Company ownership is one of the greatest benefits an employer can offer its associates. For 2016, Publix contributed 8.5 percent of associates’ eligible wages in Publix stock to the PROFIT Plan, our employee stock ownership plan.
You automatically participate in the PROFIT Plan after completing one year of service in which you’re credited with at least 1,000 work credit hours. As a participant, you were eligible to share in Publix’s contribution to the PROFIT Plan if you worked at least 1,000 hours during your anniversary year that ended in 2016. If you weren’t vested in your PROFIT Plan account, you had to be employed with Publix as of Dec. 31, 2016, to share in the contribution.
Each eligible associate received a new contribution of Publix stock to their PROFIT Plan account valued at 8.5 percent of their eligible wages for the 2016 plan year.
“Mr. George believed his associates should share in the ownership of Publix. Our company’s long-standing commitment to contributing to the PROFIT Plan has helped perpetuate our culture of company ownership,” Vice President of Benefits administration Linda Kane said.
The value of Publix stock decreased 9.5 percent for the 2016 plan year, excluding dividends. This percent is based on the $4.30 decrease (from $45.20 per share to $40.90) in the Publix stock valuation for the fiscal fourth quarter ended Dec. 26, 2015 (stock valuation effective March 1, 2016), through the fiscal fourth quarter ended Dec. 31, 2016 (stock valuation effective March 1, 2017).
Over the last 10 years, the growth of Publix stock has averaged 7.5 percent per year (excluding dividends and determined as of March 1, 2017). Please remember, past performance is no guarantee of future results.
The 2016 Publix Retirement Benefits Summaries for eligible associates will be posted on PASSport > Benefits > Benefits Summary by the end of April. This summary shows the activity in your PROFIT Plan account for 2016 and your total retirement program balance with the 401(k) SMART Plan as of Dec. 31, 2016. Be on the lookout for a message on passport when your summary is available.
