Compensation and Benefits

    • Compensation and Benefits
    • Performance
    • We encourage a culture where there is a clear link between pay and performance. Compensation is designed to be fair and without discrimination, and we conduct market research to ensure that the total value of our compensation and benefit programs is competitive within our industry. Our retirement, benefits and savings programs are designed to give employees flexibility and choice so they can meet their needs and the needs of their families.

      We offer a broad range of retirement, benefit and savings plans. These include:

      • An industry-leading, fully bank-paid, defined benefit pension plan for every eligible employee. The plan offers an optional top-up at a very affordable cost and online pension projection and retirement planning tools.
      • A flexible benefits plan with comprehensive choices that include an essential safety net of coverage at no cost and TD benefit credits to help pay for optional health benefits, with additional benefit credits for employees who cover dependents; paid vacation for full- and part-time employees based on job level and length of service, and a wide range of wellness programs and 24/7 online tools and resources
      • The Employee Ownership Plan. TD matches 100% of the first $250 of employee contributions each year and 50% of any further contributions to a maximum TD contribution of 3.5% of the employee’s eligible earnings or $2,250, whichever comes first.
      • The Employee Future Builder Plan, which encourages employees to save through payroll deductions, lump sums or their incentive pay. TD pays all of the investment management and program administration fees.
      • Employee banking. Full - and part-time employees and benefit-eligible retirees receive preferred rates and discounts on a wide range of credit products and services, including home and auto insurance.
      • Employees can select coverage for themselves and their families from a flexible benefits plan that emphasizes wellness and preventive care and includes an employee assistance program.
      • A 401(k) retirement plan offers a fixed employer contribution between 2% and 6% of pay plus up to 4.5% of pay in matching contributions on employee deferrals for a potential 10.5% in bank-paid retirement savings
      • Paid time off for full-time and part-time employees based on job level and length of service.
      • Benefit choices allow U.K. employees the flexibility to shape their own reward package. TD Waterhouse U.K. was awarded the highest accolade from Investors in People for its people management practices. This puts TD Waterhouse in the top 0.7% of companies globally in this area. The company also received a Good Practice Award for Health & Well-being for its Benefits and CSR Strategy.

      In 2010 we converted many of our paper-based processes to online forms. Canadian employees are now able to complete these actions online:

      • Submit some benefit claims and view claim statements;
      • Check account balances;
      • Initiate transactions; and
      • View annual pension and savings plan statements.
    • In 2010, we spent nearly $6 billion in employee compensation and benefits.

      Global Salaries and Employee Benefits

      Global Salaries and Employee Benefits

      (in millions of dollars) 2010 2009 2008 2007
      Salaries 3,747 3,671 3,089 2,737
      Incentive compensation 1,337 1,342 1,235 1,286
      Pension and other benefits 876 826 660 583
      TOTAL 5,960 5,839 4,984 4,606

      • 78% of eligible employees participated in the Employee Ownership Plan – that’s 37,222 employees who held 8.8 million TD shares in the plan (as of October 31, 2010).
      • 28% of eligible employees participated in the Employee Future Builder Plan (as of October 31, 2010).