Santander Holdings USA, Inc. 401(k) Review & Grade
Santander 401(k) Plan
Wyomissing, PAFinance & Insurance12,684 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,825Employer $ per active participant
$8,309Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$1.9BNet plan assets, end of year
$126,389Average balance per account
Score breakdown
- Employer generosity27.5 / 5055th percentile for employer $ per participant
- Low cost19.3 / 2577th percentile for low admin cost vs. same-size plans
- Employee saving5.5 / 1537th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 77th |
| Employee saving | 37th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $31,922 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Santander Holdings USA put in about $5,825 per active participant, more than the typical peer ($5,179). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $73,886,590 |
| Participant (employee) contributions | $105,400,308 |
| Other contributions (incl. rollovers in) | $29,072,148 |
| Administrative expenses paid from the plan | $696,193 |
| Investment advisory & management fees | $120,000 |
| Other admin expenses | $2,100 |
| Benefits paid out | $183,883,361 |
| Net assets, start / end of year | $1.6B / $1.9B |
| Active participants, start / end of year | 13,334 / 12,035 |
| Participants with account balances | 14,730 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Herbein & Company, Inc. |
| Employer stock held by plan | $1,466,332 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $534,643 reported compensation |
| Willis Towers Watson US LLC | $120,000 reported compensation |
| Herbein & Co Inc | $39,450 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260126143855NAL0001983344001, received 2026-01-26, EIN 23-2453088, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.