Standard Chartered Bank 401(k) Review & Grade
Standard Chartered Bank Employees Capital Accumulation Plan
Newark, NJFinance & Insurance1,116 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$12,193Employer $ per active participant
$15,365Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$407.3MNet plan assets, end of year
$222,827Average balance per account
Score breakdown
- Employer generosity47.6 / 5095th percentile for employer $ per participant
- Low cost21.8 / 2587th percentile for low admin cost vs. same-size plans
- Employee saving13.6 / 1591th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score90 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 87th |
| Employee saving | 91th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $151,130 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Standard Chartered Bank put in about $12,193 per active participant, more than the typical peer ($3,606). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $13,613,250 |
| Participant (employee) contributions | $17,155,369 |
| Other contributions (incl. rollovers in) | $4,794,855 |
| Administrative expenses paid from the plan | $188,318 |
| Investment advisory & management fees | $8,492 |
| Other admin expenses | $13,600 |
| Benefits paid out | $24,185,432 |
| Net assets, start / end of year | $347.2M / $407.3M |
| Active participants, start / end of year | 1,164 / 1,069 |
| Participants with account balances | 1,828 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $124,626 reported compensation |
| Forvis Mazars, LLP | $41,600 reported compensation |
| Deloitte & Touche LLP | $19,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002054500NAL0000542194001, received 2025-10-02, EIN 94-1595409, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.