Bloomin Brands Home
Search
  • Benefits
    Welcome to 2023Medical & RxDental & VisionLife and AD&DDisabilityMetLife Legal PlansOther BenefitsExplore BBI BenefitsGetting the Most From Your BenefitsTransparency in Coverage
  • Accounts
    Health Savings AccountHealth Reimbursement AccountFlexible Spending Accounts401(k) Retirement SavingsDeferred Comp
  • Wellness
    EAPHealth RewardsWW
  • Enroll
    EligibilityNew EnrollmentLife Events
  • Tools & Contacts
  • FAQs
  • Signup for SMS alerts

Deferred Compensation Plan

The Deferred Compensation Plan (DCP Plan) was developed for employees ineligible to participate in the 401(k) Plan due to IRS contribution limits.

Eligibility

Team Members who meet the IRS definition of a highly compensated employee (those who earned $135,000* or more in 2022) may elect once a year in December to participate in the OSI Restaurant Partners, LLC HCE Deferred Compensation Plan (the “DCP Plan”) in 2023.

If you meet or are projected to meet the eligibility requirements, you will be notified and offered the opportunity to participate in the election period for 2023, held November 29 through December 17, 2022. Distributions are processed in January each year. Please note – if your actual earnings are determined in December to fall below the highly compensated limit, you will be notified and your DCP Plan elections for next year will be canceled, and you will be able to contribute to the 401(k) Plan instead.

* Distributions earned under the PEP Plan do not count towards the $135,000 threshold.

Why participate?

Deferred compensation plans allow eligible participants to:

  • Defer pre-tax compensation.
  • Reduce your taxable income.
  • Utilize tax-advantaged investment options.
  • Schedule penalty-free distributions while employed for short-term goals.
  • Plan for retirement and other long-term savings goals in a tax-effective manner.

See the DCP Plan Highlights for more plan highlights.

How the plan works

Participating in the DCP Plan provides important tax benefits along with opportunities for investment.

Enrollment

You’ll be notified of your eligibility to participate in the election period for 2022 — November 29 through December 17, 2022.

Deferrals

You can choose the amount of your pay to defer to the plan on a pre-tax basis:

  • Base Salary — 5% to 90% of eligible base salary
  • Monthly Bonus — 5% to 100% of eligible bonus
  • Annual Bonus — 5% to 100% of your eligible bonus

The deferral election(s) you make for a given calendar year are locked in and cannot be changed until the following year.

Vesting

You’re immediately vested (have full ownership) in the amount you defer and in any investment earnings on those amounts.

Investment Options

Choose from several recordkeeping investment options to suit your goals, time horizon, and risk tolerance.

Distributions

When you enroll, tell us how you’d like to receive future distributions, which can be paid upon your choice of:

  • Termination/separation from service
  • Selected date three or more years in the future
  • Death
  • Disability
  • Unforeseeable emergency

Tax advantages

Deferring part of your income with the DCP Plan offers clear advantages for saving on current taxes.

Without DCP With DCP
Eligible pay$150,000$150,000
Deferral amount$0$25,000
Tax bill*$52,500$43,750
Tax savings$0$8,750
* Assumes you’re an unmarried individual paying 35% in federal income taxes on your annual compensation.

Annual distributions

BBI will process the annual distributions in January in-house via payroll. To take advantage of direct deposit, please ensure your contact and direct deposit information are current within BBI Connect. Otherwise, any distribution due will be paid by check mailed to the home address on file in BBI Connect.

For help accessing your BBI Connect account, please contact the BBI Resource Center at 1-800-555-5808 or email BBIConnect@BloominBrands.com.

Contacts

Deferred Compensation

Fidelity Participant Service Center

  • 1-800-835-5095 | Available Monday through Friday 8:30 a.m. to 8 p.m. ET
  • netbenefits.com

BBI Resource Center

General benefits information and eligibility

  • 1-800-555-5808 (Option 3) | Available Monday through Friday 9 a.m. to 6 p.m. EST
  • bbiconnect@bloominbrands.com

Team Member Benefits

Learn more about the benefits available to eligible Team Members. Select the benefits category that matches your position.
Transparency in Coverage

Quick Links

Enroll in your benefits
View legal & plan documents
See common benefit terms
Use your tools and contacts
Frequently asked questions (FAQs)
Bloomin Brands

Bloomin Brands © 2023 All Rights Reserved.

Outback
Carrabbas
Bonefish Grill
Flemings
Aussie Grill