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 $130,000* or more in 2020) may elect once a year in December to participate in the OSI Restaurant Partners, LLC HCE Deferred Compensation Plan (the “DCP Plan”) in 2021.

If you meet the eligibility requirements, you will be notified and offered the opportunity to participate in the election period for 2021, held November 30 through December 27, 2020. Distributions are processed in January each year.

* Distributions earned under the PEP Plan do not count towards the $130,000 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 2021 — November 30 through December 27, 2020

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 ($150,000). The income tax rate is based on the 2018 income tax brackets issued by the IRS.

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