Vested (USD per share)

  
THE CHARLES SCHWAB CORPORATIONNotes to Consolidated Financial Statements(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)  
The Company’s restricted stock units activity is summarized below: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of Units(In millions) |  | Weighted- Average Grant Date Fair Valueper Unit |
| Outstanding at December 31, 2020 | 10  |  |  | $ | 40.85  |  |
|  |  |  |  |
| Granted | 4  |  |  | 64.18  |  |
| Vested | (4) |  |  | 41.25  |  |
| Forfeited | (1) |  |  | 45.63  |  |
| Outstanding at December 31, 2021 | 9  |  |  | $ | 49.69  |  |

  
Retirement and Deferred Compensation Plans   
Employees can participate in Schwab’s qualified retirement plan, the SchwabPlan Retirement Savings and Investment Plan. The Company may match certain employee contributions or make additional contributions to this plan at its discretion. The Company’s total expense was $187 million, $136 million, and $118 million in 2021, 2020, and 2019, respectively.  
Schwab’s deferred compensation plan for officers permits participants to defer the receipt of certain cash compensation. The deferred compensation plan for non-employee directors permits participants to defer receipt of all or a portion of their director fees and to receive either a grant of stock options, or upon ceasing service as a director, the number of shares of CSC’s common stock that would have resulted from investing the deferred fee amount into CSC’s common stock. The deferred compensation liability was $194 million and $176 million at December 31, 2021 and 2020, respectively.  
Effective upon the completion of the TD Ameritrade acquisition on October 6, 2020, TD Ameritrade’s 401(k) and deferred profit-sharing plan was terminated and all unvested balances in the plan became fully vested. TD Ameritrade employees employed immediately prior to the acquisition who continued as employees of TDA Holding, CSC, or any of their subsidiaries after completion of the acquisition became eligible to participate in the SchwabPlan Retirement Savings and Investment Plan and make rollover contributions from their TD Ameritrade plan balances to the SchwabPlan Retirement Savings and Investment Plan.   
Financial Consultant Career Achievement Plan  
The financial consultant career achievement plan is a noncontributory, unfunded, nonqualified plan for eligible financial consultants. A financial consultant is eligible for earned cash payments after retirement contingent upon meeting certain performance levels, tenure, age, and client transitioning requirements. Allocations to the plan are calculated annually based on performance levels achieved and eligible compensation and are subject to general creditors of the Company. Full vesting occurs when a financial consultant reaches 60 years of age and has at least ten years of service with the Company.  
The following table presents the changes in projected benefit obligation:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, | 2021 |  | 2020 |
| Projected benefit obligation at beginning of year | $ | 92  |  |  | $ | 83  |  |
| Benefit cost (1) | 16  |  |  | 17  |  |
| Actuarial loss/(gain) (2) | 11  |  |  | (8) |  |
| Projected benefit obligation at end of year (3) | $ | 119  |  |  | $ | 92  |  |

(1) Includes service cost and interest cost, which are recognized in compensation and benefits expense and other expense, respectively, in the consolidated statements of income.(2) Actuarial loss/(gain) is reflected in the consolidated statements of comprehensive income and is included in AOCI on the consolidated balance sheets. (3) This amount is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets.   
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