Loans
While the primary purpose of a retirement plan is for long-term saving, the time may come when you need extra money for something important. You may be able to borrow money from your SMART plan account.
Amounts permitted
- Minimum: $1,000
- Maximum: 50% of your account balance, up to $50,000
If you have or have had an existing loan in the previous 12 months, the maximum amount is reduced by your highest outstanding loan balance in the previous 12 months.
Loan terms and restrictions
- You can only take 1 loan each year.
- You can only have 1 loan outstanding at a time.
- The loan money can’t be invested in the Publix Stock Fund.
- A loan processing fee is deducted from your SMART plan account balance.
- If you live in Florida, a documentary stamp tax is deducted from your account for remittance to the State of Florida.
Impact on your retirement goals
Use the myOrangeMoney tool on the 401(k) SMART Plan website to understand a loan's impact on your retirement goals and readiness.
Repayment of loan
You repay the loan amount plus interest to your SMART plan account through automatic, after-tax deductions. The repayments are deposited in your SMART plan account based on your current investment election.
The information provided on this website is intended to assist associates in understanding Publix's benefits. The information is in summary form and does not cover all details of the benefits. For specific benefit details, please see Your Associate Handbook or the Benefits Plan Documents. If there is a conflict between the information on this website and the contents of the handbook or plan documents, the terms of the handbook or plan documents control.
