To attract and reward top-notch talent, we offer competitive salaries, performance-based incentives and flexible benefits as part of the total value of TD's offering to employees.

Compensation is administered fairly without discrimination and aligned with TD's business strategy so there is a clear connection between pay and performance. Each year we assess the broader marketplace to ensure our remuneration is competitive with similar positions within our industry and geographic communities.

Pension, Benefit and Savings Programs

• TD Benefits Plan:¹ The flexible benefits program provides a comprehensive and competitive array of choices, so employees can select the coverage that best meets their individual and family needs. TD provides core benefits coverage (e.g., life insurance, medical, Short-term Disability) and employees can select from a wide array of additional coverage choices. To assist employees with the cost of optional benefits, TD provides employees with Benefit Credits based on the coverage they select and the number of dependents they cover — providing additional support for those with families.
• TD Pension Plan:¹ Employees can participate in a defined benefit pension plan, which will give employees the security of a regular retirement income. The plan is funded by contributions from both TD and pension fund members. TD is responsible for ensuring that the plan is adequately funded. At October 31, 2004, the most recent actuarial valuation, plan assets exceeded liabilities by $139.4 million. Employees can also build their retirement savings through a Group RRSP with the convenience of regular payroll deductions, and TD pays all the administration and investment management fees.
• Employee Savings Plan:¹ Employees can share in our long-term success by purchasing TD Bank shares through payroll deduction. TD’s Employee Savings Plan (ESP) changed on March 1, 2007, so employees can save even more through this popular program. Employees can now contribute as much of their pay as they want to ESP. TD has also increased its contributions by matching the first $250 at 100% each year and the remainder of employee contributions at 50% to an overall maximum of 3.5% of the employee’s salary or $2,250, whichever comes first. TD is an industry leader with our ESP offering, which provides a higher maximum Bank contribution (on a percentage basis) and more flexibility than our competitors. TD’s ESP is unique in that members can withdraw or transfer some or all of their funds from their ESP accounts once per calendar quarter. Approximately 81% of eligible employees participated in the ESP in 2007, up 3% from 2006. As of October 31, 2007, employees held approximately 6.5 million shares in this program. Employees are entitled to vote their shares in the ESP.
• Employee Future Builder¹ A savings program that assists employees in meeting their financial objectives — whether they are long-term such as retirement or short-term such as saving for a vacation. Employees can save through regular payroll deductions and lump-sum contributions and may contribute to a registered and/or non-registered savings account. Employees may also tax-shelter their incentive pay through an Employee Future Builder RSP. TD pays all administration and investment management fees associated with this account. As of October 31, 2007, approximately 19,000 or 39% of Canadian-based employees participated in this program.
• Employee Financial Services¹ We offer a wide range of banking benefits to employees on a variety of products and services. Examples include mortgage financing and personal loans at preferred rates, waived service fees, lower credit card rates and more.

Our businesses outside Canada have created other programs to respond to the unique needs of their employees. For example:

• TD Banknorth provides financial assistance to eligible full-time employees who are building families through adoption. Most expenses directly related to adoption are reimbursable, including agency and placement fees, legal fees, transportation costs, medical expenses and immigration fees.
• Our Wholesale Banking business in the U.S. offers a Back-Up Care Solution for employees when their normal care arrangements for children for elderly loved ones fall through. The service is provided through leading national agencies, which include child care centres, home care for adults and home care for children. The service to employees includes up to 100 hours of care per calendar year for a nominal hourly fee.
• Our TD Securities office in Australia provides employees with an API Lifestyle Membership, giving them access to discount offers on tickets, movies, health clubs and more.
• TD in the U.K., which comprises TD Securities and TD Waterhouse, provides flexible benefits that allow employees to shape their own reward package by choosing benefit preferences. The U.K. flexible benefits offering includes pension, medical insurance, life assurance, personal accident coverage, charity giving, a subsidized “green bikes to work” scheme and more.

Unless noted otherwise, all benefits are available to full-time and eligible part-time employees, management and non-management, with the exception of ESP, where executives with share ownership requirements are not eligible to receive TD contributions. There is a short probationary period (three months of continuous service) for employees first joining the organization before benefits take effect. ¹ Canadian program, except Employee Financial Services also available in the U.S. Similar plans and benefits exist in TD businesses outside Canada that are relevant to the country of operation.