Tip 1: Don’t miss out on free money

Tip 1: Don’t miss out on free money

Bloomin’ Brands matches 100% of the first 3% of your contributions, plus 50% of the next 2%. How does free money sound? It’s a no-brainer right?

But believe it or not, many of your fellow employees are leaving money on the table — by not participating in the 401(k) Savings Plan or by contributing too little to earn the full match. Make sure to contribute 3% of your pay to get the dollar for dollar match — and contribute 5% of your pay to get the additional 50% match. That’s like getting a dollar-for-dollar match equal to 4% of your pay.

How much of a difference does it really make? Check this out…

 Jon defers 2%Amy defers 6%
Annual income$40,000$40,000
Deferral percentage2%6%
Team Member's contribution $800$2,400
Company contribution$800$1,600
Missed company contribution$800$0
Total contributed to the 401(k)$1,600$4,000