09/01/2026
13,214 14,024 
FNMA 15YR 3.500% 09/01/2028
15,016 15,926 
FNMA 15YR 3.500% 09/01/2029
344,961 370,093 
FNMA 15YR 3.500% 09/01/2029
160,202 170,876 
FNMA 15YR 3.500% 09/01/2033
939,347 996,851 
FNMA 15YR 3.500% 10/01/2026
337,343 358,059 
*    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, 2020
(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% 10/01/2026
61,722 65,483 
FNMA 15YR 3.500% 10/01/2026
76,192 80,855 
FNMA 15YR 3.500% 10/01/2026
700 743 
FNMA 15YR 3.500% 10/01/2028
82,802 88,836 
FNMA 15YR 3.500% 10/01/2029
68,774 73,703 
FNMA 15YR 3.500% 11/01/2025
85,691 90,939 
FNMA 15YR 3.500% 11/01/2026
641 687 
FNMA 15YR 3.500% 11/01/2026
160,776 170,639 
FNMA 15YR 3.500% 11/01/2028
121,089 129,898 
FNMA 15YR 3.500% 12/01/2025
15,050 15,973 
FNMA 15YR 3.500% 12/01/2028
81,384 87,298 
FNMA 15YR 3.500% 12/01/2028
12,351 13,224 
FNMA 15YR 3.500% 12/01/2029
21,772 23,237 
FNMA 15YR 3.500% 12/01/2032
378,852 408,580 
FNMA 15YR 4.000% 01/01/2029
31,890 33,941 
FNMA 15YR 4.000% 01/01/2029
31,890 33,941 
FNMA 15YR 4.000% 01/01/2029
31,890 33,941 
FNMA 15YR 4.000% 01/01/2029
31,890 33,941 
FNMA 15YR 4.000% 07/01/2025
6,071 6,444 
FNMA 15YR 4.000% 08/01/2026
6,244 6,625 
FNMA 15YR 4.000% 09/01/2025
2,042 2,165 
FNMA 15YR 4.000% 11/01/2026
41,494 44,047 
FNMA 15YR 4.500% 05/01/2024
11,147 11,737 
FNMA 15YR 5.000% 02/01/2023
4,063 4,264 
FNMA 15YR 5.000% 04/01/2024
3,054 3,206 
FNMA 15YR UMBS 2.000% 05/01/20352,097,533 2,192,307 
FNMA 15YR UMBS 2.000% 06/01/20351,557,531 1,628,177 
FNMA 15YR UMBS 2.000% 07/01/20351,811,196 1,893,371 
FNMA 15YR UMBS 2.000% 08/01/20352,993,141 3,128,852 
FNMA 15YR UMBS 2.500% 02/01/2035636,943 663,986 
FNMA 15YR UMBS 2.500% 05/01/20352,176,365 2,269,123 
FNMA 15YR UMBS 2.500% 08/01/2034596,591 622,048 
FNMA 15YR UMBS 2.500% 09/01/2034
247,111 257,666 
FNMA 15YR UMBS 2.500% 10/01/20341,308,921 1,364,867 
FNMA 15YR UMBS 2.500% 12/01/2034
476,879 497,136 
FNMA 15YR UMBS 3.000% 07/01/2034
576,988 604,901 
FNMA 15YR UMBS 3.000% 12/01/2034
1,065,512 1,117,928 
FNMA 15YR UMBS SUPER 2.000% 07/01/20351,621,041 1,694,061 
FNMA 15YR UMBS SUPER 2.000% 08/01/20352,200,536 2,299,720 
FNMA 15YR UMBS SUPER 2.000% 09/01/20352,671,720 2,792,173 
FNMA 15YR UMBS SUPER 2.000% 10/01/20352,723,654 2,846,248 
FNMA 6M LIBOR ARM 1.665% 12/01/2032 VARIABLE15,602 15,678 
FNMA 6M LIBOR ARM 1.790% 11/01/2032 VARIABLE5,313 5,358 
*    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, 2020
(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 2.195% 03/01/2034 VARIABLE20,250 20,689 
FNMA 6M LIBOR ARM 2.416% 09/01/2035 VARIABLE34,214 35,137 
FNMA 7/1 HYBRID ARM 2.015% 01/01/2034 VARIABLE7,692 7,745 
FNMA 7/1 HYBRID ARM 3.620% 03/01/2036 VARIABLE5,755 6,015 
FNMA 7/1 HYBRID ARM 3.669% 01/01/2036 VARIABLE869 909 
FNMA MEGA 15YR REMIC-BACKED 3.500% 11/01/2025
115,868 122,951 
FNMA_03-W11 3.345% 06/25/2033 VARIABLE112 114 
UMBS 15YR TBA (REG B) 2.000% 01/19/20365,625,000 5,880,762 
FHLMC_K025 2.682% 10/25/2022500,000 517,019 
FHLMC_K030 3.250% 04/25/2023525,000 555,506 
FHLMC_K032 3.310% 05/25/20232,175,000 2,322,223 
FHLMC_K043 2.532% 10/25/2023217,131 224,076 
FHLMC_K715 2.856% 01/25/202153,679 53,689 
FHLMC_K716 3.130% 06/25/2021928,375 934,080 
FHLMC_K725 2.666% 05/25/2023456,573 466,863 
FHLMC_K728 2.741% 10/25/2023256,812 263,279 
 Total fully benefit-responsive investment contracts178,060,768 
*Loans to Participants  
   Various Loans, 3.25% — 9.95% due through 2051  30,421,907 
 
Less: Deemed distributions
  (248,078)
 
Net participant loans
  30,173,829 
 
 
    
 
Assets Held at End of Year per Form 5500
   $2,674,430,620 
*    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 23, 2021By/s/ Michelle Rudlong
Michelle Rudlong
Delegate
Employee Benefits Administration Committee


22


EXHIBIT INDEX

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

23