My Experience with PSP as a Former Partner

I just wanted to share my experience with getting my PSP as a former partner, as if anyone who leaves in the future is anything like me, they’ll be searching for when and how to obtain this money, and I was unable to find a really good post about it.

I left the company June 2023. I was with the company for 8 years, so I was fully vested. You have to wait a full year, then to the following January to request this money. So, I had to wait until January 2025. H‑E‑B currently uses Voya for PSP and retirement, so I highly recommend making sure you’re able to log in and access your account in Voya.

With January 1st being a holiday, I waited until the 2nd to see if I was able to withdraw online. It still showed my amount to withdraw as 0, so I called partner services. There’s an option for former partners, and then an option for PSP. This connects you (eventually) to Voya. There’s lowkey a crazy amount of menus to get through, and then I was on hold for 30 minutes before talking to someone. She informed me that because the 1st was a holiday, they’re “a day behind” (truly, idk what that means) and that I would be able to withdraw on the 3rd.

First thing in the morning on the 3rd, I logged into Voya and could see that I was able to withdraw. You can choose how much to withhold for taxes (the standard was 20% and I know you could go higher, unsure if you could elect to lower the percentage). If you do not have a bank account set up in Voya, then you can choose a check or for a $50 fee, they’ll expedite the process and the check. If you have your bank information in Voya (and I really wish I had set that up), then you can get a direct deposit. However, there is a 7 day waiting period for a new bank account. So if you want direct deposit, set that up ASAP.

I chose the expedited check. My Voya currently has a message saying that my request has been processed successfully and I can expect my check by or on January 10th. As of now (January 8), I have not received it. I’ll update when I do!

Hope this helps any future ex-partners.

Update 1: actually received the check today (January 8th!). They used UPS Express. They only took out the 20% that was withheld for federal taxes. If I remember, I’ll come back next tax season to update on the penalty (since I’m younger than 59 1/2)!