Help is available to retirement plan participants affected by the coronavirus

April 23, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020, and allows plan sponsors to adopt certain changes to retirement plans for eligible plan participants. As a result, Publix is choosing to offer coronavirus-related distributions and loan assistance through its retirement plans.

Participant eligibility requirements

First, to be eligible, you must be an active associate and vested in your retirement plan account<

Second, you need to meet one of the following requirements:

You, your spouse or your dependent were diagnosed with the coronavirus (COVID-19) or SARS-CoV-2 through a test approved by the U.S. Centers for Disease Control and Prevention (CDC) or
You have experienced or are experiencing a negative financial impact from COVID-19 or SARS-CoV-2 due to
- being quarantined
- reduced work hours at Publix
- being unable to work because of lack of child care
- being furloughed or laid off or having reduced work hours if you also work for another employer or
- closing or having reduced hours for a business you own or operate.

As part of the process to request a coronavirus-related distribution or loan assistance from the retirement plan, you will be asked to certify you meet the COVID-19 or SARS-CoV-2 eligibility requirements. Although Publix will rely on your certification, we recommend you keep documentation of how you specifically meet the eligibility requirements should the IRS request this from you.

401(k) SMART Plan loan

If you meet the eligibility requirements, you may elect to take out a loan from your vested SMART plan account. You also can choose to not begin repaying the loan for up to 1 year.

Amount available for a new loan:

The eligible loan amount is the lesser of
- $100,000 minus your highest outstanding loan balance in the previous 12 months or
- 100% of the vested balance in your SMART plan account.
The $100,000 loan limit is effective through Sept. 23, 2020. Afterward, the limit decreases back to $50,000.

Refund of new loan fee: If you take out a loan from your SMART plan account from April 1 through Sept. 30, 2020, Voya will refund the $75 loan initiation fee back to your SMART plan account within 90 days of the transaction.

Delay repayment of loan:
- All loans are repaid through automatic payroll deductions.
- You can choose to delay repayment of a new or existing loan for up to 1 year for regularly scheduled payments due March 27 through Dec. 31, 2020.
For additional information about taking out a new loan or delaying repayment of a new or existing loan, contact Voya at 1-888-401k-PLN (1-888-401-5756). Customer service associates are available to assist you Monday – Friday from 8 a.m. to 8 p.m. Eastern time (except on stock market holidays).

Coronavirus-related distributions

If you meet the eligibility requirements, you may elect to take a coronavirus-related distribution (CRD) from your vested SMART and/or PROFIT plan accounts. The maximum amount you can choose to take is up to $100,000 combined for both the SMART and PROFIT plans. A CRD is not a loan and cannot be repaid to the SMART and PROFIT plans.

If you choose to take a CRD, federal income taxes will not be withheld from your distribution. In addition, the IRS will waive the 10% penalty for early distribution from a retirement plan.

The CRD will be reported to you as a taxable distribution on Form 1099-R for the 2020 tax year. The CARES Act allows you to elect to evenly spread the taxes due on the CRD over your individual income tax returns for 3 tax years — 2020, 2021 and 2022. At any time during the 3-year period, beginning after the date of distribution of the CRD, you can choose to roll over the amount of your distribution to an IRA or another qualified plan that accepts rollovers. Publix recommends you work with a qualified financial or tax adviser.

Receiving your funds

PROFIT Plan participants: If you elect a CRD from the PROFIT Plan, your distribution will be processed as soon as administratively possible during one of the following date ranges:

May 8 – June 26, 2020
Aug. 7 – Sept. 25, 2020 and
Nov. 6 – Dec. 18, 2020.
Requesting a PROFIT Plan CRD: Contact the Publix retirement department to request CRD forms.
Hours of operation: Monday – Friday, 8:30 a.m. to 4:30 p.m. Eastern time
Phone number: (863) 688-7407, ext. 52327 or toll free 1-800-741-4332 (outside of Lakeland)

SMART plan participants: If you elect a CRD from the SMART plan, your distribution will be processed and a check mailed to you within 2 – 3 business days. However, if you have money in the Publix Stock Fund and there are insufficient non-Publix stock investments to process your CRD, your CRD will first be made from the other investment fund options and a check mailed to you within 2 – 3 business days. The remainder of your distribution will be made from the Publix Stock Fund on the next valuation date and a check mailed to you within 2 – 3 business days. Publix stock valuation dates are generally March 1, May 1, Aug. 1 and Nov. 1.

Requesting a SMART plan CRD: Contact Voya at 1-888-401k-PLN (1-888-401-5756) to request a CRD. Customer service associates are available to assist you Monday – Friday from 8 a.m. to 8 p.m. Eastern time (except on stock market holidays).