401(k) Retirement Planning
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401(k) Plan & Trust
Your 401(k) plan is an important part of preparing for your financial future. Invest some of what you earn today for what you plan to accomplish tomorrow. To learn more about your 401(k) benefit, confirm your eligibility and review the plan information below. Then, begin investing in your future, today.
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Plan Highlights & Eligibility
About the Plan
General Eligibility
Salaried Team Members, Sous Chefs, MITs, GEDMs, and Flex Managers are eligible to enroll in the OSI Restaurant Partners, LLC Salaried Employees 401(k) Plan & Trust.
The following Team Members are not eligible to participate in the Plan:
- Hourly Team Members
- Those not on U.S. payroll
- Those working for a non-participating employer
Highly Compensated Employees
Team Members who meet the IRS definition of a Highly Compensated Employee (those who earned $150,000 or more in 2023) are not permitted to participate in the 401(k) Plan in 2024. Instead, these Team Members may elect once a year in December to participate in the OSI Restaurant Partners, LLC HCE Deferred Compensation Plan (the “DCP Plan”).
Your Contributions
You may contribute your eligible compensation* on a pretax basis, up to the IRS contribution maximum. In 2024, you can contribute up to $23,000 on a pretax basis. If you’re age 50 or older in 2024, you may be eligible to contribute an additional $7,500 in catch-up contributions.
*Eligible compensation excludes bonuses (but includes monthly JVP, MP, and CP distributions paid through payroll).
- Team Member contributions will begin within 1-2 pay periods after enrollment.
- Plan contributions are made through regular payroll deductions, which make it easy and automatic. You can adjust your contribution rate at any time.
Company Contributions
401(k) Match
The 401(k) Plan has a discretionary employer match feature: this means the company will contribute funds into your 401(k) account, but only if you contribute as well.
For the 2024 plan year, Bloomin’ Brands will match 100% of the first 3% of your eligible compensation that you contribute to the Plan, plus 50% of the next 2%* that you contribute.
- To get the maximum benefit from the match feature, you should defer at least 5% of your pay.
- The match will be deposited into your account in the first quarter of the following year. Money deferred under the catch-up contribution allowance will not be matched.
- The 2024 matching contributions, if you remain eligible, will be paid into your account in March 2025.
*For managing partners and chef partners, the match will also be applied to 401(k) deferrals you make from your monthly distributions.
To be eligible for the match:
- you must be in a salaried or an hourly with salaried position as of Dec. 31 of the plan year; and
- your pre-tax contributions must have been made to the 401(k) plan that year.
Vesting
Vesting is your right to all or a portion of your account balance. You are immediately 100% vested in your Team Member contributions, including elective deferrals, catch-up contributions and rollover contributions, and in any company discretionary matching contributions, adjusted for earnings or losses.
Choosing Your Investments
Once you’re enrolled, make sure to review your investment selections periodically. If your goals or circumstances change, consider revising your strategy and investment selections to match them.
Information about investment options and any potential fees are available on the Fidelity website. Until you make your investment selections, contributions to your account will be invested in the Fidelity Freedom® Fund associated with your estimated retirement date based on your date of birth.
You may change the way your future contributions will be invested as often as once daily.
Your NetBenefits Account
You will use your NetBenefits account to make your 401(k) Plan elections, update your beneficiary information, and set your contribution rate. You can change your contribution rate at any time if your goals or life circumstances change.
Choosing Your Investments
Once you’re enrolled, make sure to review your investment selections periodically. If your goals or circumstances change, consider revising your strategy and investment selections to match them.
Information about investment options and any potential fees are available on the Fidelity website.
Until you make your investment selections, contributions to your account will be invested in the Fidelity Freedom® Fund associated with your estimated retirement date based on your date of birth.
You may change the way your future contributions will be invested as often as once daily.
Unless you elect otherwise, your 401(k) statements and related communications will be available when you log in to NetBenefits. To update your mail preferences and receive printed materials at the home address you have listed in BBI Connect, go to NetBenefits > Profile > Preferences.
Account Access & Support
You can access your account online at NetBenefits, over the phone with a Fidelity representative, and/or using the automated voice response system available 24/7. Contact information for Fidelity can be found below.
Get Support
Fidelity provides help addressing comprehensive financial needs. A suite of services includes investment strategies, retirement income planning, income and asset protection, and family assistance.
Fidelity NetBenefits
401(k) Savings, Retirement Planning & Deferred Comp
Contact Information
401(k): 1-800-835-5095
Retirement Planning & Deferred Comp: 1-800-603-4015
Available Monday through Friday from 8:30 a.m. to 8:30 p.m. ET.
Quick Links
Retirement Tools from Fidelity
Whether you’re looking for investment education, you want to review your finances, or you’re thinking about retirement, Fidelity can help you take your next steps with confidence. With robust, online capabilities and experienced representatives within easy reach, you’ll have support with your most important retirement and financial decisions.
Fidelity offers:
- Online workshops
- Online planning tools
- One-on-one support
Online Planning
Discover something new on NetBenefits. In the Library section, review educational articles, infographics, videos, and more. In the Planning section, model and plan for your financial goals using the Planning & Guidance Center. Refer to this flyer to help you set up and use your NetBenefits account today!
Guidance Consultants
Fidelity’s representatives are specially trained, have a detailed knowledge of Bloomin’ Brands’ 401(k) Plan, and can assist you with your questions. Representatives are available from 8:30 a.m. to 8:30 p.m. Eastern Time, Monday through Friday.
Call 1-800-835-5095 to start your one-on-one conversation.
Tips for Growing Your 401(k)
No matter where you are in life, one thing will always be true — there’s never a better time than now to start a savings program. Why? Right now, you have access to free money from Bloomin’ Brands. Now is always better than later so that your savings have time to grow due to a little something called compounded growth potential — which we will get into in a bit.
Don't Miss out on Free Money
Bloomin’ Brands matches 100% of the first 3% of your contributions, plus 50% of the next 2%. Money deferred under the catch-up contribution allowance will not be matched. 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 percentage | 2% | 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 |
Take Advantage of Compounded Growth Potential
Another great reason to invest in your 401(k) is compounded growth potential. Not only do you get to keep more of your money working for you, but your contributions, your Bloomin’ Brands contributions, and any earnings are reinvested back into your account to help your money grow even more. And the longer it stays in your 401(k) account, the harder each dollar works for you.
Check this out. Jon and Amy both make $40,000. Both started working at Bloomin’ Brands at age 25. Amy starts saving right away and contributes 6% of her pay until she is 65. Jon puts off signing up for the 401(k) until he’s 35, but decides to contribute 10% of his pay, saving for 30 years until retirement. Who is better off at age 65?
Total contributions* | Total at age 65** | |
---|---|---|
Amy Total contributions, 6% of pay (40 years, from age 25 to 65) | $160,000 | $638,981 |
Jon Total contributions, 10% of pay (30 years, from age 35 to 65) | $168,000 | $456,980 |
**Assumes 6% average annual investment earnings.
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