Team Members who meet the IRS definition of a highly compensated employee (those who earned $125,000* or more in 2019) may elect once a year in December to participate in the OSI Restaurant Partners, LLC HCE Deferred Compensation Plan (the “DCP Plan”) in 2020.
If you meet the eligibility requirements, you will be notified and offered the opportunity to participate in the election period for 2020, held November 25 through December 20, 2019. Distributions are processed in January each year.
* Distributions earned under the PEP Plan do not count towards the $125,000 threshold.
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 at a Glance for more plan highlights.
How the plan works
Participating in the DCP Plan provides important tax benefits along with opportunities for investment.
You’ll be notified of your eligibility to participate in the election period for 2020 — November 25 through December 20, 2019
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
You’re immediately vested (have full ownership) in the amount you defer and in any investment earnings on those amounts
Choose from several recordkeeping investment options to suit your goals, time horizon, and risk tolerance
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
- Unforeseeable emergency
Deferring part of your income with the DCP Plan offers clear advantages for saving on current taxes.
|Without DCP||With DCP|
|* Assumes you’re an unmarried individual paying 35% in federal income taxes on your annual compensation ($150,000). The income tax rate is based on the 2018 income tax brackets issued by the IRS.|
Transition to Fidelity
As part of this transition, 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.
Fidelity Participant Service Center