A LR45 ON THE TEB5 SID LEVELED AT 2000 FT WHEN THE AUTOPLT FAILED TO CAPTURE 1500 FT.

Narrative

WE HAD A MULTI LEG TRIP WITH ONE OF THE LEGS BEING FROM TEB TO ZZZ. WHILE ON THE GND AT TEB; WE HAD ENCOUNTERED ABOUT A 2 HOUR GND DELAY. WHILE WAITING FOR DEP CLRNC; THE COPLT AND MYSELF (ACTING AS CAPT) HAD AMPLE TIME TO SET UP AND REVIEW THE DEP SID WHICH WAS THE TEB5 DEP AS PER THE CLRNC RECEIVED. WHICH WAS AS FOLLOWS; RWY HDG TO 1500 FT -- RIGHT TURN TO 280 DEGS UNTIL 4.5 DME FROM THE TEB VOR THEN CLB TO 2000 FT. WE WERE CLRED FOR TKOF AND IN THE ALT PRE-SELECT WE HAD 1500 FT SO WE COULD LEVEL OFF UNTIL THE TURN AND 4.5 DME FROM THE TEB VOR; THEN WE WOULD INITIATE A CLB TO 2000 FT. AFTER WE ROTATED AND IN THE CLB OUT ON THE SID I TURNED THE AUTOPLT ON AT AN ALT 500 FT MSL AND SELECTED HDG AND VERT SPD ON AUTOPLT CTL PANEL. AS THE ACFT APCHED 1500 FT I STARTED THE TURN WITH THE HDG SELECT KNOB TO 280 DEG HDG AS PER THE DEP AND BY THE TIME I LOOKED BACK AT THE PRIMARY FLT DISPLAY; I NOTICED THAT THE AUTOPLT NEVER CAPTURED THE 1500 FT ALT AND CONTINUED THE CLB. BY THE TIME I WAS ABLE TO TURN THE AUTOPLT OFF WE HAD CLBED UP TO 2000 FT BEFORE THE 4.5 DME FROM THE TEB VOR AS PER THE SID. THE CTLR THEN ASKED OUR ALT AND WE TOLD HIM. HE THEN REPLIED THAT IT WAS AN 'OPERATIONAL DEV.' WE STAYED AT 2000 FT CAUSE PER THE SID WE WERE NOW SUPPOSED TO BE AT THAT ALT. WE CONTINUED THE FLT UNDER NORMAL OPERATIONS. IN THE DEBRIEF OF THE FLT THE COPLT AND MYSELF DISCUSSED THE SITUATION AND DEEMED THE CAUSE OF THE MISSED ALT WAS A FAILURE OF THE AUTOPLT ALT PRE-SELECT TO CAPTURE THE 1500 FT ALT (WHICH WE WROTE UP FOR MAINT); IN COMBINATION WITH OUR CRM CALLOUTS FOR APCHING ASSIGNED ALTS. WE DISCUSSED THE FACT THAT WE DID NOT HAVE ANY CALLOUTS FOR CLBING AND LEVELING OFF AT LOW LEVEL ALTS. OUR STANDARD CALLOUTS WE HAVE FOR LEVELING OFF AT ALTS IS ONLY A 1000 FT PRIOR CALL BEFORE ARRIVING AT THE ASSIGNED ALT. IN THIS EVENT WE WERE CALLING FOR FLAPS UP 1000 FT PRIOR TO THE ASSIGNED ALT; SO THE 1000 FT PRIOR CALL NEVER HAPPENED. WE HAVE NOW IMPLEMENTED A 500 FT TO GO CALLOUT PRIOR TO ARRIVING AT PRE-SELECTED ASSIGNED ALTS; AND ALSO A CALLOUT OF APCHING ALT WHICH SIGNIFIES THAT WE HAVE 100 FT TO GO TIL THE PRE-SELECTED ASSIGNED ALT. SO EVEN WITH AN AUTOPLT SYSTEM FAILURE WE WOULD HAVE MUCH BETTER SITUATIONAL AWARENESS IN REGARDS TO APCHING OUR ASSIGNED ALT; AND IN THIS INSTANCE WE WOULD HAVE CAUGHT THE ACFT NOT LEVELING OFF DUE TO THE MORE FREQUENT MANDATORY APCHING ALT CALLOUTS.