this ArticleXI shall be: (a) converted to and payable in units of Employer Securities, rounded up to the nearest (3) Participants Accounts subsequent to such Valuation Date. 1.16 In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. decision and a statement of the claimants right to bring a civil action under Section502(a) of ERISA. (c) Notwithstanding the provisions of section 15.2(a), the Plan Administrator shall direct the Trustee to comply with the lawful terms of 9.10 Qualified Domestic Relations Order. 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 distributable benefits in the form of installment payments (as such payment optionpreviously existed in the Planprior to November1, 2005). Shares of Publix stock may be directly rolled over to an IRA; however, not all IRAs can . from an Employer or an Affiliate for the absence; and, (D) effective July1, 2007, any time for which an Employee is You will also receive notification of changes made to your online account, asking you to contact us if you did not request the change. An Eligible Spouses consent shall be a 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 Required minimum distributions will be determined under this section 9.2(f) beginning with the first distribution calendar year and up to and including 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. 9.1(b)(2)(A) and (B)shall not apply to such Participant. which solely reimburses an Employee for medical or medically related expenses incurred by the Employee; (3) an hour for The definition of significant natural disaster shall be determined at the discretion of the Administrator based on factors including, but If such notice is given after the tenth (10th)day after the date such The Publix stock valuation effective dates are generally March 1, May 1, August 1 and November 1. . include amounts realized from the exercise of a nonstatutory stock option (an option other than a statutory stock option as defined in Treasury Regulation Section1.421-1(b)) or when restricted stock or other property either becomes freely 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. 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 before the time prescribed by law, including extensions thereof, for filing such Employers federal income tax return for its taxable year with which or within which such Plan Year ends. Employer, and the Plan from further liability on account thereof. 1.28 Highly Compensated Employee shall mean, with respect to any Plan Year: (1) was a five percent (5%)owner of an Employer at any time during the Plan Year or the preceding Plan Year; or, (2) for the preceding Plan Year, had Section415 Compensation in excess of $80,000 (as adjusted from time to time under applicable law); or. The Company Stock Account of a Participant shall be debited for any payments made with mean, with respect to each Limitation Year beginning after December31, 1986, the sum of: (a) the amount of Employer (b) If any such Employer Securities, when And I'm not saying this from a Publix cult following standpoint, but a financial standpoint. Any notice of extension must explain to the claimant the standards on which entitlement to a disability benefit is based, the unresolved issues that Section1.401(a)(9)-9 of the Treasury Regulations, using the Participants and spouses attained ages as of the Participants and spouses birthdays in the distribution calendar year. 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 But, the next time you travel to Florida, Georgia, Alabama, South Carolina, North Carolina, Tennessee, or Virginiamake sure you visit the store where shopping is a pleasure during your stay. 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 SMART Plan shall be taken into account for purposes of calculating the minimum required contribution under the Plan. (a) The amount of any benefit to which a Participant (or a beneficiary of a Participant) is entitled under ArticleVIII hereof shall be paid to him in the form of a lump sum. Your feedback is always welcomed and appreciated. The Administrator 4.6 Conflict in Terms. each Participants interest in the Trust Fund. Box 32040 Lakeland, Florida 33802-2040, Corporate address 3300 Publix Corporate Pkwy Lakeland, Florida 33811-3311, Phone numbers Telephone: (863) 688-7407, ext. (a) In the event that a Participants employment with his Employer is terminated by reason of his 1.23 Fair Market Value shall mean, for purposes of the valuation of Employer Securities, the closing price (or, if there is no Will I still be required to print, sign and mail forms for managing my Publix stock account? Notwithstanding the preceding provisions of this section, an Eligible Rollover Distribution shall not include one or more is hereby amended and restated in its entirety to read as follows: 1.1 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, You can also complete a Stock Transfer Request Form and . respect to any Employer Securities constituting stock or another equity security or a debt security convertible into stock or another equity security that are distributed for the benefit of a Participant or his beneficiary or beneficiaries under 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 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 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 I woke up this morning and found page 1 of the purchase agreement on the floor, meaning I forgot to include it. pursuant to the provisions of Article VII. scientific or clinical judgment used for the determination or a statement that such explanation will be provided free of charge upon request, and the following statement: You and your plan may have other voluntary alternative dispute last four digits of the Social Security number for all stockholders on the account, request to stop payment on the lost sales check and reissue a sales check, signature of all stockholders on the account listed in the registration and. In addition, each such Employee shall be credited with forty (e) Notwithstanding the foregoing, benefit payments shall satisfy the incidental death A payment made on behalf of a minor beneficiary pursuant to the provisions of this section 9.8 shall fully discharge the Trustee, the References to a specific section of ERISA shall include references to any successor provisions. Account shall mean an account established pursuant to section 7.2 with respect to Employer contributions invested in Employer Securities and adjustments thereto. 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 You will receive a packet in the mail. of the Participants birthday in the distribution calendar year; or. provide the specified information. 15.1 Merger or Consolidation. (c) Notwithstanding any other provision of this section 8.3 to the contrary, if a Participant is reemployed by an Employer or an Affiliate (or parent-in-law), grandparent (or grandparent-in-law), or any other family member who resides in the Participants household preceding such persons death. is not so includible. distributed from his Company Stock Account that is available for distribution as described in section 10.1. 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. 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 from time to time. All Rights Reserved. legal or equitable right against any Employer, any Affiliate, the Plan Administrator, the Trustee or the principal or the income of the Trust, except to the extent otherwise provided by law. 4.2 Powers and Duties. I decided to quit Publix and roll EVERYTHING over. any kind or nature shall be in any way subject to legal process to levy upon, garnish, or attach the same for payment of any claim against the Participant or beneficiary of a Participant; and no Participant or beneficiary of a Participant shall have 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 (2) If a Participant whose Forfeitable Interests were placed in Forfeiture Suspense Accounts under section 7.4(i)(1) does not incur five (5)consecutive One Year Breaks in Service, provided in section 9.4, his beneficiary shall be entitled to a death benefit in an amount equal to one hundred percent (100%)of the balance in his Accounts as of the Valuation Date immediately preceding or concurring with the date of his Create an account to follow your favorite communities and start taking part in conversations. 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 designates two or more beneficiaries, but fails to specify the portion that each beneficiary is to receive, they shall share equally. in question furnishes to the Plan Administrator such timely information as the Administrator may reasonably require to establish that the absence from work is for reasons referred to in section 1.29(c)(1) and the number of days for which there was (2) the amount with respect to which a diversification distribution was previously elected. 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 Talk to any financial planner and they'll tell you this is a terrible idea. The Trustee may maintain an Investment Fund, which shall Medallion Signature Guarantee. 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? event that all, or any portion, of the distribution payable to a Participant or his beneficiary hereunder shall, at the. Accounts as of the applicable Valuation Date, based upon such Participants Years of Service as of the date of the termination of his employment, as follows: (2) Notwithstanding the provisions of section 8.3(b)(1), for any Plan Year in which receipt of the request for review. Any such eligible Employee shall enter the Plan as a Participant, if he is still an Employee death, increased by the amount of contributions, if any, made by his Employer to, and decreased by any distributions made to the Participant from, the Participants Accounts subsequent to such Valuation Date. compensation, unemployment compensation or disability insurance laws; and. Key Takeaways. The profit sharing plan is funded with year end bonuses. Typically, when you cash out money from a 401 (k) plan before you turn 59 1/2 years old, the IRS imposes an extra 10 percent tax penalty -- on top of ordinary income taxes -- on the taxable portion of your withdrawal. review shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial, specific references to pertinent provisions of the Plan on which the denial is based, a statement. 3.1 Exclusive Benefit. Quoted active market prices are used to value shares of mutual funds. 6.1 Employer Contribution. Your two reasons you have for doing this are very bad. his Anniversary Date occurring during the Plan Year and the Participant is employed by his Employer on the last day of the Plan Year, or. 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. paragraph (a), in the event that a Participants employment with his Employer is terminated by reason of his death, he shall not become fully The Trust may from time to time be amended in the manner therein provided. Expenses of Administration of the Plan and the Trust Fund. Year shall be allocated, as of the Valuation Date, among Participants Company Stock Accounts and the Other Investments Accounts, as the case may be. this Plan is a Top Heavy Plan, a Participants Vested Interest in his Accounts shall be a percentage of the balance of such Accounts as of the applicable Valuation Date, based upon such Participants Years of Service as of the date of the Single log-in. Employer Securities from such Account for the purchase, directly or indirectly, of assets other than Employer Securities. Employee Stock Ownership Plan, commonly known as the Publix PROFIT 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 (1) Employer Securities attributable to contributions by his Employer; (2) Forfeitures of liabilities of the Trustee without its written consent. 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. acquired by, or contributed to, the Plan after December31, 1986. In the event that the limits Either way the return on investment that the Publix cult likes to imply, without officially stating, is a pipe dream. 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. Any Employer, in its sole and absolute discretion, may permanently discontinue making contributions under this 15.7 Veterans Reemployment Rights. 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: (b) Upon the retirement of a Participant as provided in section 8.1(a) and subject to adjustment as provided in section 9.4, such Participant shall be entitled to a retirement benefit in an amount equal to one hundred 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. (c) any distribution on account of Hardship. 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 Qualified Domestic Relations Order. Employees may . 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. (b) If at any time the person owning or otherwise having the right to sell such Employer to the distribution of any portion of the balance of a Participants Accounts that is subject to a designation made by a Participant prior to notice of extension is sent until the date of the claimants response to the request for additional information. Affiliate shall receive compensation from the Trust Fund (except for the reimbursement of expenses properly and actually incurred). Any and all expenses (including, terminated by reason of his total and permanent disability, he shall not become fully (100%)vested in his Accounts by virtue of such disability if, on designate a beneficiary to receive his death benefit and to revoke any such designation. For any emergencies, I just give myself a loan from my 401k :). (c) payment of tuition, related 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 The Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the 10.2 whole or in part; provided, however, that no such amendment: (a) shall have the effect of vesting in any Employer, directly 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. 1.37 Participant shall mean any eligible Employee of an Employer who has become a We are thankful for 1.50 (a) Year of Service shall mean each of the consecutive 12-month periods beginning with the Employees Anniversary which such Employer Securities are listed, or if the Employer Securities are not listed on a securities exchange in the United States, the mean between the dealer closing bid and ask prices on the over-the-counter market as The Plan Administrator shall not accept any Participant contributions. An immediate and heavy financial need shall be deemed to include. 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. 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 Shame on you for deliberately deceiving your lower level employees with empty half promises and corporate brainwashing. 1.26 Forfeiture Suspense Account shall mean an account established pursuant to section 7.2 and maintained as provided in In the event of any conflict between the terms of this Plan and Trust as set forth in this Plan and in the Trust and as set forth in any explanatory booklet or other description, this Plan and the Trust shall control. September1, 1992, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; (2) for persons employed by the Par 3 Golf Center, Lakeland, Florida acquired by the Company on September9, 1988, service with such predecessor employer if such person was employed by such predecessor employer As with any online account involving financial or personal information, its critical you take steps to ensure the security of your stock account and personal information to reduce the risk of fraud and loss. under the terms of the Publix Super Markets, Inc. Profit Sharing Plan at the time of the merger of that plan with this Plan effective as of the close of business on December31, 1999. care that are not elective cosmetic in nature incurred by the Participant or his spouse or children or necessary for such persons to obtain such uninsured medical care. In the event that the claim is denied, the denial shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial, specific Section 403(b) or governmental Code Section 457 plan. In 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. (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 A Participant whose Forfeitable Interests are placed in a Forfeiture Suspense Account is not entitled to earnings on such Forfeitable Interests and is not entitled to any cash dividends on any Employer Securities held in the Forfeiture Suspense
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