All such Vested Interests shall be nonforfeitable. Excess Annual Additions shall be disposed of as provided in section 7.7(c). PUBLIX SUPER MARKETS, INC. 401 (K) SMART PLAN is a DEFINED CONTRIBUTION PLAN. Cashing out retirement should only be to avoid bankruptcy. A payment made on behalf of a minor beneficiary pursuant to the provisions of this section 9.8 shall fully discharge the Trustee, the Profit Plan (ESOP) is the stock that Publix gives to Associates (usually at around 8% of annual salary). If you have reached retirement age you just pay normal taxes, but if you cash out before retirement age you will pay both taxes and penalties. (b) he has not performed any service for an Employer during the one-year period ending on the determination date. In determining Hours of Service under the foregoing section 1.29(a)(4) and section 1.29(a)(5), Employees determined to be exempt by an Employer or an Honestly, it would be 100x more advantageous to "set it and forget it," until three decades from now. 1.21 Employer Securities shall mean common stock, any other type of stock or any marketable obligation It is the present intention of the Company to maintain the Plan set forth herein indefinitely. 1.25 Forfeiture shall mean an amount In general, making a withdrawal from your profit-sharing plan for a down payment (or anything else) before you reach 59 means you'll pay a penalty on the funds. 1.48 Valuation (f) shall increase the duties or balance of a Participants Accounts has not been distributed and remains in the Plan, and notwithstanding anything contained in the Plan to the contrary, the value of such remaining balance shall be subject to adjustment from time to time other amounts that receive special tax benefits (such as premiums for group-term life insurance, but only to the extent that the premiums are not includible in the gross income of the Employee and are not salary reduction amounts that are described Any and all expenses (including, This whole process is super time sensitive and if I dont get the documents to them by 3/3/23 I wont have the money in time for closing. 11.5 Form and Timing of Distribution. Then suddendly in 2 years I had lost $9000, current stock price $36! case may be, shall have the right to have the Company purchase such units at their Fair Market Value on the date the put option is exercised. (4) (2) in any other case, approximately five years from the date of the Participants the Annual Additions, under the normal administration of the Plan, would otherwise exceed the limits set forth above for any Participant, or in the event that any Participant participates in more than one defined contribution plan maintained by any (B) Earnings attributable to the Investment Fund for any Valuation Period shall be allocated to each Participant who has an Other attributable to the Plan Year ending September30, 1990. of another beneficiary must acknowledge the effect of the consent, must be witnessed by a Plan representative or by a notary public and shall be effective only with respect to that Eligible Spouse. of the Investment Fund shall be credited or charged, as the case may be, with a share of the earnings of the Trust Fund attributable to the Investment Fund for the Valuation Period ending with such current Valuation Date. Except to the extent otherwise required by law, the decision of the (b) once per Plan Year and once per purchase, payments (other than mortgage payments) up to a maximum of $10,000 directly related to the (e) expenses associated with the funeral of a Participants spouse, child, parent One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.. a pro-rata basis (based upon the percentages designated by the Participant). is not made until after a contribution for the Plan Year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to However, such portion may be transferred only to an individual retirement account or annuity described in Section408(a) or (b)of the Code, or to a qualified defined contribution plan described in his Company Stock Account and his Other Investments Account after making the adjustments required in section 7.4. If you need the cash now for an absolute emergency and have no other options I would do it. The Administrator shall not take any action or direct the Trustee to take any action whatsoever that would result this Plan and under any other defined contribution plans maintained by an Employer or an Affiliate for any Limitation Year shall not exceed the lesser of (1)$40,000 (as adjusted from time to time under applicable law) or (2)one hundred 7.4(c)(1)(B), each Participants average monthly balance in his Other Investments Account shall be equal to the portion of the Investment Fund credited to his Other Investments Account at the commencement of each calendar month. Plan Year coincident with or immediately following the date such One Year Break in Service occurs. such time as there is a fifth (5th)consecutive One Year Break in Service resulting in Forfeitures as described in section 7.4(i)(1) or until the reallocation of Forfeiture Suspense Accounts to a Participants Accounts as You will also receive notification of changes made to your online account, asking you to contact us if you did not request the change. The Administrator shall have complete control over the administration of the Plan herein embodied, with all powers (c) Notwithstanding the provisions of section 15.2(a), the Plan Administrator shall direct the Trustee to comply with the lawful terms of 1.37 Participant shall mean any eligible Employee of an Employer who has become a Then log in to Publix Stockholder Online > Account Tools > Beneficiary Change and follow the on-screen process to complete and print the required form. (b) distributed as soon as practicable following the processing of a Participants request for distribution; provided, however, that (2) such Participant has terminated his employment during the Plan Year (regardless of If you create a Publix Stockholder Online account or elect to be communicated with by email, you should consider the following, among other things: For some account changes, yes. Affiliate shall receive compensation from the Trust Fund (except for the reimbursement of expenses properly and actually incurred). By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Publix is an equal opportunity employer committed to a diverse workforce. Notwithstanding the foregoing provisions of this paragraph (a), in the event that a Participants employment with his Employer is. In the event that You can contribute up to 10% if your salary, and Publix matches the contribution with $750 annually. Thanks for actually answering the question rather than giving me the corporate line. Plan Administrator in matters within its jurisdiction shall be final, binding and conclusive upon each Employer and each Employee, Participant and beneficiary and every other interested or concerned person or party. 1.15 Eligibility Date shall mean the Employees Anniversary 1.46 Trust Fund shall mean the trust fund established under the Trust from which the amounts of benefits Now that my stock account information is online, how is Publix protecting my information? Publix offers employees /associates ownership through a profit-sharing plan. distributed to or for the benefit of a Participant, are not then listed on a national securities exchange registered under Section6 of the Securities Exchange Act of 1934 (the 1934 Act) or are not then quoted on a system sponsored A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax Employee contributions that are not 7.3 Interest of Participant. Youre also welcome to visit Publix stockholder services for a stock transaction with proper government-issued ID. Now Im resending a new package but I need the Publix documents again which are: Hardship withdrawal request form Election to sell form Financial hardship withdrawal affidavit, These were originally mailed to me but Ive already included them in my first incomplete mailing. shall control and manage the operation and administration of the Plan, except with respect to the investments to be made of the funds in the Trust and except with respect to such other duties of the Trustee as set forth in the Trust. Date if during such consecutive 12-month period, the Employee completes 1,000 Hours of Service for an Employer or an Affiliate thereof. Investments Accounts in accordance with the terms of section 9.2 and the Trust. (4) Credit shall be given for Hours of Service under this section 1.29(c) solely for Whenever the Company or another Employer under the terms of this Plan is permitted or required to do or perform buy-sell or similar arrangement while held by and when distributed from the Plan. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. shall not include any Year of Service prior to a One Year Break in Service, but only prior to such time as the Participant has completed a Year of Service after such One Year Break in Service. day of such Plan Year. as a result of a separation from employment) or any succeeding anniversary thereof. Once stockholder services receives your properly completed Stock Sale Request Form and stock certificate(s), sales checks are typically processed and mailed to the address on file for the stock account within 3 business days. 9.10 Qualified Domestic Relations Order. Account or Accounts shall mean, as required by the context, the entire amount held from time to time for the benefit of any one Participant, or the portion thereof attributable to a For this purpose, annual compensation means compensation within end of the Plan Year coincident with or immediately following the date such fifth (5th)consecutive One Year Break in Service occurs. (2) April1 of the year immediately following the calendar year in which the I know taking money out for a downpayment counts as a hardship withdrawal and 30 percent of it will have to be paid back in taxes. Such expenses shall be paid out of the assets of the Trust Fund unless paid or provided for by the Company or another Employer. Publix Super Markets, Inc. 401(k) SMART Plan, if necessary to comply with such limits, before any adjustments may be made to this Plan. 1.40 Plan Year shall mean the 12-month period ending on each December31. Trustees compensation, the compensation of any investment manager, the expense incurred by the Administrator in discharging its duties, all income or other taxes of any kind whatsoever that may be levied or assessed under existing or future A medallion signature guarantee is a guarantee by your financial institution that the signature(s) is genuine. immediately prior to January1, 1997, unless he elects in writing to cease receiving such benefits and instead elects to defer commencement of such benefits until his actual retirement; (B) a Participant who attains age 701/2 on or after January1, 1999, may elect to begin receiving his benefits in accordance with the minimum distribution requirements under Section401(a)(9) of the Such 10.4 Minimum Distribution. and comments in writing. satisfy a financial need if the Administrator reasonably relies upon the Participants representation that the need cannot be relieved, (a) through reimbursement or compensation by insurance or otherwise; or. Employee Stock Ownership Trust, as it may be amended from time to time. 5.1 Current Participants. defined in Section414(p) of the Code, should die before receiving the entire balance under the Accounts established for such alternate payee, then the balance in his Accounts as of the Valuation Date immediately preceding or concurring with From time to time, the Administrator shall furnish to each Participant a statement containing the value of his interest in the Trust Fund and such other information as may be required by law. (b) another person is while continuing his employment) the Valuation Date coincident with or next following the last day of the twelve consecutive month period beginning with the Participants Anniversary Date during which he again accrues more than 500 Hours of using a strong and unique password for your online account such as, using letters, numbers and special characters, avoiding common or easy-to-guess words and letters and numbers in a sequence, not using repeated or reused passwords from other online accounts or sites, monitoring your Plan information, including your online account, and Plan account correspondence for transactions you did not authorize, keeping your contact information and communication preferences up to-date to ensure that you receive all Plan notices, being careful when using free Wi-Fi networks that impose security risks and. contributions due from an Employer for any Plan Year shall be made in cash and/or Employer Securities. and their beneficiaries for such Plan Year exceed 60% of the aggregate account balances (not including voluntary rollover contributions made by any Participant from an unrelated plan) for all Participants and their beneficiaries. (2) for a specified period of ten years or more; (b) any distribution to the extent such distribution is required But it would be very stupid if you did. Im looking to move to a state without Publix soon, so Ill have to retire from Publix and get a job somewhere else. (a) a Participant who is entitled to benefits payable as a result of his retirement, disability or other severance of employment as The account balances on any determination date shall include the aggregate distributions made with respect to Participants under the Plan and any plan Section 403(b) or governmental Code Section 457 plan. I was in same boat a looong time ago.now its worth 7 figures.just saying, I know this is a very late post, but thought it was an interesting subject as I myself have just seperated from Publix after 15 years of service. contribution by his Employer for the Plan Year has been made, the Employer shall make a subsequent contribution with respect to the omitted Employee based on the same factors used in the allocation to other Participants for such Plan Year. References to a specific section of the Code shall include references to any successor provisions. The Administrator shall notify the claimant in writing or in electronic form of the Right now Publix is poised to take on Wegmans in a region they're very much unprepared for. I just mailed the hardship forms over to Publix to start the withdrawal process out of a profit plan to cover some of the closing costs. 7.1 Common Fund. Nevertheless, it is your own financial future. which solely reimburses an Employee for medical or medically related expenses incurred by the Employee; (3) an hour for Employer-paid welfare benefits. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. benefit, or if no personal representative is appointed for the estate of such Participant or no court order authorizes a distribution pursuant to applicable state law, then his next of kin under the statute of descent and distribution of the state (a) In the event an Employer decides to terminate this Plan and the Trust, such decision shall be evidenced by an appropriate resolution to time under applicable law). Participants for that period who are entitled to share in the Employer contribution, Forfeitures, and additional contributions for such Plan Year; provided that a Participant shall not be entitled to share in the Employer contribution, Forfeitures, proceed to the review stage under subsection(2). For other PROFIT Plan account needs, contact the Publix retirement department. Such values shall (5) Notwithstanding any other provision of this section 1.29(c), no credit shall be given under this section 1.29(c) unless the Employee the mortgage of such residence, or. by a national securities association registered under Section15A(b) of the 1934 Act, or, if so listed or quoted, are then subject to a trading limitation (a restriction under any federal or state securities law, any regulation thereunder or state or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such plan from this Plan, in each case provided that the account or plan accepts a (3) Employer Securities purchased, directly or indirectly, with the assets of the Box 32040 Lakeland, Florida 33802-2040, Corporate address 3300 Publix Corporate Pkwy Lakeland, Florida 33811-3311, Phone numbers Telephone: (863) 688-7407, ext. Service and at least 1,000 Hours of Service in such Plan Year and terminated on a date when the Participant either had not incurred a One Year Break in Service or was eligible to resume participation in the Plan under section 5.3, or claims related to total and permanent disability under section 8.2, the following procedures shall apply: (1) Claims for exceeds $5,000, payment of the benefit shall be made: (1) in the (a) expenses of uninsured medical Plan Year in which this Plan is a Top Heavy Plan, a Participant who is employed by an Employer on the last day of such Plan Year, who is a Non-Key Employee, who earns Compensation from an Employer for such Plan Year shall be entitled to share in the claim is expected to be made shall be furnished to the claimant prior to the end of the initial forty-five (45)day period. distributable benefits in the form of installment payments (as such payment optionpreviously existed in the Planprior to November1, 2005). Plan Administrator. closing price, then the closing bid price) of such Employer Securities as reported on the Composite Tape, or if not reported thereon, then such price as reported in the trading reports of the principal securities exchange in the United States on Thank you for any help. expiration of two (2)years after it shall become payable, remain unpaid solely by reason of the inability of the Administrator to ascertain the 12.1 Employee Stock Ownership Trust. Any such put option shall be exercised by the holder notifying the Company in writing that the put option by the Distributee in a Direct Rollover. Trust (with respect to all Employers if it is the Company, or with respect to itself alone if it is an Employer other than the Company), completely or (c) Notwithstanding the foregoing, Notwithstanding the foregoing provisions of this. or claim, including, without limitation, a Participants Compensation and Years of Service, shall be conclusive and binding on all parties to the claim. Each designation or revocation shall be evidenced by written instrument signed by the Participant and filed with the Plan Administrator. Because the PROFIT Plan is a retirement plan, you must meet certain requirements before you can request a distribution. 14.2 Amendment of Plan. educational fees and related on-campus room and board expenses for up to the next twelve (12)months of post-secondary education for the Participant or his spouse or children, (d) once per Plan Year, payments necessary to prevent the eviction of the Participant from his principal residence or the foreclosure on Amendment and Restatement and Name of the Plan, The Companys employee stock Participant is entitled under ArticleVIII hereof shall be paid to him, to the extent possible, in units of Employer Securities. This Plan is created for the sole purpose of providing benefits to the (c) If a claimant fails to file a claim or request a review in the manner and in Company or, when required by the context, the board of directors of an Employer other than the Company. retirement, death, total and permanent disability, or severance of employment as a diversification distribution. an hour for which an Employee is absent from work, is not otherwise paid or entitled to payment for such absence, but is receiving long-term disability benefits under policies provided by the Employer or an Affiliate; provided, however, that no more provided in section 8.1, 8.2 or 8.3. 15.1 Merger or Consolidation. Participant; (e) shall amend any vesting schedule with respect to any Participant who has at least three Years of Service This is where Publix provides eligible associates with shares of stock at no cost to them. includible in gross income. 401k Plan. method used in determining the amount of any such contribution, or to collect the same, but the Trustee shall be accountable only for funds actually received by it. Participant is not otherwise compensated or reimbursed for the expenses arising from such damage. Eligible Retirement Plan specified by the Distributee. 11.4 Minimum Distributions. in the Diversification Election Period, such a Participant may elect to receive a distribution of shares of Employer Securities in an amount equal to the difference between, (1) twenty-five percent (25%)of the portion of the balance of his Company Stock Account attributable to Employer Securities, quoted on a system sponsored by a national securities association registered under Section15A(b) of the 1934 Act. under Section401(a)(9) of the Code; and. 4.7 Nondiscrimination. If the Administrator approves a Hardship Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within ninety (90)days While the tax bracket gives you an idea of the tax percentage you'll pay, you need to complete your tax return to factor in all of your income sources and apply any tax credits or deductions that could . Either way the return on investment that the Publix cult likes to imply, without officially stating, is a pipe dream. five-percent owner of an Employer or nonparticipating Affiliate, or a one-percent owner of an Employer or nonparticipating Affiliate having annual compensation of more than $150,000. (2) the amount with respect to which a diversification distribution was previously additional contributions for the Plan Year shall be the amount that shall bear the same ratio to the total of such amounts as the Participants Compensation for such Plan Year bears to the aggregate Compensation for the Plan Year of all 1.10 (a) Compensation shall mean, with respect to a Participant, the wages, salaries, fees for professional services, and other Financial Need. Selling Stock. (or alleged violation) of part 4 of subtitle B of title I of ERISA, or, (C) pursuant to a settlement agreement between the Does anyone have these documents or know where I can find them? I guess we'll just both have to hope I don't "loose" it. 14.4 Method of Discontinuance. partially, at any time without any liability whatsoever for such permanent discontinuance or complete or partial termination. reported by the National Association of Securities Dealers Automated Quotation System (NASDAQ), or NASDAQs successor, or if not reported on NASDAQ, the fair market value of the securities as determined in good faith and based on As you know, Publix is the largest employee owned supermarket in America. Address Changes. If the sale amount is over $500,000, the sale request is held for 5 business days from the date Publix stockholder services receives it to allow time for the necessary funds to be released. You also can visit Publix stockholder services at the corporate office to sell your Publix stock. I'm simply unaware of how to actually cash out since the stockholder website only has a record of my most recent dividend statement, and I can no longer access Passport for further information. Section8.4. Adjustments shall then be made to this Plan, if necessary to comply with such limits, before any adjustments may Fill it out and agree to sell all esop. For purposes of Article V, an Employees Years of Service shall not include any Year of Service prior to a One Year Break in Service until the Employee completes a Year of Service after the One Year Break in Service. the employ of his Employer, no retirement benefits shall be payable to him, and he shall continue to be treated in all respects as a Participant. 1.16 consist of the common investments, other than Employer Securities, of all Participants other than Participants or beneficiaries of deceased Participants who have become entitled to benefits pursuant to Article VIII and have elected to receive their 1.20 Employer shall mean the Company, Publix Alabama, LLC, and Publix Asset Management Company, as well as any other subsidiary, related corporation, or other entity that adopts this Plan with the consent of the 4.2 Powers and Duties. determined under the preceding sentence, exceeds the amount credited to his Accounts (without regard to the amount credited to his Forfeiture Suspense Accounts), the portion of the Participants Forfeiture Suspense Accounts equal to such excess same respectively are due and payable under the terms of this Plan and the Trust. Participants retirement, disability, severance of employment or death, as the case may be. Participant receives a distribution of one hundred percent (100%)of his Account, such Participants Other Investments Account shall not be credited with any earnings or losses for any portion of such Plan Year. The interest of a Participant in the Trust Fund shall be the combined balances remaining from time to time in It shall be the duty of the Administrator to direct the Trustee with regard to the distribution of the benefits Like other qualified retirement plans, ESOP distributions received by employees under age 59- (or, in the case of terminating employment, under age 55) are considered early withdrawals, so they are subject to normal applicable taxes, plus an additional 10% excise tax. (b) Employer Securities shall be accounted for as provided in Treasury Regulation Section1.402(a)-1(b)(2)(ii), as amended, or any All Rights Reserved. 8.4(c), a Participant shall not be required to obtain spousal consent to his designation of another beneficiary if the Participant is legally separated or necessary to enable it to carry out its duties in that respect. that will be distributed for each distribution calendar year during the Participants lifetime is the lesser of: (1) (2) If federal or state law will be violated by the Company honoring the put option of the Trust Fund attributable to the Investment Fund during such period; and. Suspense Accounts and Section415 Suspense Accounts maintained as of the Valuation Date at the close of the Valuation Period to the Accounts of Participants as described in section 7.4(f). I was working partime at Publix buying stocks (as my only benefit left), until I noticed that my 401k was taking a major hit, down 8%! Im super stressed. 6.1 Employer Contribution. (f) In the event that distribution to the Participant commences under section 9.1(b)(2), the minimum amount Section408(a) of the Code or an individual retirement annuity described in Section408(b) of the Code. The Company may, in its sole discretion, pay all expenses of the administration of the Trust Fund, including the 1.47 Valuation Date shall mean each 15.7 Veterans Reemployment Rights. (b) If any such Employer Securities, when But, it's you stock and life. October1, 1987, the period of six (6)Plan Years beginning with the Plan Year after the first Plan Year during which the Participant has attained the age of fifty-five (55)years and has completed ten (10)years of participation (C) a Has anyone ever done this? 1.19 Participant with a value equal to the amount to be distributed no later than ninety (90)days after the close of the diversification election period during which the Participants election is made. pursuant to a Qualified Domestic Relations Order as defined in Section414(p) of the Code shall be entitled to receive payment of such benefits at the time specified in such order, whether or not the Participant has attained his earliest designates two or more beneficiaries, but fails to specify the portion that each beneficiary is to receive, they shall share equally. The Company Stock Account of a Participant shall be debited for any payments made with 1.31 Key Employee shall mean any Employee or former Employee (including any deceased Employee) of an Employer or an Affiliate Publix Super Markets, Inc. 401(k) SMART Plan, or other circumstances permitted under Section415 of the Code, the Annual Additions attributable to Employer contributions for a particular Participant (including savings and matching contributions credited for any cash dividends paid on Employer Securities in the Participants Company Stock Account to the extent that such cash dividends are not distributed to Participants pursuant to sections 7.5 or 9.2. 1988, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; and. (b) At the election of the Participant, the Plan Administrator may transfer the amount of any Participants Eligible Rollover