2022 PROFIT Plan results
March 02, 2023
Publix is pleased to announce its PROFIT Plan contribution is 8% of eligible wages for the 2022 plan year. The PROFIT Plan is an employee stock ownership plan (ESOP) — a type of retirement plan.
PROFIT Plan eligibility
You automatically become a participant in the PROFIT Plan once you complete 1 year of employment in which you receive at least 1,000 work credit hours. You receive work credit hours for the hours you’re paid and for certain company-approved leaves of absence.
You were eligible to share in Publix’s contribution to the PROFIT Plan for 2022 if you
- were a participant in 2022
- received at least 1,000 work credit hours in your anniversary year that ended during 2022 and
- were employed as of Dec. 31, 2022.
Publix’s contribution
Publix’s contribution to the PROFIT Plan is made in Publix stock at no cost to associates. Your share of the contribution for 2022 is valued at 8% of your eligible wages.
Your eligible wages are generally the pay you received from the date you became a PROFIT Plan participant in 2022 through Dec. 31, 2022. If you were a participant prior to 2022, your eligible wages are generally the pay you received during 2022.
Over 148,000 full- and part-time associates shared in Publix’s contribution to the PROFIT Plan for the 2022 plan year. The value of the average contribution was approximately $3,127 per associate.
“Publix prides itself on being able to contribute to the PROFIT Plan at no cost to our associates,” said Vice President of Benefits Administration Monica Allman. “Over the years, this plan has allowed associates to become company owners, which is something Mr. George championed when he opened the first Publix store . Taking care of his associates was always a top priority, and we’re proud to carry on that legacy today.”
Stock value
In addition to Publix’s contribution to the PROFIT Plan, the value of Publix stock increased 5.7% for the 2022 plan year, excluding dividends. This percentage is based on the $0.79 increase (from $13.76 per share to $14.55) in the Publix stock valuation for the fiscal 4th quarter ended Dec. 25, 2021 (stock valuation effective March 1, 2022), through the fiscal 4th quarter ended Dec. 31, 2022 (stock valuation effective March 1, 2023). The value of Publix stock as of March 1, 2022 was adjusted for the 5-for-1 stock split that was effective as of the close of business April 14, 2022.
Over the last 10 years, the growth of Publix stock has averaged 12% per year (excluding dividends and determined as of March 1, 2023). Please remember, past performance is no guarantee of future results.