Eligibility expanded for CARES Act assistance from the retirement plans

July 15, 2020

Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, eligible participants may elect to take a coronavirus-related distribution (CRD) of up to $100,000 from their 401(k) SMART and/or PROFIT Plan accounts and/or request loan assistance from the SMART plan. The IRS has expanded the requirements to be eligible for CARES Act assistance.

Expanded eligibility requirements
If you’re an active associate and vested in your retirement plan account, you must meet one of the requirements below to be eligible for a CRD and/or loan assistance. The changes made by the IRS are in bold.

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, your spouse or a member of your household has experienced or are experiencing a negative financial impact as a result of COVID-19 or SARS CoV-2 due to
- being quarantined
- reduced work hours
- being unable to work because of lack of child care
- being furloughed or laid off if you, your spouse or a member of your household work for another employer
- closing or having reduced hours for a business you, your spouse or a member of your household own or operate
- experiencing a reduction in pay or self-employment income or
- having a job offer rescinded or start date for a job delayed.

As part of the process to request a CRD and/or loan assistance, you’ll 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.

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:

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)

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. The remainder of your distribution will be made from the Publix Stock Fund on the next valuation date and a check mailed to you. Publix stock valuation dates are generally March 1, May 1, Aug. 1 and Nov. 1.

Requesting a SMART plan CRD and/or loan assistance: 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).