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.
CHERRY HILL, N.J. and PORTLAND, Maine – December 5, 2012 – 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.
"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 scorescompanies 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/TDMoneyLoungeUS or 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/TDMoneyLoungeUSand 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.
Jimmy A. Hernandez