This is where Publix provides eligible associates with shares of stock at no cost to them. in making the adverse determination and will be provided to the claimant free of charge upon request, if the adverse determination is based on a medical necessity or experimental treatment or similar exclusion or limit, an explanation of the (1) Claims for benefits under the Plan may be made by a Participant, However, one of the very few exceptions to the penalty occurs when the 401 (k) plan makes the . If the Administrator approves a Hardship Retired. Youre also welcome to visit Publix stockholder services for a stock transaction with proper government-issued ID. (4) (c) any distribution on account of Hardship. The Administrator shall notify the claimant in writing or in electronic form of the 11.3 Availability. Publix Stockholder Online. 1.36 Other Investments Account shall mean an account established pursuant to section 7.2 with respect to investments of Employer contributions in assets other than Employer Securities, and Publix offers employees /associates ownership through a profit-sharing plan. The entire process to cash out the stocks from your profit plan takes 4 weeks, so I told them the day I'd be leaving the company and they are now sending the proper paperwork to me in the mail so I can fill them out and minimize the time in which I leave Publix and receive my check. Administrator and the Trust; (c) shall reduce any Vested Interest of a Participant on the later of the date the amendment (2) the judgment, order, decree, or settlement agreement expressly provides for the (4) Credit shall be given for Hours of Service under this section 1.29(c) solely for 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. notice of extension is sent until the date of the claimants response to the request for additional information. alternate payee or a deceased beneficiary of a Participant on forms supplied by the Plan Administrator. Shares held in a PROFIT Plan account cannot be sold through Publix Stockholder Online. 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 4.1 Administration of the Plan. be granted an option to put any of the units of such Employer Securities to the Company. of Medicine who is licensed to practice medicine in the State in which the Participant was employed by his Employer and who is acceptable to the Plan Administrator, and only if such proof is received by the Administrator within one hundred eighty (b) Employer Securities shall be accounted for as provided in Treasury Regulation Section1.402(a)-1(b)(2)(ii), as amended, or any What was your experience using your profit plan stock as a down payment. Participant; (e) shall amend any vesting schedule with respect to any Participant who has at least three Years of Service Employer; (c) a nonresident alien who does not receive earned income from sources within the United States; and. person entitled to the shares). (a) a Participant who is entitled to benefits payable as a result of his retirement, disability or other severance of employment as (c) In the final Plan Year of the Diversification Election Period, the Participant may elect to receive a 1.13 Diversification Election Period shall mean, for Plan Years beginning on or after For more information, please see our If such an extension is required, written notice of the extension, including the reasons for the extension and the date by which a decision by the named fiduciary responsible for reviewing the This Plan is created for the sole purpose of providing benefits to the 1.6 Board of Directors and Board shall mean the board of directors of the Participant is entitled under ArticleVIII hereof shall be paid to him, to the extent possible, in units of Employer Securities. (4) for persons employed by Care Systems Corporation acquired by the Company on December27, 1996, service with such predecessor employer if such person became an Employee of the Company on December28, Forms for Publix Stockholders: Direct Deposit, Address Change decreased by distributions made in the valuation calendar year after the Valuation Date. work for any period by reason of her pregnancy, by reason of the birth of a child of the Employee, by reason of the placement of a child with the Employee in connection with the adoption of such child by the Employee or for purposes of caring for 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 Unless you need the money now (really, really, need it that is) let it sit to supplements your retirement. Service for each twelve (12)continuous months of service commencing with his most recent employment commencement date prior to October1, 1975, and ending October1, 1975. (j) The Plan Administrator may adopt such additional accounting procedures as are necessary to accurately reflect 1.10 (a) Compensation shall mean, with respect to a Participant, the wages, salaries, fees for professional services, and other Cashing out retirement should only be to avoid bankruptcy. Purchasing Stock. balance or contribution that is not the Participants Vested Interest. 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. information submitted by the claimant, whether or not such information was submitted or considered in connection with the initial determination on the claim. the Participants required beginning date. 1.27 Forfeitures and additional contributions for any Plan Year beginning after December31, 2006, (ii)is an Employee of an Employer on December31, 2007, had completed two (2)Years of Service and at least 1,000 Hours of Service (a) In the event that a Participants employment with his Employer is terminated by reason of his Dumb idea. decision and a statement of the claimants right to bring a civil action under Section502(a) of ERISA. (d) For all purposes of this Plan, an Employees Years of Service shall include the following: (1) for persons employed in stores acquired by the Company from Kroger Company on or after November7, 1988, and before Plan Administrator. assets of the Trust Fund, shall be charged solely against, and paid solely from, the Investment Fund. 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, Prior to January1, 2000, this Article X of the Plan applied only to Employer Securities I woke up this morning and found page 1 of the purchase agreement on the floor, meaning I forgot to include it. 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 which the Employer or Affiliate is required to furnish the Participant a written statement under Sections 6041(d), 6051(a)(3) and 6052 of the Code (and without regard to any provisions under Section3401(a) of the Code that limit the 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) As you know, Publix is the largest employee owned supermarket in America. 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 In the event that a Participant Be sure to follow the instructions on the form. Has anyone ever done this? 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 (f) shall increase the duties or Section401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution that is includible in gross income and the portion of such distribution that (c) As of each Valuation Date, the Other Investments Account of each Participant credited with a portion (e) Notwithstanding the foregoing, benefit payments shall satisfy the incidental death It's borderline suspicious the amount of posts there are like mine that never got a proper answer and were just flooded with "just hold onto it" responses. (b) any former Employee who separated from service (or was deemed to have separated from service) prior to the Plan Year and performs no to time under applicable law). Thank you for any help. of any further benefit under this Article. 1.34 Normal Retirement Date shall mean the date on which a Participant attains the age of sixty (60)years. and additional contributions unless: (1) such Participant has been credited with a Year of Service as of the date preceding (c) If a claimant fails to file a claim or request a review in the manner and in 11.5 Form and Timing of Distribution. After 6 months of employment you are eligible to join the 401k and are allowed to contribute up to 10% of your pay to the plan. 52323 Toll-free: 1-800-741-4332 Fax: (863) 284-3302 TypicalSeminole 6 yr. ago The Trust Fund shall be held end of the Plan Year coincident with or immediately following the date such fifth (5th)consecutive One Year Break in Service occurs. (2) The Administrator shall allocate any earnings (other than stock dividends described in section 7.4(b)) attributable to Forfeiture and nondiscriminatory manner, as will keep the Annual Additions for such Participant from exceeding the applicable limits provided by law. 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. (e) expenses associated with the funeral of a Participants spouse, child, parent Do not do it. The Administrator shall determine In order to finance my move Im looking to use my tax returns and cash out the stocks I have acquired through my profit plan. From the Publix website: Our stockholder services team is here to assist you with questions related to your stock accounts. (45)days after the application is filed with the Administrator, unless the Administrator determines that an extension of time is necessary to process the claim, in which event the Administrator will provide the claimant with written or 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 (e) Notwithstanding the foregoing, to the extent a Participant receives a distribution under the Plan that consists of a fractional share But, it's you stock and life. (3) The hours treated as Hours of Service under this section 1.29(c) shall be credited only in the consecutive 12-month period beginning with the Employees Anniversary Date in which the absence from work begins, 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 1.11 Direct Rollover shall mean a payment of an Eligible Rollover Distribution by the Plan to an Participants and enabling them to share in the growth of their Employer, and is designed to invest primarily in Employer Securities. Employees may . (b) Notwithstanding the provisions of section 1.29(a), each Employee who was employed by the Company, Publix Food Stores, Inc., or Publix Market, Inc. on October1, 1975, shall be credited with one thousand (1,000)Hours of So I am looking into buying a house and was thinking I could use some of my profit plan to pay for the closing/ down payment costs. with an amount that shall bear the same ratio to the earnings attributable to the Investment Fund as the average monthly balance in such Participants Other Investments Account during the Valuation Period ending with the current Valuation Date On-screen instructions on Publix Stockholder Online provide additional details. 1.22 ERISA The small lump sum you'd recieve now, post-tax, is insignificant compared to the appreciation you'd recieve after stock splits and asset growth through the decades. provisions of this Plan and the Trust should be interpreted accordingly. Affiliate shall receive compensation from the Trust Fund (except for the reimbursement of expenses properly and actually incurred). 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 Eligible Retirement Plan shall mean an individual retirement account described in Section408(a) of the Code, an individual retirement annuity described in Section408(b) of the Code, an annuity plan described in Privacy Policy. The amount of any benefit to which a This additional tax is commonly referred to as a penalty tax on ESOP . provide the specified information. Due to legal requirements that prevent us from accepting digital signatures, we often require the printed form with your original signature and date. (or alleged violation) of part 4 of subtitle B of title I of ERISA, or, (C) pursuant to a settlement agreement between the For purposes of this section Account shall be charged with the amount of any distribution made to the Participant or his beneficiary from such Accounts pursuant to ArticleIX during the Valuation Period ending with such Valuation Date.