You will be perfectly fine killing an elk with that setup. Like mentioned above accuracy is the most important factor, even if you had a 500gr arrow it wouldn't matter if you hit bone. Don't take stupid shots, rushed shots, shots without ranging unless super close, etc. Aim 3-5" behind the armpit on a broadside shot and you will be in good shape and have some room on either side to compensate for a pulled shot.
Bruce is right, you can easily put a 150gr BH on there and have a lot better arrow specifically for elk. I would do that if you want to keep it that way. I wouldn't want to resight for elk and then switch back to 100 or 125 for everything else.
If building an arrow specifically for elk only I would build something in the 440-500gr weight, My arrow is coming in right at 490 this season which is heavier than I have shot in the past. I mainly built my new arrows for durability and because I am switching to large cut expandables and want as much momentum as I can get without sacrificing too much trajectory. For a good COC fixed head like a Magnus, Kudu, Solid, Iron Will it doesn't take a lot of energy to push one through the rib cage.
I never have killed an elk with an arrow heavier than 415gr and have never had an issue killing them. I have killed them with arrows as light as 315gr out of a 60lb bow with a 27" draw. Last year I lost my arrow it zipped through my bull so fast, that was with a 406gr arrow going 315fps.