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How Can I Best Utiltize My Exact Sciences Benefits Package?

You have questions about your Exact Sciences benefits. We have answers and are here to help. Feel free to give us a call or click below to get in touch with one of our advisors.

Schedule a Benefits X-Ray

Your Exact Sciences Benefits At A Glance

Click on a tile below to learn more about a specific Exact Sciences Benefits area, or simply scroll down the page for a comprehensive overview of the key benefits available to you as an Exact Sciences Employee


Key Dates for Exact Sciences Employees

We have outlined the key dates concerning your benefits that you should remember as an Exact Sciences employee. Click the button below to view the timeline.

View Timeline
  • January

    Review 401(k) Contributions


    • Update 401(k) contribution percentages to reflect new tax laws
    • Adjust for increases in salary and bonus
    • Increase contributions due to the catch-up provision (Age 50+)


  • February

    EXAS Stock Awards


    • Review RSU award that will be awarded as part of employer review
    • Review employer match that will be deposited for previous year company match

    EXAS ESPP


    • Sell shares at end of month (every 3 months post offering period)

  • March

    Review Vested EXAS Stock


    • Sell and diversify vested shares, subject to blackout restrictions
    • Determine investable amount and reserves for cash needs

  • April

    EXAS ESPP


    • Review and decide whether to participate in May offering, if not already enrolled

  • May

    EXAS ESPP


    • Sell shares at end of month (every 3 months post offering period)

  • June

  • July

    EXAS 401(k)


    • Confirm contributions are on track to max out by year-end
    • Review and adjust allocation if needed

  • August

    EXAS ESPP


    • Sell shares at end of month (every 3 months post offering period)

  • September

    Review vested stock


  • October

    EXAS ESPP


    • Review and decide whether to participate in November offering, if not already enrolled

    Employee Benefits


    • Review life, disability, and health insurance plan coverages
    • Decide whether to make changes for upcoming year

  • November

    EXAS ESPP


    • Sell shares at end of month (every 3 months post offering period)

  • December

    Flexible Spending Account (FSA)


    • Review balance, use remaining balance by end of year.

    Tax Planning


    • Review tax withholdings for year, confirm adequate.
    • Consider tax loss harvesting
    • Charitable giving review




Exact Sciences 401K plan Madison, WI EnRich Financial PartnersExact Sciences 401(k) Plan


Enrollment

Exact Sciences employees are able to register at the end of their first week of employment by logging onto Fidelity’s website. Employees are automatically enrolled to contribute 6%, you have 30 days to opt out. You can contribute up to $19,500 in 2020 and an additional $6,500 if you’re over the age of 50. You also have the ability to contribute pre-tax or Roth. Contribution changes can be made at any time throughout the year.


Contribution Matching

Exact Sciences matches 100% of contributions that you make into your 401(k) account up to 6% of salary. The company match is made once per year in company stock. It is important to review your allocation after this contribution is made each year so you do not become overly concentrated.

We encourage you to make the most of Exact Science’s offer by maxing out your 401(k) contributions before utilizing any other benefits available to you. When you do the math, this is a lot of free money that Exact Sciences is putting on the table and you should take full advantage. We encourage all of our Exact Sciences clients to maximize this benefit.





Exact Sciences Stock Awards Madison, WI EnRich Financial PartnersExact Sciences Stock Awards


Restricted Stock Units (RSUs)

For many employees, stock awards can be a significant portion of total compensation. You may receive these awards upon being hired, as a part of your annual compensation package, or as a special award. These awards come in the form of Restricted Stock Units (RSUs). These RSUs become available to you as they vest over time: 25% over 4 years. As the stock shares vest, you take ownership of the stock and they are taxed at ordinary income tax rates based on the total value of the vesting shares of stock.

Exact Sciences directs Fidelity to sell some of the shares to withhold for taxes so you will only receive a portion of the shares that have vested in your brokerage account. Or, you may opt out and sell no shares in which case you will need to transfer cash into your Fidelity cash account to cover the tax withholding within 4-5 business days prior to the vesting date and receive the total share amount.

If shares are held for over a year after they vest, any potential gains will get preferential long-term capital gain tax treatment. However, there is nothing that can be done to defer the taxable income generated by vesting shares of stock.

Typically, Exact Sciences employees let their stock grants accumulate in their investment accounts while covering expenses through their salaries. We encourage our clients to flip this thinking. By living off of vesting shares of stock, you gain cash-flow flexibility and can then take advantage of the many tax-preferred benefits available to you. Restricted Stock Unit awards vest multiple times per year and vary significantly in amount each time. We can work with you to organize and plan your cash flows in order to implement many of these tax-saving strategies.





Employee Stock Purchase Plan Madison, WI EnRich Financial PartnersEmployee Stock Purchase Plan


This benefit allows you to purchase Exact Sciences stock at a 15% discount to the open market. The offering periods are in May and October each year and you can contribute 1%-15% of total compensation (including base pay, overtime, bonus, or commissions). You must commit to purchasing Exact Sciences stock for a 24 month period. You are automatically re-enrolled at the end of the period unless you withdraw from the plan.

Since these contributions are not tax-advantaged, the Employee Stock Purchase Program is usually one of the benefits we suggest that Exact Sciences employees take advantage of last. You may already be too heavily concentrated in Exact Sciences stock as a result of the 401(k) match and RSUs, and participating in the ESPP would exacerbate this problem. Please reach out to us to discuss your specific situation and whether the benefit would be a good option for you.




Other Benefits Madison, WI EnRich Financial PartnersOther Benefits


Health Savings Account

If you are enrolled in a High Deductible Health Insurance Plan (HDHP), you can open a Health Savings Account through HSA Bank and make tax-deductible contributions into your HSA account. The balance rolls forward and you can invest in mutual funds through TD Ameritrade to grow the balance over time. To the extent you still have funds available in retirement, you can use it for health-related expenses tax-free in retirement. The maximum contribution for 2020 is $3,550 for self-only coverage and $7,100 for family coverage, including contributions from Exact Sciences. The company will contribute up to 50% of your deductible, made quarterly.


Flexible Spending Account (FSA) Options

This is a “use it or lose it” benefit that you can use to reduce income taxes by making pre-tax contributions and use the account balance for medical, dental, or vision expenses, dependent care, transit and parking. It is deducted from your paycheck pre-tax and you must incur the qualified expense by December 31st each year.


Life and Disability Insurance

Exact Sciences covers the cost to protect your family in the event you become disabled or pass away unexpectedly. Review whether the basic coverage is enough for you and your family or whether you should take out more. 

  • Life Insurance: 2x salary up to $100,000 coverage beginning on hire date. Additional Voluntary Life Insurance can be purchased through the company and the cost should be compared with taking out your own coverage outside the company.
  • Short-Term Disability: 60% of weekly salary up to $1,000 per week up to 13 weeks. Benefits begin on day 1 for accident and day 8 for illness.
  • Long-Term Disability: 60% of monthly salary up to $10,000 per month. Benefits begin after 90 days and continue to the later of age 65 or Social Security Full Retirement Age.


Charitable Giving

Double the donation! Exact Sciences matches qualifying donations up to $100 per employee, per year to the Exact Sciences Gives program. Increase your impact for the causes that matter most to you by leveraging this benefit. Contributions to qualified charities may be tax deductible. For more information or to register for this program, click here.





While we work closely to communicate with Exact Science’s HR division regarding employee benefits, there is no guarantee that the information we have provided is accurate. We do not offer tax advice. Please consult with your tax professional to determine what is right for your particular tax situation.