Exelixis, Inc. 401(k) Review & Grade
Exelixis, Inc. 401(k) Plan
Alameda, CAManufacturing1,228 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$10,937Employer $ per active participant
$23,274Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$319.0MNet plan assets, end of year
$174,767Average balance per account
Score breakdown
- Employer generosity48.8 / 5098th percentile for employer $ per participant
- Low cost24.7 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving15.0 / 15100th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score89 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 98th |
| Lower admin cost | 99th |
| Employee saving | 100th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $27,511 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Exelixis put in about $10,937 per active participant, more than the typical peer ($2,320). 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.
- 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 | $13,430,938 |
| Participant (employee) contributions | $28,580,126 |
| Other contributions (incl. rollovers in) | $5,884,652 |
| Administrative expenses paid from the plan | $12,385 |
| Contract administrator fees | $300 |
| Benefits paid out | $31,115,371 |
| Net assets, start / end of year | $259.2M / $319.0M |
| Active participants, start / end of year | 1,308 / 1,148 |
| Participants with account balances | 1,825 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Baker Tilly US, LLP |
| Employer stock held by plan | $24,398,361 |
Largest service providers (Schedule C)
| Morgan Stanley Smith Barney | $218,276 reported compensation |
| Fidelity Investments Institutional | $12,346 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014174619NAL0001739843001, received 2025-10-14, EIN 04-3257395, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.