Bank of Nova Scotia 401(k) Review & Grade
Retirement Plan for Employees of Scotiabank U. S. 401(k)
Finance & Insurance1,424 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,757Employer $ per active participant
$14,620Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$492.6MNet plan assets, end of year
$217,094Average balance per account
Score breakdown
- Employer generosity46.3 / 5093th percentile for employer $ per participant
- Low cost24.0 / 2596th percentile for low admin cost vs. same-size plans
- Employee saving13.4 / 1589th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score94 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 93th |
| Lower admin cost | 96th |
| Employee saving | 89th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Bank of Nova Scotia put in about $10,757 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 | $15,312,218 |
| Participant (employee) contributions | $20,812,209 |
| Other contributions (incl. rollovers in) | $3,346,961 |
| Administrative expenses paid from the plan | $78,440 |
| Other admin expenses | $4,814 |
| Benefits paid out | $30,371,671 |
| Net assets, start / end of year | $409.9M / $492.6M |
| Active participants, start / end of year | 1,430 / 1,417 |
| Participants with account balances | 2,269 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG LLP |
Largest service providers (Schedule C)
| KPMG LLP | $52,687 reported compensation |
| T Rowe Price RPS Inc | $19,839 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010104843NAL0007979441001, received 2025-10-10, EIN 13-4941099, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.