Santander recognizes the importance of saving for your future, including retirement, and offers a 401(k) Plan with a 6% Santander company match to help you do that.
Enroll as of your date of hire!
Your Contributions to the Santander 401(k) Plan
You have a choice in how you contribute to the 401(k) Plan: pre-tax contributions, Roth contributions, after-tax contributions or a combination of all three. To maximize the Santander match, you need to contribute 6% through pre-tax and Roth contributions. You can contribute up to the annual IRS limits of $23,500 in 2025 (2026 limits to be updated once available) for pre-tax and Roth contributions.
If you’re age 50 and older, you can contribute an additional $7,500 in catch up pre-tax and Roth contributions. Under the SECURE 2.0 Act, Santander has adopted an enhanced catch-up contribution opportunity for those who will turn 60, 61, 62 or 63 in 2026, which allows you to contribute an additional $11,250 instead of the standard $7,500. During the calendar year you turn 64, your contribution limits will revert back to the standard age 50 and over catch-up contribution amount.
Additionally, under the SECURE 2.0 Act, employees who are age 50 and older and considered high earners in 2025 (over $145,000 in FICA wages) are required to make catch-up contributions on a Roth basis only starting on Jan. 1, 2026. Pre-tax catch up contributions will no longer be allowed in accordance with this change. To help you determine if you will be considered a high earner in 2025, view the OASDI taxable wages information or Medicare taxable wages information on your pay slip as this shows your 2025 FICA wages. Once 2025 W-2’s are issued (by the end of January 2026), you can find this amount in Box 3 of your W-2.
A separate annual limit applies to after-tax contributions. Log in to Empower to find out how much you can contribute on an after-tax basis.
Santander Matching Contributions
Santander matches 100% of the amount you contribute, up to 6% of your eligible pay, of your pre-tax and Roth contributions. Amounts you and Santander contribute are 100% vested, which means you own the money in the account.
For more information about the Santander 401(k) plan or to enroll, visit Empower at www.san401k.com. You can also access Empower through single sign-on from the SanBenefits home page.
Health Savings Account (HSA)
HSAs offer another way to save and plan for future medical expenses. If you’re enrolled in the HSA Choice Plus plan for medical coverage and you’re eligible to open an Optum HSA®, the money you and Santander contribute to your Optum HSA is not taxed and can be invested. The earnings aren’t taxed, and you won’t be taxed on distributions used to pay for eligible out-of-pocket medical, prescription, dental and vision expenses — even in retirement. See the Health Savings Account section for more information.
This site describes certain Santander benefit plans and policies. Your eligibility for and entitlement to a benefit mentioned herein are governed by the terms of the official plan document or policy. Santander reserves the right to amend or terminate its plans and policies in full or in part at any time for any reason. In the event of a conflict between this site and the official plan document or policy, the official plan document or policy will control. Your employment is at will.