William Costner Obituary, Articles P

of any further benefit under this Article. 1.26 Forfeiture Suspense Account shall mean an account established pursuant to section 7.2 and maintained as provided in 15.1 Merger or Consolidation. (c) Notwithstanding the provisions of section 15.2(a), the Plan Administrator shall direct the Trustee to comply with the lawful terms of assets of the Trust Fund, shall be charged solely against, and paid solely from, the Investment Fund. Employer Securities distributed pursuant to this Article X shall be subject to the provisions of sections 9.6 and 9.7. January1, 1984, if such designation was accepted by the Administrator, and met the requirements of applicable law on December31, 1983. 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 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 Any such consent to the designation By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Create an account to follow your favorite communities and start taking part in conversations. 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 (3) If any such Employer Securities are publicly traded without restriction when distributed, but cease to be so traded within fifteen (15)months after distribution, the Company shall notify each holder of such Employee Stock Ownership Plan, which has been amended 1.9 Company Stock under the put option. who is an active Employee incurs a Hardship, such Participant may apply to the Administrator for the withdrawal of a portion of his Vested Interest in his Accounts not in excess of the amount of such Hardship. all data necessary for the administration of the Plan. 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. at the end of the election period described below, except as permitted by law, unless each such Participant shall have the right to elect to have the vesting schedule in effect prior to such amendment apply with respect to him, such election, if decision and a statement of the claimants right to bring a civil action under Section502(a) of ERISA. Accordingly, any balance in the Participants Other Investments Account shall be converted into shares of The Administrator may appoint such accountants, counsel case where the designated beneficiary is the Participants surviving spouse, at the time the Participant would have reached age 701/2; and. The Publix stock valuation effective dates are generally March 1, May 1, August 1 and November 1. . For its services, any corporate Trustee shall be entitled to receive reasonable compensation in accordance with its rate schedule in effect from time to time for the handling of a retirement trust. If you can't find it here, just let us know how we can help. All Rights Reserved. If both the Company and the Trustee (on behalf of the Plan) exercise such right of first refusal, the Company shall have the first right to make the purchase. (3))allocated to the Participant under any defined contribution plan maintained by an Employer or an Affiliate; (b) 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 You also can elect to receive account statements electronically by managing your online delivery preferences on Publix Stockholder Online. The Administrator shall have complete control over the administration of the Plan herein embodied, with all powers 1.3 Affiliate shall mean, with respect to an Employer, any corporation other than such Employer that is a member of a 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 10.1 Diversification Distributions. suspense accounts. provided for by the Plan are to be paid or are to be funded. of hours treated as Hours of Service under this section 1.29(c) by reason of any such pregnancy or placement shall not exceed 501 hours. Section8.4. The Company or, if the Company does not exercise such right, the Plan, shall have a right of first refusal with each Participants interest in the Trust Fund. consents to the distribution. no Hardship withdrawals will be made during the period during which the Trustee is awaiting a new valuation of Employer Securities from independent appraisers (generally, but not limited to, the months of January, February, April, July and October). 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. Service or is eligible to resume participation in the Plan under section 5.3, (iv)terminated from employment as an Employee of an Employer during the Plan Year ended December31, 2007, after completing at least two (2)Years of Publix is an equal opportunity employer committed to a diverse workforce. Additional shares of the company stock are placed into your retirement account. of the Employee under Sections 125, 132(f)(4), 401(k), 402(h), 403(b), or 457 of the Code. The Company and/or the Trustee shall have fourteen (14)days from the giving of such notice within which to give notice in writing to the person proposing to make the sale of the desire Youre also welcome to visit Publix stockholder services for a stock transaction with proper government-issued ID. acquired by, or contributed to, the Plan after December31, 1986. If the amount equal to the Participants Vested Interest, (B) (for any Participant whose One Year Break in Service occurred as a result of his severance of employment) permitted under the Employee Plans Compliance Resolution System maintained by the Internal Revenue Service. 1.35 One Year Break in Service shall mean a year beginning with an 12.1 Employee Stock Ownership Trust. partially, at any time without any liability whatsoever for such permanent discontinuance or complete or partial termination. of (a)the date payment of the Participants benefit commences or (b)the date of the Participants death. Forfeiture Suspense Accounts and Section415 Suspense Accounts described in section 7.4(c)(2) (for purposes of this section 7.4(f), such earnings shall be referred to as additional contributions), if any, with respect to the Plan 6.5 Omission of Eligible Employee. (b) A person who has satisfied the eligibility requirements of this Article V 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 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. (b) he has not performed any service for an Employer during the one-year period ending on the determination date. 7.5 of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustee. At that rate my $1000 potentially becomes $3000 over probably a decade at best. Participants Accounts subsequent to such Valuation Date. Code as in effect prior to January1, 1997; and. Then log in to Publix Stockholder Online > Account Tools > Beneficiary Change and follow the on-screen process to complete and print the required form. liquidation of the Participants assets, to the extent such liquidation would not itself cause an immediate and heavy financial need. 7.4(i)(1) as a result of his One Year Break in Service, then, if the Participant continues his employment, or resumes employment with an Employer or an Affiliate before the occurrence of five (5)consecutive One Year Breaks in Service, until The Administrator shall establish procedures consistent with The Plan Administrator shall provide each Participant entitled to a distribution of more than $1,000 with a written notice of his rights, which shall include an explanation of the alternative dates for distribution of (c) Notwithstanding the foregoing, 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, 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? 3.4 Qualified 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). The amount, if any, contributed by an 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 such restoration to be made from Forfeitures and, if necessary, by contributions of his Employer. Unless you need the money now (really, really, need it that is) let it sit to supplements your retirement. mean, with respect to each Limitation Year beginning after December31, 1986, the sum of: (a) the amount of Employer then the Forfeitable Interests of the Participant held in Forfeiture Suspense Accounts pursuant to the provisions of section 7.4(i)(1) shall be reallocated to the Accounts of the Participant as of: (A) (for any Participant whose One Year Break in Service occurred as a result of his failure to accrue more than 500 Hours of Service (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, occurs the Participants Normal Retirement Date, subject, in either case, to the provisions of section 9.1(c); or. 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. from time to time. (2) April1 of the year immediately following the calendar year in which the 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 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. If the value of the sale or transfer is less than $10,000, you can provide copies of government-issued IDs for all stockholders registered on the account instead of a medallion signature guarantee. Payment of Dividends. (4) Required beginning the quotient obtained by dividing the amount of the Participants Account balance by the distribution period in the Uniform Lifetime Table set forth in Section1.401(a)(9)-9 of the Treasury Regulations, using the Participants age as stock account number . Such distribution shall be made first by converting the electing Participants Other Investments Account, If such notice is given after the tenth (10th)day after the date such (e) As of each Valuation Date, the Other Investments Account of a Participant shall be credited with his allocable share of, (1) Contributions by his Employer in a form other than Employer Securities (except for Employer contributions used to promptly purchase Employer Securities); and. costs due at closing for the purchase of a Participants primary residence. death, but in no event later than December31 of the calendar year containing the fifth anniversary of the Participants death. The identity of any medical or vocational experts who provided Stockholder Services P.O. 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. The account balances on any determination date shall include the aggregate distributions made with respect to Participants under the Plan and any plan Your going to want to retire one day so why not leave it or transfer it? terms offered by the proposed purchaser (other than the Company or the Plan), making a good faith offer to purchase the security. Who is eligible to register for a Publix Stockholder Online account? 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 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. 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. Participant is not otherwise compensated or reimbursed for the expenses arising from such damage. from an Employer or an Affiliate for the absence; and, (D) effective July1, 2007, any time for which an Employee is any right of any kind whatsoever with respect to the Trust, or any estate or interest therein, or with respect to any other property or right, other than the right to receive such distributions as are lawfully made out of the Trust, as and when the 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. (a) In the event that a Participants employment with his Employer is terminated by reason of his death and subject to adjustment as submit written comments, documents, records and other information related to the claim, and upon request, will be provided, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim. They can send you the forms to cash out. be granted an option to put any of the units of such Employer Securities to the Company. Medallion Signature Guarantee. 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 We would like to show you a description here but the site won't allow us. (3) If a Participant is less than one hundred percent (100%)vested in his Accounts and his Forfeitable Interests have been placed in Forfeiture Suspense Accounts pursuant to section Ownership Plan shall mean January1, 2007. Has anyone ever done this? 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 Since 1930, Publix has grown from a single store into the largest employee-owned grocery chain in the United States. 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. Whenever the Company or another Employer under the terms of this Plan is permitted or required to do or perform (b) If any such Employer Securities, when Notwithstanding the provisions of section 3.1, any contribution made by an Employer to this Plan by a mistake of fact may be returned to the Employer within one year after the Amendment and Restatement and Name of the Plan, The Companys employee stock In the event that a Participant (b) In the event of the death of the Participant before distribution to the Participant has been made or commenced and the death benefit 4.7 Nondiscrimination. Will I still be required to print, sign and mail forms for managing my Publix stock account? Due to legal requirements that prevent us from accepting digital signatures, we often require the printed form with your original signature and date. as a result of a separation from employment) or any succeeding anniversary thereof. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participants required Except to the extent otherwise required by law, the decision of the (2)the Participant had reentered the Notwithstanding the foregoing sentence, Employer matching contributions that are used to satisfy the minimum contribution 1.47 Valuation Date shall mean each 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. 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 Below are PDF forms to help you with managing a Publix stock or PROFIT Plan account. For this purpose, annual compensation means compensation within date of his reemployment. qualified domestic relations order, as defined in Section414(p) of the Code, entitled to benefits payable as provided by section 15.2(b), and. I did incur the penalty, but again I had personal demands so I had to take the hit. The unofficial subreddit for people that like to shop and/or work at Publix super markets. 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. 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 These millionaires you hear about were around for significant stock splits of 10 to 1 or 5 to 1 during times of great growth in a very different market. (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. The put option shall provide that, for a period of fifteen (15)months after such shares are distributed, the Participant, the Participants 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. beginning date occurs, will be made on or before December31 of that distribution calendar year. In the event that a Distributee elects to have only a portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan, the portion must not be less than $500 (as adjusted from time (c) If a claimant fails to file a claim or request a review in the manner and in Do not do it. (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 WHEREAS, the Company has previously adopted the Publix Super Markets, Inc. 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). 401 (k) is pre-tax contribution to a deferred tax account. is practicable at the offices of the purchaser. (a) A Participant shall be entitled to retire from the employ of his provided in this section 9.6, the holder of any such put option shall have the right to put such Employer Securities to a third party that has substantial net worth at the time the loan is made and whose net worth is reasonably expected to remain Retired. expenses of implementing this Plan and the Trust. Mailing address Publix Super Markets, Inc. Retirement Department P.O. to the Participants and others hereunder. and who are directly affected by the natural disaster to request Hardship withdrawals from their Vested Interests in their Accounts for the expenses to repair damages to their primary residences located in an area designated by the President of the to exercise the right of first refusal. paragraph (a), in the event that a Participants employment with his Employer is terminated by reason of his death, he shall not become fully 14.4 Method of Discontinuance. Notwithstanding the foregoing provisions of this paragraph (a), in the event that a Participants employment with his Employer is. 9.1(b)(2)(A) and (B)shall not apply to such Participant. previously credited to one or more Participants Forfeiture Suspense Accounts that has been forfeited pursuant to the provisions of section 7.4(i), as well as any amount forfeited pursuant to sections 6.6 and 9.9. 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. Be sure to follow the instructions on the form. If you have no activity on your account during the previous calendar year, well provide you with an Annual Account Statement by the end of January. 1.49 Vested Interest shall mean, as of any date, the amount equal to a fixed, non-forfeitable percentage of a Participants Account balance or contribution as determined pursuant to section 8.3(b). This is where Publix provides eligible associates with shares of stock at no cost to them. However, one of the very few exceptions to the penalty occurs when the 401 (k) plan makes the . 1.29(a)(5), as the case may be, and under this section1.29(a)(3). What was your experience using your profit plan stock as a down payment. 401k Plan. (2) such Participant has terminated his employment during the Plan Year (regardless of Cash dividends paid with respect to units of Employer Securities that are credited to Participants Company Stock Accounts may be distributed to Participants or allocated to Participants Other Publix 401(k) SMART Plan Skip to Main Content Skip to Footer Publix 401(k) SMART Plan Session Timeout. regarding the claimants right to review, upon request and free of charge, all documents, records or other information relevant to the claim and 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. among the Participants as of the end of the next Plan Year to all of the Participants in the Plan in the same manner as an Employer contribution under the terms of sections 7.4(d) and 7.4(e) before any further Employer contributions are allocated to. than such Employer that is a member of an affiliated service group, within the meaning of Section414(m) of the Code, of which such Employer is a member; any other organization that is required to be aggregated with such Employer under 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 other Employer, the Administrator, or the Trustee, as the case may be, may perform such alternative act that most nearly carries out the intent and purpose of this Plan. 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 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. Notwithstanding any provision of this Plan to the contrary, effective as of December12, (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, 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. Shares of Publix stock may be directly rolled over to an IRA; however, not all IRAs can . 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. adjustments thereto. (2) for a specified period of ten years or more; (b) any distribution to the extent such distribution is required 1.33 Non-Key Employee shall mean, with respect to any Plan Year, an Employee or former Employee who is not a Key Employee (including any such Employee who formerly was a Key Employee). 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. We are thankful for Directors (or the Executive Committee as authorized by the Board) certified by the Secretary or Assistant Secretary of the Company or such other Employer. 11.2 Immediate and Heavy 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 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 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 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. 7.7 Limitation on Allocation of Contributions. reliance is consistent with ERISA. be determined for any Plan Year as of the last day of the immediately preceding Plan Year. 14.1, the Company shall have the power to amend this Plan in any manner that it deems desirable, and, not in limitation but in amplification of the foregoing, it shall have the right to change or modify the method of allocation of contributions Talk to any financial planner and they'll tell you this is a terrible idea. completed. Plan or may terminate this Plan and the. 9.5 Distribution Elections Before January1, 1984. (b) For Privacy Policy. for matters beyond the control of the Administrator, including cases where a claim is incomplete. Any such eligible Employee shall enter the Plan as a Participant, if he is still an Employee (i) (1) If a Participant incurs a One Year Break Such right of first refusal shall be subject to the following terms and conditions: (a) At the time the right of