TD Bank to Equalize Taxes on Employee Benefits for Same-Sex Domestic Partners

TD Bank to Equalize Taxes on Employee Benefits for Same-Sex Domestic Partners

TD's inclusive workplace policies prompt its selection as one of "The Best
Places to Work for LGBT Equality" for the fourth consecutive year by the Human
Rights Campaign.

PR Newswire

CHERRY HILL, N.J. and PORTLAND, Maine, Dec. 5, 2012

CHERRY HILL, N.J. and PORTLAND, Maine, Dec. 5, 2012 /PRNewswire/ -- TD Bank,
America's Most Convenient Bank®, has announced that it will begin to offset
the additional federal and state taxes that its lesbian, gay, bisexual and
transgendered (LGBT) employees pay for domestic partner benefits relative to
heterosexual married couples. The tax equalization will take effect on January
1, 2013, making TD one of the few banks in the nation to absorb these extra
taxes to equalize benefits for employees.

(Logo: http://photos.prnewswire.com/prnh/20081031/NEF005LOGO-a )

"TD Bank is committed to building an inclusive, barrier-free workplace where
every employee feels valued, respected and supported," said Robert Pompey,
Head of Commercial Management Administration at TD Bank and Co-Chair of the
bank's Lesbian, Gay, Bisexual, Transgendered and Allies Committee. "Offsetting
these extra taxes for our LGBT employees makes us more competitive in the hunt
for great talent and it's the right thing to do."

Same-sex partnerships are not recognized under federal or many state laws,
causing people enrolled in domestic partner health benefits to incur extra
taxes. TD Bank will equalize this tax impact by making a one-time payment at
the end of the year to its LGBT employees that have enrolled their domestic
partners in the bank's health benefits. The one-time payment will be equal to
the extra taxes same-sex domestic partners pay for benefits over the course of
a year.

The announcement comes on the heels of the Human Rights Campaign (HRC)
Foundation distinguishing TD Bank as one of "The Best Places to Work for LGBT
Equality." The bank earned a 100 rating for the fourth consecutive year on
HRC's 2013 Corporate Equality Index, which scores companies on equal
employment opportunity policies, benefits for LGBT employees and their
spouses/partners, transgender-inclusive health insurance, public commitment
and responsible citizenship.

"Despite the HRC index's rising standards, we were able to earn a perfect
score of 100 yet again," added Pompey. "This accomplishment is a reflection of
the bank's commitment to diversity at every level of our organization."

To learn more about TD Bank, America's Most Convenient Bank, stop by a store,
visit us at www.tdbank.com,find us on Facebook at
www.facebook.com/TDMoneyLoungeUSor on Twitter at www.twitter.com/TDBank_US.

About TD Bank, America's Most Convenient Bank

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the
U.S., providing nearly 8 million customers with a full range of retail, small
business and commercial banking products and services at nearly 1,300
convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the
Carolinas and Florida. In addition, TD Bank and its subsidiaries offer
customized private banking and wealth management services through TD Wealth^®,
and vehicle financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn
more, visit www.tdbank.com. Find TD Bank on Facebook at
www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a
subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial
services company in North America. The Toronto-Dominion Bank is one of the few
banks in the world rated Aaa by Moody's and trades on the New York and Toronto
stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.

SOURCE TD Bank

Website: http://www.TDBank.com
Contact: Jimmy A. Hernandez, +1-856-533-5340, jimmy.hernandez@td.com
 
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