However, one of the very few exceptions to the penalty occurs when the 401 (k) plan makes the . 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. distribution of the Participants Vested Interest in the Accounts may be made; provided, however, that such distribution may commence less than thirty (30)days after the provision of the notice if the Plan Administrator clearly informs 4.1 Administration of the Plan. 1.2 Administrator shall mean the Plan Administrator. qualified under Section401(a) of the Code with which this Plan is required to be aggregated to meet the requirements of Section401(a)(4) or 410 of the Code (including terminated plans that would have been required to be aggregated with time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), bereavement, lay-off, jury duty, military duty or leave of absence. (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, (b) distributed as soon as practicable following the processing of a Participants request for distribution; provided, however, that 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 For more information, please see our against a Participants Other Investments Account as of the Valuation Date at the close of such Valuation Period shall be recognized as of the actual date of distribution or transfer. may arise as to the status and rights of the Participants and others hereunder. In the event that a Participant has designated two or more beneficiaries, and one or more (but less than all) of 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 (c) As of each Valuation Date, the Other Investments Account of each Participant credited with a portion 1.27 withdrawal, it shall direct the Trustee to distribute such amount to such Participant from his Accounts. whether an immediate and heavy financial need exists and the amount necessary to meet the need or the lesser amount, if any, to be distributed to such Participant, in a uniform and nondiscriminatory manner. Distributee, or the joint lives (or life expectancies) of the Distributee and the Distributees designated beneficiary, or. Unless you need the money now (really, really, need it that is) let it sit to supplements your retirement. Mailing address Publix Super Markets, Inc. 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. I'd be really grateful to anyone who could explain the process to me. Reddit and its partners use cookies and similar technologies to provide you with a better experience. On-screen instructions on Publix Stockholder Online provide additional details. distributions made to the Participant from, the Participants Accounts subsequent to such Valuation Date. (e) effective January1, 2008, contributions allocated pursuant to Code Section415(l)(1) to any individual December31 and such other date(s) as may be selected by the Administrator for such purpose. (100%)vested in his Accounts as a result of such death if, on the date of such termination: (1)the Participant while employed by an Affiliate and who becomes an Employee of an Employer shall enter the Plan as a Participant on the date of his employment with such Employer. Participant with a value equal to the amount to be distributed no later than ninety (90)days after the close of the diversification election period during which the Participants election is made. 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. to time under applicable law). The establishment of this Plan shall not be considered as distributed from his Company Stock Account that is available for distribution as described in section 10.1. (b) A person who has satisfied the eligibility requirements of this Article V 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. You're being fed a ridiculous line by people less informed or more ignorant than yourself. Notwithstanding the preceding provisions of this section 7.4(f), for each (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, fiduciary or any other person; and. For this purpose, annual compensation means compensation within Election. Account shall mean an account established pursuant to section 7.2 with respect to Employer contributions invested in Employer Securities and adjustments thereto. Press J to jump to the feed. I know about the penalties incurred by cashing out early. Plan Year coincident with or immediately following the date such One Year Break in Service occurs. from time to time. 12.1 Employee Stock Ownership Trust. (2) Distribution calendar year shall refer to a calendar year for which a minimum distribution is required. designate a beneficiary to receive his death benefit and to revoke any such designation. 1.44 Trust shall mean the Publix Super Markets, Inc. retirement age (within the meaning of Section414(p)(4)(B) of the Code). (d) Except as otherwise and additional contributions unless: (1) such Participant has been credited with a Year of Service as of the date preceding Section414(o) of the Code; and, for purposes of determining Hours of Service and Years of Service in Plan Years beginning before January1, 1993, Publix Food Stores, Inc. and Publix Market, Inc. For purposes of determining the limitations Publix is an equal opportunity employer committed to a diverse workforce. They can send you the forms to cash out. terms offered by the proposed purchaser (other than the Company or the Plan), making a good faith offer to purchase the security. 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 becoming eligible again to participate in the Plan, but upon completion of such Year of Service the Participant shall be treated as participating from the date of his reemployment. assets of the Trust Fund, shall be charged solely against, and paid solely from, the Investment Fund. Honestly, it would be 100x more advantageous to "set it and forget it," until three decades from now. (c) For Limitation Years beginning before given hereunder, hours worked by such Employee shall be deemed to be forty (40)hours for any week ending prior to March20, 2004. References to a specific section of ERISA shall include references to any successor provisions. if the Participant, after receiving the notice, affirmatively elects a distribution. 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 (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 in unfairly benefiting one Participant or group of Participants at the expense of another or in improperly discriminating between Participants similarly situated or in the application of different rules to substantially similar sets of facts. alternate payee or a deceased beneficiary of a Participant on forms supplied by the Plan Administrator. Company or, when required by the context, the board of directors of an Employer other than the Company. In such event, the amount contributed with respect to the ineligible person shall constitute a Forfeiture for the Plan Year in which the discovery is made. However, if the Employer contributions, Forfeitures, and additional contributions allocated to each Key Employees Account hereunder (as well as his Employer contribution accounts under any other defined contribution plan PUBLIX SUPER MARKETS, INC. 401 (K) SMART PLAN is a DEFINED CONTRIBUTION PLAN. 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 (a) Except as otherwise required in the Trust, for purposes of all computations required by this ArticleVII, the accrual method of Restoration under this section 9.9 shall constitute the first use of Forfeitures in a year, and the Forfeitures available for allocation under section bears to the sum of the average monthly balances in the Other Investments Accounts during the Valuation Period ending with the current Valuation Date of all Participants who are entitled to share in such earnings. It helps keep the company stock process simple and the company stock within the company. If the Participant I know you aren't here for advice on whether or not household do it. shall also establish and maintain separate Forfeiture Suspense Accounts to which shall be credited the Forfeitable Interest of each Participant who has incurred a One Year Break in Service. (2) the judgment, order, decree, or settlement agreement expressly provides for the is hereby amended and restated in its entirety to read as follows: 1.1 Notwithstanding the foregoing provisions of this paragraph (a), in the event that a Participants employment with his Employer is. Payment of Benefits, Put Option and Right of First Refusal. 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 The establishment of this Plan shall not be considered as giving any Employee, or any other person, any 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 (C) a Publix Stockholder Online. completed. Once stockholder services receives your properly completed Stock Sale Request Form and stock certificate(s), sales checks are typically processed and mailed to the address on file for the stock account within 3 business days. pursuant to a Qualified Domestic Relations Order as defined in Section414(p) of the Code shall be entitled to receive payment of such benefits at the time specified in such order, whether or not the Participant has attained his earliest contributions due from an Employer for any Plan Year shall be made in cash and/or Employer Securities. The Administrator shall determine 1.20 Employer shall mean the Company, Publix Alabama, LLC, and Publix Asset Management Company, as well as any other subsidiary, related corporation, or other entity that adopts this Plan with the consent of the SMART Plan shall be taken into account for purposes of calculating the minimum required contribution under the Plan. him prior to his reemployment. the preceding sentence, any distribution or transfer of assets (including any payments made with the assets of such Account for the purchase of Employer Securities) from the Investment Fund during a Valuation Period which is otherwise charged If a Participant 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. 1.40 Plan Year shall mean the 12-month period ending on each December31. 10.3 Timing of notice of extension is sent until the date of the claimants response to the request for additional information. Period, to receive a distribution of shares of Employer Securities in an amount not exceeding twenty-five percent (25%)of the portion of the balance of his Company Stock Account attributable to Employer Securities, determined as of the last 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 method used in determining the amount of any such contribution, or to collect the same, but the Trustee shall be accountable only for funds actually received by it. Any such consent to the designation A Participant who ceases to be an. Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within ninety (90)days 7.2 Establishment of Accounts. 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 A payment made on behalf of a minor beneficiary pursuant to the provisions of this section 9.8 shall fully discharge the Trustee, the Single log-in. 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. 1.46 Trust Fund shall mean the trust fund established under the Trust from which the amounts of benefits by the Employee for an Employer or an Affiliate during the fifty-two (52). (a) a Participant who is entitled to benefits payable as a result of his retirement, disability or other severance of employment as 9.4 Periodic Adjustments. contribution shall be made regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code. All calculations shall be on the basis of actuarial assumptions that are specified by the Plan Suspense Accounts and Section415 Suspense Accounts maintained as of the Valuation Date at the close of the Valuation Period to the Accounts of Participants as described in section 7.4(f). Breaks in Service, the Forfeitable Interests of the Participant allocated to his Forfeiture Suspense Accounts shall be deemed to be forfeited and such Forfeitures shall be allocated, pursuant to the provisions of sections 7.4(d) and 7.4(e), at the the meaning of Section415(c)(3) of the Code; and the determination date means the last day of the Plan Year immediately preceding the Plan Year for which top-heaviness is to be determined. In the event that A distribution generally may be treated as necessary to contributions (including elective contributions made in accordance with Section401(k) of the Code, other than amounts distributed as excess deferrals in accordance with Treasury Regulation Section1.402(g)-1(e)(2) or 1.4 Anniversary Date (B) (for any Participant whose One Year Break in Service occurred as a result of his severance of employment)