PROFIT Plan hardship withdrawal for Tennessee severe weather
May 12, 2021
The PROFIT Plan, our employee stock ownership plan, has temporarily expanded its hardship withdrawal provision to assist Publix associates and/or their family members affected by the severe storms, tornadoes and flooding in Tennessee March 25 – April 3, 2021.
On May 8, 2021, President Biden declared Davidson, Williamson and Wilson counties as major disaster areas. This follows the temporary expansion of the PROFIT Plan’s hardship withdrawal provision for severe weather in Alabama on March 25 – 26, 2021. Additional counties may be added to these lists should the Federal Emergency Management Agency (FEMA) expand the declarations.
- What it helps cover: Damages to the primary residences, personal vehicles or both for eligible associates and/or their family members as a result of the severe weather in Tennessee March 25 – April 3, 2021. The costs covered include insurance deductibles and uninsured repairs.
- Eligibility: In order to receive a hardship withdrawal, you must be an active associate who
- is vested in your PROFIT Plan account and
- has no other means to satisfy your financial hardship, including
- money that is readily available through assets you own or
- financial assistance available through FEMA and/or individual insurance policies.
- Expiration date for this temporary provision: Sept. 23, 2022 Request form and information: Contact the retirement department at 863 688-7407, ext. 52327; outside the Lakeland calling area dial toll-free 1 800-741-4332. Supporting documentation for the amount requested to satisfy the financial hardship must be submitted with the form.
- Distribution of funds if approved: Approved distributions are made from the PROFIT Plan on Fridays during open periods, which are
- May 7 – June 25, 2021
- Aug. 6 – Sept. 24, 2021
- Nov. 5 – Dec. 17, 2021
- March 11 – 25, 2022
- May 6 – June 24, 2022
- Aug. 5 – Sept. 23, 2022