TD Bank equalizes taxes for domestic partners — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

TD Bank equalizes taxes for domestic partners

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in Compensation and Benefits,Human Resources

Starting this year, TD Bank is offsetting the additional federal and state taxes that its lesbian, gay, bisexual and transgendered (LGBT) employees pay for domestic-partner benefits compared with heterosexual married couples.

The bank will absorb the extra taxes to equalize benefits for em­ployees. According to Robert Pompey, head of commercial management administration and co-chair of the bank’s Lesbian, Gay, Bisexual, Transgendered and Allies Committee, the tax adjustment is part of TD’s commitment to “an inclusive, barrier-free workplace where every employee feels valued, respected and supported,” he said.

Plus, he said, offsetting the extra taxes makes the bank more attractive to potential employees in the LGBT community.

Same-sex partnerships are not recognized under federal or many state laws, so employees enrolled in domestic partner health benefits incur extra taxes.

TD Bank will make a one-time payment at the end of the year to its LGBT employees who 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 a year.

Contact: Jimmy A. Hernandez of TD Bank, (856) 533-5340.

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