Phillips 66 Company 401(k) Review & Grade
Phillips 66 Savings Plan
Houston, TXManufacturing12,264 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$12,535Employer $ per active participant
$19,235Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$7.7BNet plan assets, end of year
$431,077Average balance per account
Score breakdown
- Employer generosity44.3 / 5089th percentile for employer $ per participant
- Low cost18.1 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1597th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score84 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 89th |
| Lower admin cost | 72th |
| Employee saving | 97th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,249,393 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Phillips 66 put in about $12,535 per active participant, more than the typical peer ($5,480). 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 | $153,717,938 |
| Participant (employee) contributions | $235,894,462 |
| Other contributions (incl. rollovers in) | $44,924,173 |
| Administrative expenses paid from the plan | $3,640,397 |
| Other admin expenses | $3,640,397 |
| Benefits paid out | $936,353,342 |
| Net assets, start / end of year | $7.6B / $7.7B |
| Active participants, start / end of year | 12,476 / 12,051 |
| Participants with account balances | 17,803 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young LLP |
| Employer stock held by plan | $1,204,393,792 |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $2,997,703 reported compensation |
| The Vanguard Group, Inc. | $739,479 reported compensation |
| Invesco Capital Management | $705,211 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007183315NAL0002648243001, received 2025-10-07, EIN 37-1652702, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.