v3.24.1.1.u2
Employee Benefits
 6 Months Ended
Apr. 30, 2024
Employee Benefits [Abstract]  
Employee Benefits
NOTE 16: EMPLOYEE BENEFITS
The following table summarizes expenses for
 
the Bank’s principal pension and non-pension
 
post-retirement defined benefit plans
 
and the Bank’s other material
defined benefit pension plans, for the
 
three and six months ended April 30, 2024 and
 
April 30, 2023. Other employee defined
 
benefit plans operated by the Bank
and certain of its subsidiaries are not considered
 
material for disclosure purposes.
Defined Benefit Plan Expenses
(millions of Canadian dollars)
Principal post-retirement
 
Principal pension plans
benefit plan
Other pension plans
1
For the three months ended
April 30
April 30
April 30
April 30
April 30
April 30
2024
2023
2024
2023
2024
2023
Service cost – benefits earned
$
54
$
62
$
1
$
1
$
4
$
4
Net interest cost (income) on net defined
 
benefit liability (asset)
(21)
(25)
5
5
6
5
Interest cost on asset limitation and minimum
 
funding
requirement
3
5
–
–
1
1
Past service cost
2
35
–
–
–
–
–
Defined benefit administrative expenses
2
3
–
–
1
2
Total
$
73
$
45
$
6
$
6
$
12
$
12
For the six months ended
April 30
April 30
April 30
April 30
April 30
April 30
2024
2023
2024
2023
2024
2023
Service cost – benefits earned
$
108
$
124
$
2
$
2
$
8
$
8
Net interest cost (income) on net defined
 
benefit liability (asset)
(41)
(50)
10
10
12
11
Interest cost on asset limitation and minimum
 
funding
requirement
6
10
–
–
2
2
Past service cost
2
35
–
–
–
–
–
Defined benefit administrative expenses
4
5
–
–
2
3
Total
$
112
$
89
$
12
$
12
$
24
$
24
Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension
 
plan, TD Auto Finance defined benefit pension plan, TD Insurance defined benefit pension
plan, and supplemental executive defined benefit pension plans.
2
 
Relates to the Pension Fund Society that was modified during the quarter.
The following table summarizes expenses for
 
the Bank’s defined contribution plans for the three
 
and six months ended April 30, 2024 and
 
April 30, 2023.
Defined Contribution Plan Expenses
(millions of Canadian dollars)
For the three months ended
For the six months ended
April 30
April 30
April 30
April 30
2024
2023
2024
2023
Defined contribution pension plans
1
$
73
$
62
$
158
$
126
Government pension plans
2
132
121
329
294
Total
$
205
$
183
$
487
$
420
Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k)
 
plan.
2
 
Includes Canada Pension Plan, Quebec Pension Plan, and Social Security under the U.S.
Federal Insurance Contributions Act
.
The following table summarizes the remeasurements
 
recognized in OCI for the Bank’s principal pension
 
and post-retirement defined benefit plans and
 
certain of
the Bank’s other material defined benefit pension
 
plans, for the three and six months ended
 
April 30, 2024 and April
 
30, 2023.
Amounts Recognized in Other Comprehensive
 
Income for Remeasurement of Defined
 
Benefit Plans
1,2,3
(millions of Canadian dollars)
Principal post-retirement
Principal pension plans
benefit plan
Other pension plans
For the three months ended
April 30
April 30
April 30
April 30
April 30
April 30
2024
2023
2024
2023
2024
2023
Remeasurement gain/(loss) – financial
$
439
$
(147)
$
13
$
(3)
$
18
$
–
Remeasurement gain/(loss) – return on plan
 
assets less
interest income
(524)
38
–
–
–
–
Change in asset limitation and minimum
 
funding requirement
24
63
–
–
–
–
Total
$
(61)
$
(46)
$
13
$
(3)
$
18
$
–
For the six months ended
April 30
April 30
April 30
April 30
April 30
April 30
2024
2023
2024
2023
2024
2023
Remeasurement gain/(loss) – financial
$
(685)
$
(529)
$
(23)
$
(27)
$
(25)
$
–
Remeasurement gain/(loss) – return on plan
 
assets less
interest income
276
424
–
–
–
–
Change in asset limitation and minimum
 
funding requirement
200
179
–
–
–
–
Total
$
(209)
$
74
$
(23)
$
(27)
$
(25)
$
–
1
 
Excludes the Canada Trust defined benefit pension plan, TD Banknorth defined benefit
 
pension plan, TD Auto Finance defined benefit pension plan, TD Insurance defined benefit pension
plan, and other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered
 
material for disclosure purposes as these plans are not remeasured on
a quarterly basis.
 
2
 
Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions
 
are updated annually.
3
 
Amounts are presented on a pre-tax basis.