TD Bank 2006 Annual Report Download - page 97

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2006 Financial Results 93
Amounts Recognized in the Consolidated Balance Sheet
(millions of Canadian dollars) 2006 2005
Other Assets
Principal Pension Plan $404 $422
CT Pension Defined Benefit Plan 77 79
TD Banknorth Defined Benefit Plan 122 105
Prepaid pension expense 603 606
Other Liabilities
Non-Pension Post Retirement Benefit Plan 303 277
Supplemental Employee Retirement Plan 252 226
Other employee futurebenefits –net 26 –
Accrued benefit liability 581 503
Net amount recognized as at October 31 $22 $103
Other plans operated by the Bank and certain of its sub-
sidiaries are not considered material for disclosure purposes.
OTHER PENSION PLANS
CT Pension Plan
As a result of the acquisition of CT, the Bank sponsors a pension
plan consisting of a defined benefit portion and a defined contri-
bution portion. The defined benefit portion was closed to new
members after May 31, 1987. CT employees joining the plan on
or after June 1, 1987 were only eligible to join the defined contri-
bution portion. Effective August 2002, the defined contribution
portion of the plan was closed to new contributions from active
employees and employees eligible for that plan became eligible
to join the Bank’s principal pension plan. Funding for the defined
benefit portion is provided by contributions from the Bank and
members of the plan. The pension plan assets and obligations are
measured as at July 31. The following table presents the financial
position of the defined benefit portion of the CT Plan.
CT Pension Plan Obligations and Assets
(millions of Canadian dollars) 2006 2005 2004
Projected benefit obligation at end of period $343 $352 $308
Plan assets at fair market value at end of period 358 365 308
Prepaid pension expense 77 79 53
Pension expense 55 4
Supplemental Employee Retirement Plans
The following table presents the financial position of the Bank’s
largest other benefit plans. These plans aresupplemental
employee retirement plans which are partially funded for eligible
employees. The benefit plans assets and obligations aremeasured
as at July 31.
TD Banknorth Pension Plan
TD Banknorth has a noncontributory defined benefit retirement
plan covering most permanent, full-time employees. Supplemental
retirement plans have also been adopted for certain key officers.
In addition, TD Banknorth and its subsidiaries sponsor limited
post-retirement benefit programs which provide medical coverage
and life insurance benefits to a closed group of employees and
directors who meet minimum age and service requirements.
The plan assets and obligations are measured as at December
31. The following table presents the financial position of the
defined benefit portion of TD Banknorth’s pension plan.
(millions of Canadian dollars) 2006 2005 2004
Projected benefit obligation at end of period $332 $328 $289
Plan assets at fair market value at end of period –5 9
Accrued benefit liability 252 226 205
Pension expense 34 29 28
TD Banknorth Plan Obligations and Assets
(millions of Canadian dollars) 2006 2005 2004
Projected benefit obligation at end of period $304 $278 N/A
Plan assets at fair market value at end of period 334 307
Prepaid pension expense 122 112
Pension expense 751
1Pension expense for the seven months ended September 30, 2005.