percentage allocated to the accounts of any Key Employee. The Profit Plan is a qualified retirement plan under IRS rules and you must follow those rules. Reddit and its partners use cookies and similar technologies to provide you with a better experience. To the extent permitted 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. and nondiscriminatory manner, as will keep the Annual Additions for such Participant from exceeding the applicable limits provided by law. Box 32040 Lakeland, Florida 33802-2040 Phone numbers Monday - Friday, 8:30 a.m. to 4:30 p.m., Eastern time Telephone: (863) 688-7407, ext. as a result of a separation from employment) or any succeeding anniversary thereof. Always remember that just because Publix stock is the easiest stock for you to get your hands on, it's by no means the only or best. or reinvested in any Employer or be used for or diverted to any purpose whatsoever other than for the exclusive benefit of the Participants and their beneficiaries. described in section 7.4(i)(2), the amount equal to a Participants Vested Interest in his Accounts (including the Forfeiture Suspense Accounts established on his behalf pursuant to section 7.4(i)(1)) at any time shall be equal to an amount (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 (d) A Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have all or any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified the date of discontinuance specified in such resolutions shall, aside from becoming fully vested as provided in section 14.3, be held, administered and distributed by the Trustee in the manner provided under this Plan. the loss sustained by the portion of the Trust Fund attributable to the Investment Fund during such period (whether from investments or from the sale or exchange of assets). A Participants share of the amount of the Employer contribution, Forfeitures, and any permissible agreement affecting such Employer Securities, that makes such Employer Securities not as freely tradable as Employer Securities not subject to such restriction), then the Participant, the Participants beneficiary or Date if during such consecutive 12-month period, the Employee completes 1,000 Hours of Service for an Employer or an Affiliate thereof. Do not do it. In making a determination on a claim, the Administrator or named fiduciary shall be provisions thereof. accordance with the time limitation specified in this section 4.10, such claim or request for review shall be waived and the claimant shall thereafter be barred from asserting such claim. (f) shall increase the duties or Employer or any Affiliate and the aggregate Annual Additions to such plans, under the normal administration of such plans, would otherwise exceed the limits provided by law, then the Plan Administrator shall take such actions, applied in a uniform 14.3 Termination of Plan. distributed from his Company Stock Account that is available for distribution as described in section 10.1. In the event that a Participant has designated two or more beneficiaries, and one or more (but less than all) of which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer or an Affiliate; provided, however, that the same Hour of Service shall not be credited both under section1.29(a)(1), 1.29(a)(2) or proceed to the review stage under subsection(2). employees to perform the duties required of the Administrator hereunder. period ending on the most recent Anniversary Date prior to such termination, or. Im aware that cashing out on my profit plan will cause it to be heavily taxed and Im willing to take the hit. retirement, total and permanent disability or death, and subject to adjustment as provided in section 9.4, such Participant shall be entitled to a severance of employment benefit in an amount equal to his Vested Interest in the balance in his without limitation, brokerage fees, closing costs, liabilities arising from the ownership or management of specific properties, and income and other taxes) incurred in connection with the investments of the Investment Fund, which are paid from the (a) In the event an Employer decides to terminate this Plan and the Trust, such decision shall be evidenced by an appropriate resolution which solely reimburses an Employee for medical or medically related expenses incurred by the Employee; (3) an hour for 2005, and who became an employee of Publix Employees Federal Credit Union as of January1, 2006, shall be one hundred percent (100%)vested in his Accounts as of January1, 2006. Distribution under this section 14.5 to an Eligible Retirement Plan in accordance with the provisions of section 9.2(d) instead of distributing such amount to the Participant. contributions due from an Employer for any Plan Year shall be made in cash and/or Employer Securities. (b) a Participants surviving Eligible Spouse who is entitled to death benefits such child for a reasonable period beginning immediately following such birth or placement, the Employee shall be treated as having those Hours of Service described in section 1.29(c)(2). The Plan Administrator Now, you didn't ask - but I will give my opinion. All of the foregoing records and data shall be located at the principal office of the Administrator. 7.7(a)(2). amount shall be reallocated to the Accounts of the Participant as of the date such excess amount arises. (b) any former Employee who separated from service (or was deemed to have separated from service) prior to the Plan Year and performs no If, in any Plan Year, any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a January1, 2008, if as a result of the allocation of Forfeitures, a reasonable error in estimating a Participants Section415 Compensation, a reasonable error in determining the amount of elective deferrals that may be made to the laws upon or in respect of the Trust Fund, and any interest that may be payable on money borrowed by the Trustee for the purpose of the Trust, and any Employer may pay such expenses as relate to Participants employed by such Employer. Any penalties will depend on your age. The Company Stock Account of a Participant shall be debited for any payments made with The purchase price and other terms of the purchase shall not be less favorable to the seller than the greater of the Fair Market Value of the securities in question or the purchase price and other Notwithstanding anything contained herein to the contrary, no excise tax or other liability imposed upon the Trustee, the Plan Administrator or any Eligible Retirement Plan specified by the Distributee. That chump change could be worth 100 grand 30 years from now. For this purpose, annual compensation means compensation within Either way the return on investment that the Publix cult likes to imply, without officially stating, is a pipe dream. 4.8 Records. qualified domestic relations order, as defined in Section414(p) of the Code, entitled to benefits payable as provided by section 15.2(b), and. We are thankful for Nevertheless, the Company specifically reserves to itself the right at any time and from time to time to amend or terminate this Plan in Notwithstanding the foregoing, no distribution shall be made of the benefit to which a Participant or beneficiary is entitled if the Plan Administrator has actual knowledge that such Participant or beneficiary maintained by such Employer or an Affiliate, including any elective contributions to any plan subject to Code Section401(k)) is less than three percent (3%)of each Key Employees Section415 Compensation, the sum of Employer 6.1 Employer Contribution. If the initial denial was based in whole or in part on medical judgment, the named fiduciary reviewing the denied claim shall consult with a health care professional who has appropriate training and The Plan Administrator shall promptly review the claim and shall make a decision not later than sixty (60)days after receipt of the request for review, unless special circumstances, such as when the Administrator contribution is made to the Trust. (a) A Participant shall be entitled to retire from the employ of his 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, the Vested Interest in the Accounts of the Participant shall be a percentage of the balance of such the Participants Account shall be made in a single lump sum payment as soon as administratively practicable following the death of the Participant. Publix Super Markets, Inc. 401(k) SMART Plan, if necessary to comply with such limits, before any adjustments may be made to this Plan. Directors (or the Executive Committee as authorized by the Board) certified by the Secretary or Assistant Secretary of the Company or such other Employer. (2) such Participant has terminated his employment during the Plan Year (regardless of 11.2 Immediate and Heavy experience in the field of medicine involved in the medical judgment and who was not consulted in connection with the initial denial or subordinate to that health care professional. (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. and our Since 1930, Publix has grown from a single store into the largest employee-owned grocery chain in the United States. this Plan) and all plans of an Employer or an Affiliate in which a Key Employee participates; and such term may include (at the discretion of the Plan Administrator) any other retirement plan qualified under Section401(a) of the Code that is or claim, including, without limitation, a Participants Compensation and Years of Service, shall be conclusive and binding on all parties to the claim. You can also fax or mail a letter of instruction to Publix stockholder services that includes the. Any such consent to the designation (i) (1) If a Participant incurs a One Year Break Participants Accounts and Allocation of Contributions. Do your research, think out your investments, and certainly don't trust someone who would unethically post under the impression that they work in finance and tell you anything to the contrary. 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, includible in gross income. requirement hereunder shall be treated as matching contributions for purposes of the actual contribution percentage test under the Publix Super Markets, Inc. 401(k) SMART Plan. (g) For purposes of section 9.2(f), the following definitions shall apply: (1) Designated beneficiary shall refer to the individual who is designated as the beneficiary under section 8.4 and is the by the Code and other applicable law, the provisions of Article VIII and this ArticleIX shall not apply. Participant under Article V of the Plan and shall include any former employee of an Employer who became a Participant under the Plan and who still has a balance in an Account under the Plan. 7.3 Interest of Participant. (d) Notwithstanding the other provisions of this Plan, in the event that an alternate payee under a Qualified Domestic Relations Order, as 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. 15.7 Veterans Reemployment Rights. This Plan and the Trust may not be merged or consolidated 10.3 Timing of 401 (k) is pre-tax contribution to a deferred tax account. shall mean the date on which an Employee first had an Hour of Service (or, except as otherwise provided in Department of Labor Regulation Section2530.200b-4(b), first had an Hour of Service following a One Year Break in Service which occurred Ownership Plan shall mean January1, 2007. Key Takeaways. 1.3 Affiliate shall mean, with respect to an Employer, any corporation other than such Employer that is a member of a by the Employee for an Employer or an Affiliate during the fifty-two (52). (b) Unless the Participant Below are PDF forms to help you with managing a Publix stock or PROFIT Plan account. of the Employee under Sections 125, 132(f)(4), 401(k), 402(h), 403(b), or 457 of the Code. successor regulation or statute. 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 A Participant who ceases to be an Employee and who subsequently reenters the employ of an Employer prior to a One Year Break in Service shall be eligible again to participate on the (a) The provisions of this section 9.6 relate to all Employer Securities held as (b) As of each Valuation Date, the Administrator shall credit any stock dividends for the Valuation Period ending with such date that are received on Employer Securities allocated to suspense accounts maintained as of such date to such of Employer Securities, the recipient of such distribution shall be deemed to have exercised the put option with respect to such fractional share at its Fair Market Value on the date the Participant is entitled to such distribution. You'll be prompted to create your Publix Stockholder Online account with a user ID and password and choose your preferred security verification method text or voice call to log in to your Publix Stockholder Online account. Participants and enabling them to share in the growth of their Employer, and is designed to invest primarily in Employer Securities. 11.3 Availability. Shares of Publix stock may be directly rolled over to an IRA; however, not all IRAs can . The Trust Fund shall be held not limited to, the impact of the disaster to participating Employers operations and Employees and the severity of the disaster. 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) Plan or may terminate this Plan and the. They can send you the forms to cash out. for such Participant. I'm a former Publix employee who quit in February of this year after working at Publix for three years and would like to cash out my profit plan stocks. purchase must provide for adequate security, a reasonable interest rate and a payment schedule providing for cumulative payments at any time not less than the payments that would be made if made in substantially equal annual installments beginning within thirty (30)days and ending not more than five (5)years (which may be extended to a date no later than the earlier of ten (10)years after the date of exercise) after the date the put option is exercised. Code, and, for purposes of sections 9.3, 9.6, 9.7, and 11.5, Fair Market Value shall mean the independent appraisers latest appraisal that has been delivered to the Company as of the date in question. Upon your arrival, you may plan your grocery trips, find weekly savings, and even order select products online at the provisions of section 8.4) as soon as practicable following the death of the alternate payee, unless and to the extent that the Qualified Domestic Relations Order provides otherwise. protocol, or similar criterion was relied upon in making the adverse determination and will be provided to the claimant free of charge upon request. You will receive a check a few weeks after that. other person for failure to comply with the provisions of any federal law shall be subject to payment or reimbursement from the assets of the Trust. provided in section 8.1, 8.2 or 8.3. (B) Earnings attributable to the Investment Fund for any Valuation Period shall be allocated to each Participant who has an Other 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 More or less, your Publix stock is like a retirement account that easier to access in an emergency. distributions during a Plan Year if the aggregate amount distributed during the Plan Year is less than $200 (as adjusted from time to time under applicable law). this provision shall be applied by substituting five-year period for one-year period. For the. is unable to determine Hours of Service for a non-exempt, hourly-paid, part-time Employee, such Employee shall be credited with Hours of Service pro-rata based on forty (40)hours for a full payroll period. apply to any offset of a Participants benefits provided under the Plan against an amount that the Participant is ordered or required to pay to the Plan if: (1) the order or requirement to pay arises: (A) under a judgment of conviction for a crime involving the Plan, (B) under a civil judgment (including a consent order or decree) entered by a court in an action brought in connection with a violation party bound by the put option is prohibited from honoring it by applicable federal or state law. compensation, unemployment compensation or disability insurance laws; and. Participants Account balance shall refer to the Account balance as of the last Valuation Date in the calendar year immediately preceding the distribution calendar year (the valuation calendar year), adjusted as follows: The review of the claim denial shall take into account all comments, documents, records, and other In the event that the claim is wholly or partly denied, the Plan Administrator shall notify the claimant in written or electronic 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. Administrator shall establish and maintain with respect to each Participant two accounts, designated as a Company Stock Account and an Other Investments Account, that shall reflect the Participants interest in the Trust Fund. 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 1.38 Plan shall mean the Publix Super Markets, Inc. 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 The Administrator shall notify each Employee, in writing, as to the existence of the Plan and Trust and the basic case where the designated beneficiary is the Participants surviving spouse, at the time the Participant would have reached age 701/2; and. decision shall be evidenced by an appropriate resolution of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustee. The Publix stock valuation effective dates are generally March 1, May 1, August 1 and November 1. . Accounts as of the Valuation Date immediately preceding or concurring with the date of the termination of his employment, increased by his Vested Interest in the amount of contributions, if any, made by his Employer to, and decreased by any Contact your financial institution or brokerage firm for information regarding medallion signature guarantee services. such beneficiaries predecease the Participant, then, absent a specific designation by the Participant to the contrary, the surviving designated beneficiary or beneficiaries shall split the deceased beneficiarys or beneficiaries share on For distributions beginning before the Participants death, the first distribution calendar 10.2 Employer-paid welfare benefits. An eligible Participants diversification election shall be made in writing on such forms as may be approved by the Plan Administrator, with the Participant designating the percentage or number of shares to be Election. to the Participants and others hereunder. WHEREAS, the Company has determined that it is advisable and in the best interests of the Participants to amend Amounts attributable to the Investment Fund shall be invested by the Trustee in the manner 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 1.9 Company Stock 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. Section415 Suspense Accounts) and the share of such earnings attributable to a Participants Other Investments Account shall be determined as follows: (A) The earnings attributable to the Investment Fund for any Valuation Period shall consist of, (i) the aggregate of the unrealized appreciation or depreciation accruing to the portion Well provide you with a Stock Account Transaction Statement each time you have activity on your account, such as a purchase (if eligible), sale or transfer. Will I still be able to access my W2 forms online through Publix after Ive left the company?
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