Retirement plan

SANTANDER 401(K) PLAN

Name: SANTANDER HOLDINGS USA, INC. - SANTANDER 401(K) PLAN (2017) Form 5500
Creator: SANTANDER HOLDINGS USA, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SANTANDER 401(K) PLAN, SANTANDER HOLDINGS USA, INC.

SANTANDER HOLDINGS USA, INC.EIN 23-2453088Plan #002PY 2017

75 STATE STREET - BOSTON, MA 02109610-208-3679LinkedIn10001+ employeesbanking

Prospect flagsFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed April 14, 1998 (most recent of 4 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$760.9M

+19.4% from 2016

Total participants

13,565

+5.2% from 2016

Average account balance

$73,741

+12.4% from 2016

Annual return

19.02%

+10.20 pp from 2016

Benchmarks

See 80 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants>=10,000

Cohort80 peers

Snapshot2017

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Analytics

Total assets (EOY)

Plan-year ending balance

$1.86B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$126K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

14,730

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

82.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$179.29M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$15K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+14.48%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$47

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
STEVENS & LEE3+ years Filed as: STEVENS & LEE, PC Service code 29 · EIN 23-1886296	Legal	$200,760
CALLAN LLC3+ years Filed as: CALLAN ASSOCIATES INC Service code 28 · EIN 94-2192581	Investment Management	$84,872
CONRAD SIEGEL3+ years Filed as: CONRAD SIEGEL ACTUARIES Service code 28 · EIN 23-1669823	Investment Management	$71,406
CHARLES SCHWAB & CO., INC.2 years Filed as: SCHWAB RETIREMENT PLAN SERVICES, IN Service code 15 · EIN 34-1479833	Recordkeeping	$28,719
CHARLES SCHWAB & CO., INC.3+ years Service code 33 · EIN 94-1737782	Direct payment from the plan; Shareho...	$5,280
CHARLES SCHWAB & CO., INC.3+ years Filed as: CHARLES SCHWAB BANK Service code 25 · EIN 42-1558009	Directed Trustee	$182
CHARLES SCHWAB & CO., INC.3+ years Filed as: CHARLES SCHWAB & CO INC AND AFFILIA Service code 59	Shareholder Servicing	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2T3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$405K

$37 / participant

Investment mgmt$156K38.6%
Other / not subdivided$249K61.4%

% of EOY assets

0.053%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: HERBEIN & COMPANY, INC.
Auditor EIN: 232415973
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$73,741

$112,134-34.2%

$149,718-50.7%

$80,976-8.9%

Participation rate

70.2%

87.3%-17.1pp

87.1%-16.9pp

68.3%+1.9pp

Annual return

19.02%

17.23%+1.8pp

1501.63%-1482.6pp

22.91%-3.9pp

Employer contribution / active EE

$2,588

$3,991-35.2%

$5,445-52.5%

$2,402+7.7%

Participant deferral / active EE

$4,883

$6,036-19.1%

$6,569-25.7%

$3,848+26.9%

Admin fee / account holder

$39

$109-64.1%

$11,283-99.7%

$67-41.8%

Provider

Service type

Compensation

STEVENS & LEE3+ years

Filed as: STEVENS & LEE, PC

Service code 29 · EIN 23-1886296

Legal

$200,760

CALLAN LLC3+ years

Filed as: CALLAN ASSOCIATES INC

Service code 28 · EIN 94-2192581

Investment Management

$84,872

CONRAD SIEGEL3+ years

Filed as: CONRAD SIEGEL ACTUARIES

Service code 28 · EIN 23-1669823

Investment Management

$71,406

CHARLES SCHWAB & CO., INC.2 years

Filed as: SCHWAB RETIREMENT PLAN SERVICES, IN

Service code 15 · EIN 34-1479833

Recordkeeping

$28,719

CHARLES SCHWAB & CO., INC.3+ years

Service code 33 · EIN 94-1737782

Direct payment from the plan; Shareho...

$5,280

CHARLES SCHWAB & CO., INC.3+ years

Filed as: CHARLES SCHWAB BANK

Service code 25 · EIN 42-1558009

Directed Trustee

$182

CHARLES SCHWAB & CO., INC.3+ years

Filed as: CHARLES SCHWAB & CO INC AND AFFILIA

Service code 59

Shareholder Servicing

SANTANDER 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SANTANDER 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion