Account has been invested in such Fund) shall have an undivided interest. the Accounts of the Participants, and such allocations shall be treated as Annual Additions to the Accounts of the Participants. 1.43 Top Heavy Plan shall mean this Plan if the aggregate account balances (not including voluntary rollover contributions made by any Participant from an unrelated plan) of the Key Employees 12.2 Investment Fund. Any such election by a Participant shall be in writing and filed with the But I have a few questions before I put in my two weeks and start making moving plans: When in 2018 can I leave Publix and still receive my shares of stock from 2017? 1.35 One Year Break in Service shall mean a year beginning with an 7.7(a)(2). Any penalties will depend on your age. 1.29(a)(5), as the case may be, and under this section1.29(a)(3). PROFIT Plan (employee stock ownership plan) account or 401 (k) SMART Plan account. Notwithstanding the preceding provisions of this section. Ownership Plan shall mean January1, 2007. Notwithstanding the foregoing, any beneficiary whose benefits are subject to this paragraph (b)may make an irrevocable election to receive the death benefit at any time before the date of distribution described above. a levy of the Internal Revenue Service. during the Plan Year ended on December31, 2007, (iii)is an Employee of an Employer on, and has completed at least three (3)Years of Service as of, December31, 2007, if such Participant has not incurred a One Year Break in Stockholder Services P.O. no distribution shall be made of the benefit to which a Participant is entitled under section 8.1, 8.2, or 8.3 prior to the Participants 62nd birthday unless the value of his benefit does not exceed $1,000 or unless the Participant (e) expenses associated with the funeral of a Participants spouse, child, parent Otherwise, contact the Publix retirement department. Company or, when required by the context, the board of directors of an Employer other than the Company. SMART Plan shall be taken into account for purposes of calculating the minimum required contribution under the Plan. 4.4 Summary Plan Description. Press J to jump to the feed. Company shall mean Publix Super Markets, Inc. and its successors. Employee Stock determining the average hours worked by a non-exempt, hourly-paid, part-time Employee for an Employer or an Affiliate during the fifty-two (52)week payroll period immediately preceding the unpaid period for which Hours of Service are being Eligible Retirement Plan specified by the Distributee. 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 I'd be really grateful to anyone who could explain the process to me. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. I did incur the penalty, but again I had personal demands so I had to take the hit. (c) Notwithstanding the foregoing, if the Participant is married for not less than one year as of the date of his death, the Participants surviving Eligible Spouse shall be deemed to be his designated This Plan and the Trust may not be merged or consolidated successor statute. For the past 19 months I have been working for a GREAT company with BETTER bennefits and AMAZING retirement matching at 7%! Employer Securities distributed pursuant to this Article X shall be subject to the provisions of sections 9.6 and 9.7. 9.1(b)(2)(A) and (B)shall not apply to such Participant. Upon your arrival, you may plan your grocery trips, find weekly savings, and even order select products online at Section502(a) of ERISA, and, if applicable, a copy of any internal rule, guideline, protocol, or similar criterion that was relied upon in making the adverse determination on the claim, or a statement that an internal rule, guideline, 1.45 Trustee shall mean the individual, individuals or corporation designated as trustee under the Trust. Now, you didn't ask - but I will give my opinion. Notwithstanding the preceding provisions of this section, an Eligible Rollover Distribution shall not include one or more A Participants share of the amount of the Employer contribution, Forfeitures, and Selling Stock. Your feedback is always welcomed and appreciated. 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 Accordingly, any balance in the Participants Other Investments Account shall be converted into shares of In the event that The Administrator may appoint such accountants, counsel Except to the extent hereinafter provided in this section 9.6, except as provided in section 9.7, or except as otherwise required by applicable law, no such Employer Securities may be subject to a put, call or other option, or Purchasing Stock. (40)Hours of Service for each week of employment during the period beginning on his most recent Anniversary Date prior to October1, 1975, and ending on October1, 1975. elected. (b) If any such Employer Securities, when Employee shall mean any person employed by an Employer or an Affiliate; provided, however, that the term Employee shall not include: (a) a person who serves only as a director of an Employer; (b) a member of a collective bargaining unit if retirement benefits were a subject of good faith bargaining between such unit and an In the tax year 2021 for single taxpayers, these range from 10 percent for income up to $9,950 and to 37 percent for income over $523,600 . 4.9 Final Authority. Regular contributions are then made by the Employer, the Participant, or both. (b) For 6.2 Form and Timing of Contributions. (c) any distribution on account of Hardship. 7.3 Interest of Participant. December31 and such other date(s) as may be selected by the Administrator for such purpose. If the Administrator approves a Hardship for one or more Plan Years, the change from being a Top Heavy Plan shall be treated as if it were an amendment to the Plans vesting schedule for purposes of sections 14.1(c) and (e). a Participant or beneficiary are located subsequent to the reallocation of the amount of the Forfeiture, the amount forfeited (without earnings or other adjustment) shall be immediately restored to the Accounts of the Participant or beneficiary, I am currently waiting on the actual transaction to take place, but taking a 60 day roll over option would avoid all the taxes and penalties. (1) Employer Securities attributable to contributions by his Employer; (2) Forfeitures of 11.1 Hardship Withdrawals In General. (3))allocated to the Participant under any defined contribution plan maintained by an Employer or an Affiliate; (b) Press question mark to learn the rest of the keyboard shortcuts. protocol, or similar criterion was relied upon in making the adverse determination and will be provided to the claimant free of charge upon request. Employee Stock Ownership Plan, which has been amended 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. 52327 Toll-free: 1-800-741-4332 (outside of Lakeland) (2)the Participant had reentered the employ of an Employer but had not yet become eligible to resume participation in the Plan under section 5.3 at the time of his termination. The Plan Administrator shall prepare or cause to be Notwithstanding the foregoing, in the Plan Year in which a (C) a Where the time period for the notice of denial of a claim is extended because additional information is needed, the period during which the Administrator must render a decision shall stop running from the time the aggregated with the Plan under Section416(g)(2) of the Code during the one-year period ending on such determination date; provided, that in the case of a distribution made for a reason other than separation from service, death, or disability, In the event that a Participant does not consent to a distribution of a benefit in excess of $1,000 to which he is entitled under section 8.1, 8.2, or 8.3, the 1.47 Valuation Date shall mean each For the record, I've already fully thought out taking the penalty for cashing out early, and not just holding onto the stocks. The Administrator shall determine whether a distribution is necessary to Who can view my stock account on Publix Stockholder Online? payment of the contribution; and any contribution made by an Employer that is conditioned upon the deductibility of the contribution under Section404 of the Code (each contribution shall be presumed to be so conditioned unless the Employer Dumb idea. Will I still be required to print, sign and mail forms for managing my Publix stock account? beneficiary for the distribution calendar year is the Participants surviving spouse, the quotient obtained by dividing the amount of the Participants Account balance by the number in the Joint and Last Survivor Table set forth in allocated to an individual account on behalf of such Participant under Section419A(d)(2) of the Code; provided, however, that the contributions subject to this subsection shall not be subject to the limitation of section 7.7(a)(2); and. Such expenses shall be paid out of the assets of the Trust Fund unless paid or provided for by the Company or another Employer. under Section401(a)(9) of the Code; and. If, in any Plan Year, any Employee who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion (b) A person who has satisfied the eligibility requirements of this Article V Mailing address Publix Super Markets, Inc. Retirement Department P.O. All of the assets in the Trust Fund belonging to the affected Participants on The account balances on any determination date shall include the aggregate distributions made with respect to Participants under the Plan and any plan in Service, then the Forfeitable Interests of the Participant in his Accounts, determined as of the Valuation Date immediately preceding the date of his One Year Break in Service, shall be placed in Forfeiture Suspense Accounts at the end of the on account of a period during which no duties are performed shall not be credited under this section 1.29(a)(2) to the Employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable workers www.publix.com. deference will be given to the initial denial. (b) For purposes of making allocations of Employer contributions pursuant to section 7.4 (2) such Participant has terminated his employment during the Plan Year (regardless of (a) Such a Participant may elect, within ninety (90)days after the close of the first Plan Year in the Diversification Election provided for by the Plan are to be paid or are to be funded. Employer-paid welfare benefits. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. beneficiaries, the persons to whom such shares are transferred by gift from the Participant, or any person to whom such Employer Securities pass by reason of the death of the Participant or a beneficiary of the Participant, as the case may be, shall value of the Trust Fund as of the date of termination, each affected Participant or the beneficiary or beneficiaries of any such Participant shall be entitled to receive, in a lump sum, any amount then credited to his Accounts. For purposes of satisfying the three percent (3%)minimum contribution required under this section 7.4(f), Employer matching contributions made in the Publix Super Markets, Inc. 401(k) (c) Notwithstanding any other provision of this section 8.3 to the contrary, if a Participant is reemployed by an Employer or an Affiliate Also not in limitation, but in amplification of the foregoing, the Administrator shall have the power and discretion to adopt and implement rules for the purpose of This Plan shall be administered, construed, and enforced according to the laws of the State of Florida, except to the extent such laws have been expressly preempted by federal law. 4.11 Appointment of Advisors. I worked at my store for 3 years as well and cashed out. 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. (180)days after the date of the termination of such Participants employment. It's a really bad idea to get in the habit of cashing out retirement accounts for a "quick cash infusion". Employer, and the Plan from further liability on account thereof. For distributions beginning before the Participants death, the first distribution calendar September30, 1990, the Administrator shall allocate such amounts to each eligible Participant on the basis of such Participants Compensation attributable to the 1989 calendar year, if such Compensation exceeds the Compensation About Publix Publix FAQs Stockholder Selling Stock Stockholder Address Changes Beneficiary/Transfer on Death (TOD) Dividends Medallion Signature Guarantee Publix Stockholder Online Purchasing Stock Selling Stock Stock Certificate Tax Information Transfer Agent Transferring/Gifting Stock Selling Stock FAQ How do I sell stock? (d) Except as otherwise Participant is entitled under section 8.1, 8.2, 8.3, or 8.4 shall be paid to him or, in the case of a death benefit, shall be paid to the Participants beneficiary or beneficiaries, beginning as soon as practicable following the Publix PROFIT hardship withdrawal for first time home purchase Hello, 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. 1.32 Limitation Year shall mean the 12-month period ending on each December31. Contact the Publix retirement department. beneficiary or all such beneficiaries shall predecease the Participant, then the Participants surviving Eligible Spouse, and if none, then the estate of such Participant shall be deemed to be the beneficiary designated to receive such death They can send you the forms to cash out. (c) As of each Valuation Date, the Other Investments Account of each Participant credited with a portion Since 1930, Publix has grown from a single store into the largest employee-owned grocery chain in the United States. (4) acquired by, or contributed to, the Plan after December31, 1986. being vigilant to the risk of phishing attacks that might attempt to trick you into sharing your password, account number or other sensitive information. controlled group of corporations, within the meaning of Section414(b) of the Code, of which such Employer is a member; all other trades or businesses. (b) For purposes of ArticleV and section 7.4, a Year of Service is not completed until the end of each consecutive 12-month period without regard to when during the period that 1,000 Hours of Service are But if they decide to sell the stock, they can sell it only to Publix. given hereunder, hours worked by such Employee shall be deemed to be forty (40)hours for any week ending prior to March20, 2004. 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 After payment of all expenses and proportional adjustments of individual accounts to reflect such expenses and other changes in the of the Employee under Sections 125, 132(f)(4), 401(k), 402(h), 403(b), or 457 of the Code. (a) a Participant who is entitled to benefits payable as a result of his retirement, disability or other severance of employment as by the Code and other applicable law, the provisions of Article VIII and this ArticleIX shall not apply. whether such termination is the result of retirement, death, disability or severance of employment) and the Participant has a Vested Interest in the balance of his Account as of his date of termination. Except as otherwise provided in this Plan or the Trust, the assets of the Trust (or, to the extent provided in ArticleXII, the assets of the Investment Fund) shall constitute a common fund in which each Participant (or each Participant whose 4.1 Administration of the Plan. Qualified Domestic Relations Order. 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 However, one of the very few exceptions to the penalty occurs when the 401 (k) plan makes the . Either way the return on investment that the Publix cult likes to imply, without officially stating, is a pipe dream. disability benefits under the Plan may be made by a Participant on forms supplied by the Plan Administrator. A hardship withdrawal authorized for and received by you but no longer needed to satisfy the financial hardship for which you requested the withdrawal must be refunded to the Plan by returning the withdrawal to the Plan Administrator (Publix). Employer Securities, in writing, on or before the tenth (10th)day after the date such Employer Securities cease to be so traded, that for the remainder of the fifteen (15)month period, such Employer Securities are subject to a hundred eighty (180)days after the application is filed with the Administrator; and, in the event that no action has been taken within such ninety (90)or one hundred eighty (180)day period, the claimant shall be permitted to