TD Toronto Dominion Bank

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

x	Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

 

For the fiscal year ended December 31, 2023; or

 

¨	Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

 

For the transition period from to

 

Commission file number: 1-14446

 

TD 401(k) Retirement Plan

c/o TD Bank US Holding Company

70 Gray Rd

Falmouth, ME 04105

(Full title of the plan)

 

THE TORONTO-DOMINION BANK

 

 

(Name of issuer of the securities held pursuant to the plan)

 

P.O. BOX 1

TORONTO-DOMINION CENTRE

KING STREET WEST AND BAY STREET

TORONTO, ONTARIO M5K1A2

CANADA

 

 

(Address of principal executive offices)

 

 

 

TD 401(k) Retirement Plan

 

Audited Financial Statements and Supplemental Schedule

 

Years Ended December 31, 2023 and 2022

 

Contents

 

Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements
Statements of Net Assets Available for Benefits	3
Statements of Changes in Net Assets Available for Benefits	4
Notes to Financial Statements	5
Supplemental Schedule
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	16
Exhibit	18
Signature	19

 

 

Report of Independent Registered Public Accounting Firm

 

To the Plan Participants and the Plan Administrator of TD 401(k) Retirement Plan

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of TD 401(k) Retirement Plan (the Plan) as of December 31, 2023 and 2022, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2023 and 2022, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

 

Supplemental Schedule Required by ERISA

 

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023, (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ Ernst & Young LLP

 

We have served as the Plan’s auditor since 2008.

 

New York, NY

 

June 17, 2024

 

 

TD 401(k) Retirement Plan

 

Statements of Net Assets Available for Benefits

 

		December 31,
		2023				2022
Assets
Noninterest-bearing cash		$	30,907			$	34,259
Investments, at fair value (see Note 6)			4,787,513,122				3,948,752,500
Total investments			4,787,544,029				3,948,786,759
Notes receivable from participants			70,631,008				65,334,516
Employer core contributions receivable			74,666,293				66,535,572
Employer matching contributions receivable			4,301,835				2,157,676
Participant contributions receivable			5,030,657				-
Total receivables			154,629,793				134,027,764
Net assets available for benefits		$	4,942,173,822			$	4,082,814,523

 

See accompanying notes.

 

 

TD 401(k) Retirement Plan

 

Statements of Changes in Net Assets Available for Benefits

 

		Year Ended December 31,
		2023				2022
Additions:
Additions to net assets attributed to:
Interest and dividends		$	40,700,877			$	50,243,870
Net appreciation/(depreciation) in fair value of investments			711,201,639				(831,101,352	)
Net investment income/(loss)			751,902,516				(780,857,482	)
Contributions:
Participant			201,483,913				171,080,827
Employer			168,463,260				149,437,724
Rollovers			28,384,680				23,756,565
Total contributions			398,331,853				344,275,116
Other income/(loss)			36,503				(849,147	)
Total additions/(losses), net			1,150,270,872				(437,431,513	)
Deductions:
Deductions from net assets attributed to:
Benefits paid to participants			289,723,831				248,814,102
Administrative expenses			1,187,742				1,039,806
Total deductions			290,911,573				249,853,908
Net increase/(decrease) in net assets available for benefits			859,359,299				(687,285,421	)
Net assets available for benefits:
Beginning of year			4,082,814,523				4,770,099,944
End of year		$	4,942,173,822			$	4,082,814,523

 

See accompanying notes.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements

 

December 31, 2023 and 2022

 

1. Description of the Plan

 

The TD 401(k) Retirement Plan (the "Plan") is a defined contribution plan sponsored by TD Bank US Holding Company (the “Company”), an indirect wholly-owned subsidiary of The Toronto-Dominion Bank. The following provides only general information about the Plan. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. Capitalized terms used herein but not defined shall have the meaning attributed to them in the Plan document.

 

General

 

The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan was amended effective January 1, 2022 to update references to the Plan Administrator and Investment Fiduciary as the U.S. Retirement Committee and U.S. Retirement Investment Committee, respectively and further amended effective January 1, 2024 to reflect the effect of the acquisition of Cowen Inc., which occurred March 1, 2023.

 

Plan Administration

 

The Plan is administered by the U.S. Retirement Committee (the “Plan Administrator”) as delegated by the Human Resources Committee of The Toronto Dominion Bank Board of Directors. The Plan Administrator has assigned the record-keeping, trustee and custodial responsibilities of the Plan to T. Rowe Price, who also serves as Trustee of the Plan.

 

Contributions

 

Participants may contribute to the Plan up to 50% of their eligible compensation on a pre-tax basis, a Roth after-tax basis, or a combination of both. Eligible compensation considered for this purpose meets the standards defined by the Internal Revenue Code (the “Code”) for safe harbor plans and includes, but is not limited to, regular earnings, overtime pay, commissions, bonuses, and incentives. Participants may also roll over their account balances from a prior employer's eligible employer plan (e.g., a 401(k) plan, profit sharing plan, or 403(b) tax sheltered annuity) or from a traditional individual retirement account or annuity.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

1. Description of the Plan (continued)

 

Participants are eligible for employer matching contributions on the first of the month following (or coincident with) completion of twelve months of service with the Company or an affiliate. The employer match was designed to meet the standards for safe harbor treatment as defined by the Code. The Plan matches for the Plan Year at the rate of one dollar ($1.00) for each one dollar ($1.00) of Salary Deferrals made on behalf of the Participant up to the first three percent (3%) of his or her Earnings while a Participant; plus fifty cents ($0.50) for each one dollar ($1.00) of Salary Deferrals made on his or her behalf in excess of the first three percent (3%) and not exceeding the first six percent (6%) of such Earnings while a Participant. Matching contributions for 2023 and 2022 totaled $91.6 million and $82.9 million, respectively. Participants’ contributions are subject to Code limitation, which was $22,500 for 2023 and $20,500 for 2022. Catch-up contributions (within the meaning of Section 414(v) of the Code) can also be made by participants who reach age 50 during the Plan year. Participants are only permitted to make catch-up contributions after they have already contributed the maximum amount for the year. The catch-up contribution limit was $7,500 and $6,500 in 2023 and 2022, respectively.

 

The Plan also includes an employer core contribution for all eligible employees. To be eligible for a core contribution, an employee must first complete a year of service with the Company or an affiliate and be at least 21 years of age. Once this requirement is met, a participant is eligible for an allocation for the Plan year if they are employed on the first and last day of the year and work at least 1,000 hours during the year. The core contribution is determined based on the sum of a participant’s age and years of service (both calculated in whole years on the first day of each year) in accordance with the following schedule:

 

Years of Age +Years of Service		Core Contribution (Percentage of Eligible Compensation)
Less than 35			2.0	%
35 – 44			2.5	%
45 – 54			3.0	%
55 – 64			4.0	%
65 – 69			5.0	%
70 or more			6.0	%

 

The core contributions for 2023 and 2022 were $74.7 million and $66.5 million, respectively. The core contributions were paid to the Plan in February 2024 and 2023, respectively.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

1. Description of the Plan (continued)

 

Participant Accounts

 

Each participant’s account reflects the participant’s contributions, rollover, and Company contributions as well as earnings or losses on those contributions. Participant accounts are reduced by withdrawals and any applicable direct expenses.

 

Vesting

 

Participant contributions, any safe harbor employer matching contributions, and any earnings thereon are immediately vested.

 

Participants whose employment is terminated for any reason other than death or becoming disabled prior to reaching Normal Retirement Age, as defined by the Plan, shall have a non-forfeitable interest in the value of their core contributions, and any earnings thereon, in accordance with the following schedule:

 

Years of Vesting Service (as defined by the Plan)		Vested Percentage
Less than three years			0	%
Three or more years			100	%

 

Notwithstanding the foregoing, any prior Plan balances from merged plans shall continue to vest in accordance with their respective vesting schedules.

 

Notes Receivable from Participants

 

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2023 or 2022. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded. No losses on participant loans have been recorded as of December 31, 2023 or 2022.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

1. Description of the Plan (continued)

 

Participants may borrow from their accounts, excluding balances related to core contributions. The minimum amount that a participant may borrow is $1,000 and the maximum is equal to the lesser of $50,000 or 50% of the account balance. Loans must be paid over a period of up to five years (up to 15 years for the purchase of a principal residence). The loans are secured by the balance in the participant’s account and bear interest at a fixed rate established by the Plan Administrator based on the Prime Rate as reported in The Wall Street Journal on the date that the loan application is processed. Interest rates range from 3.25% to 9.5% on loans outstanding at December 31, 2023 and 2022. Principal and interest are paid through payroll deductions.

 

Benefits

 

Participants may elect, at any time, to withdraw all or a portion of their account related to a rollover contribution, including earnings on those contributions. After attaining age 59½, participants may withdraw all or part of their total account balance. In the event of a qualifying hardship, participants may withdraw their participant contributions, rollover contributions, certain balances from prior Plans (as further defined in the Plan document), and related earnings.

 

Upon termination of employment or retirement, participants can elect to take a lump sum distribution or leave their account balance in the Plan. If the participant’s vested account balance is less than $1,000, the participant is paid a single lump sum equal to the value of his or her vested account. In the event of death, the balance in the participant’s account is paid to the designated beneficiary as provided by the Plan.

 

Participant Investment Options

 

Each participant has the option of allocating employee and employer contributions into various investment options offered by the Plan. Investment options include mutual funds, common collective trust funds, and common shares of The Toronto-Dominion Bank. A participant’s investment direction with respect to future contributions and the reinvestment of all or a portion of their account is subject to a 20 percent limitation on investments in common shares of The Toronto-Dominion Bank.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

1. Description of the Plan (continued)

 

Forfeitures

 

Amounts in which the participant does not have a vested interest shall be forfeited by the participant after five consecutive one-year breaks in service, as defined by the Plan document. At December 31, 2023 and December 31, 2022, forfeited non-vested accounts from terminated employees totaled $609,387 and $737,055, respectively, and were maintained in a separate account and are available to offset future employer contributions. For the years ended December 31, 2023 and December 31, 2022, employer contributions were reduced by $637,055 and $1,571,325, respectively, from forfeited accounts.

 

Voting Rights

 

Each participant is entitled to exercise voting rights attributable to The Toronto-Dominion Bank common shares allocated to his or her account and is notified by the transfer agent prior to the time that such rights are to be exercised. The Trustee is permitted to vote in the best interest of Plan participants’ shares for which instructions have not been given by a participant.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and are presented on the accrual basis of accounting.

 

Management Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

 

Investment Valuation and Income Recognition

 

Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

2. Summary of Significant Accounting Policies (continued)

 

advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. See Note 6 for further discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded as of the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains (losses) on investments bought and sold as well as held during the year.

 

Payment of Benefits

 

Benefit payments to participants are recorded when paid.

 

Administrative Expense

 

In accordance with the Plan provisions, all eligible administrative expenses may be paid by the Plan unless paid by the Company. Administrative expenses amounting to $1,187,742 and $1,039,806 were paid by the Plan in 2023 and 2022, respectively, which were debited directly from participant accounts.

 

3. Accounting Changes

 

There were no recent accounting pronouncements adopted for the Plan in the current year, nor are there any recent accounting pronouncements being evaluated for adoption by the Plan in future years.

 

4. Federal Income Tax Status

 

The Plan received a determination letter from the Internal Revenue Service (the "IRS") dated October 27, 2014 stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated, effective January 31, 2022. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

4. Federal Income Tax Status (continued)

 

US GAAP requires Plan Management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2023 there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

5. Administration of Plan Assets

 

The Plan’s assets, which include The Toronto-Dominion Bank common shares, are held by the Trustee of the Plan. T. Rowe Price serves as the service provider and Trustee for the Plan. T. Rowe Price serves as a directed Trustee who will act based on direction of the Plan Administrator or participants, as appropriate. Company contributions are held by the Trustee, who invests contributions received, reinvests interest and dividend income, and processes distributions to participants. Certain administrative functions are performed by officers or employees of the Company or its subsidiaries. No such officer or employee receives compensation from the Plan.

 

6. Fair Value Measurements

 

US GAAP establishes a three-level fair value hierarchy based on the nature of data inputs for fair value disclosure. This hierarchy requires maximum use of observable inputs, and minimum use of unobservable inputs when measuring fair value. These levels are as follows:

 

Level 1

Quoted market prices in active markets that the Plan has access to for identical assets and liabilities. Level 1 instruments include equity securities and mutual funds that are traded in an active exchange market.

 

Level 2

Observable inputs other than Level 1 prices, such as quoted market prices for similar (but not identical) assets or liabilities in active markets, quoted market prices for identical assets or liabilities in markets that are not active and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3

Fair value is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

6. Fair Value Measurements (continued)

 

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2023 as compared to those used at December 31, 2022.

 

Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

 

Mutual funds: Valued at the net asset value ("NAV") of shares held by the Plan at year end as reported in the active market.

 

The Common Collective Trusts are reported by the issuer at fair value based on the value of the underlying investments divided by the number of units outstanding, less liabilities, to arrive at NAV per unit. NAV is used as a fair value practical expedient. There are no restrictions on redemptions from the collective trusts.

 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

Noninterest-bearing cash and receivables reported in the Statements of Net Assets Available for Benefits are presented at carrying amounts which approximate fair values.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

6. Fair Value Measurements (continued)

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2023 and 2022. There were no changes between levels for the years ended December 31, 2023 and 2022:

 

		Assets at Fair Value as of December 31, 2023
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	499,630,267			$	-			$	-			$	499,630,267
Common Stock			199,615,248				-				-				199,615,248
Total assets in the fair value hierarchy		$	699,245,515			$	-			$	-			$	699,245,515
Investments measured at net asset value – Common Collective Trust															4,088,267,607
Investments at fair value														$	4,787,513,122

 

		Assets at Fair Value as of December 31, 2022
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	443,500,265			$	-			$	-			$	443,500,265
Common Stock			193,966,112				-				-				193,966,112
Total assets in the fair value hierarchy		$	637,466,377			$	-			$	-			$	637,466,377
Investments measured at net asset value – Common Collective Trust															3,311,286,123
Investments at fair value														$	3,948,752,500

 

7. Related-Party Transactions

 

The Plan owned 3,089,063 and 2,995,153 shares of common stock of The Toronto-Dominion Bank, valued at $199,615,248 and $193,966,112 at December 31, 2023 and 2022, respectively, from which the Plan received dividends of $8,721,950 and $8,144,842 for years ended December 31, 2023 and 2022, respectively. Certain Plan investments were managed and held in trust by T. Rowe Price during 2023 and 2022. Consequently, T. Rowe Price is a party-in-interest.

 

 

TD 401(k) Retirement Plan

 

Notes to Financial Statements (continued)

 

December 31, 2023 and 2022

 

8. Risks and Uncertainties

 

The Plan and its participants invest in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, liquidity, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is probable that changes in the value of investment securities will occur in the near term and such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

9. Plan Termination

 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA, as amended. Upon discontinuance or termination, forfeitures shall be allocated to the accounts of participants on such date. In the event the Plan terminates, participants will become 100% vested in their accounts.

 

10. Subsequent Event

 

The Plan has evaluated the impact of events that have occurred subsequent to December 31, 2023 through June 17, 2024, the date the financial statements were issued. Based on this evaluation, the Plan has determined that there were no events that were required to be recorded or disclosed in the financial statements, except for the following disclosure.

 

The acquisition of Cowen Inc. by the Toronto-Dominion Bank was completed March 1, 2023. The Cowen 401(k) Plan merged into the TD 401(k) Retirement Plan on January 1, 2024. Total assets transitioned was $316 million and Cowen employees were eligible to participate in the Plan upon merger date.

 

 

Supplemental Schedule

 

 

TD 401(k) Retirement Plan

 

Plan No. 003        EIN 01-0437984

 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

 

December 31, 2023

 

Party in Interest		Identity of Issue		Number of Shares/Units Description/Asset		Current Value
Mutual Funds:
		Dodge & Cox Stock X		Registered investment company 1,690,007 shares		$	411,618,146
		PIMCO Total Return Fund, Inst.		Registered investment company 10,099,287 shares			87,358,832
		Vanguard Treasury Money Market Investment		Registered investment company 653,289 shares			653,289
Common Stock:
*		The Toronto-Dominion Bank		Common shares – 3,089,063 shares			199,615,248
Common Collective Trusts:
*		TRP Stable Value Common Trust Fund		Common collective trust 357,277,953 shares			357,277,953
*		TRP Retirement Balance Investment		Common collective trust 670,312 shares			12,735,921
*		TRP Retirement 2005 Trust		Common collective trust 933,118 shares			18,149,143
*		TRP Retirement 2010 Trust		Common collective trust 1,147,689 shares			23,734,205
*		TRP Retirement 2015 Trust		Common collective trust 2,237,954 shares			50,465,858
*		TRP Retirement 2020 Trust		Common collective trust 6,303,880 shares			154,129,856
*		TRP Retirement 2025 Trust		Common collective trust 11,876,469 shares			315,439,027
*		TRP Retirement 2030 Trust		Common collective trust 13,918,887 shares			399,611,251
*		TRP Retirement 2035 Trust		Common collective trust 12,563,401 shares			384,816,980
*		TRP Retirement 2040 Trust		Common collective trust 10,826,507 shares			348,288,745

 

 

TD 401(k) Retirement Plan

 

Plan No. 003        EIN 01-0437984

 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

 

December 31, 2023

 

Party in Interest		Identity of Issue		Number of Shares/Units Description/Asset		Current Value
Common Collective Trust (continued):
*		TRP Retirement 2045 Trust		Common collective trust 9,835,735 shares			323,890,750
*		TRP Retirement 2050 Trust		Common collective trust 6,425,796 shares			212,115,538
*		TRP Retirement 2055 Trust		Common collective trust 3,998,999 shares			131,886,980
*		TRP Retirement 2060 Trust		Common collective trust 3,356,836 shares			70,795,671
*		TRP Retirement 2065 Trust		Common collective trust 1,198,804 shares			15,764,268
*		TRP Blue chip growth Trust		Common collective trust 6,459,239 shares			461,706,374
		Vanguard Institutional 500 Index Fund Trust		Common collective trust 3,968,284 shares			534,646,841
		Vanguard Institutional Total Bond Market Index Trust		Common collective trust 781,337 shares			84,540,626
		Vanguard Development Markets Index Trust		Common collective trust 522,258 shares			71,350,848
		MFS International Equity Class 4		Common collective trust 6,613,166 shares			116,920,772
		Total Investments				$	4,787,513,122
* Notes receivable from participants
				Loans granted to Plan participants, varying maturities, interest rates from 3.25% to 9.50%			70,631,008
		Total Investments and Loans				$	4,858,144,130

 

* Denotes party in interest.

 

Note: Cost information has not been included because all investments are participant directed.

 

 

Exhibit

 

Exhibit Number		Description
23.1		Consent of Independent Registered Public Accounting Firm (filed herewith)

 

 

Signature

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.

 

	TD 401(K) RETIREMENT PLAN
	By:	/s/KATHLEEN G. HARMON
		Kathleen G. Harmon
		Plan Administrator

 

Date: June 17, 2024

 

 

 

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 1-14446) pertaining to the TD 401(k) Retirement Plan of our report dated June 17, 2024, with respect to the financial statements and supplemental schedule of the TD 401(k) Retirement Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2023.

 

/s/ Ernst & Young LLP

 

New York, New York

June 17, 2024

 

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