Deferred Compensation Plan Administration
Plan is administered by the Deferred Compensation Board which shall represent the Employer and all participants in all matters concerning the administration of the Plan in accordance with the Plan Document most recently adopted by the City Council as of October 9, 2014.
FOR MORE INFORMATION CONTACT:
CITY OF FRESNO, RETIREMENT OFFICE
2828 FRESNO STREET, SUITE 201
FRESNO, CALIFORNIA 93721
Deferred Compensation Board
The Deferred Compensation Board consists of five members selected as follows:
- BOARD MEMBERS
(As of August 2020)
- John Jensen
Elected by Plan Participants
- David Newton
Elected by Plan Participants
- Henry Fierro
City Appointed member
- Yvonne Dedmore
City Appointed Member
- Steven Jolly
The City of Fresno Deferred Compensation Board Rules and Regulations set forth Officers of the Board, Meetings, Ad Hoc Committees, Amendments to Rules and Regulations, Definitions and details concerning Elections of Employee Members. Regular meetings of Board are held on the fourth Thursday of February and August each year.
The Deferred Compensation Plan Document sets forth the provisions of the Plan which is intended to qualify as an Eligible Deferred Compensation Plan within the meaning of Internal Revenue Code §457(b) of 1986 as amended (“IRC”) sponsored by an Eligible Governmental Employer.
A deferred compensation plan is a way for you (the employee) to set aside a certain amount of your income in a tax-deferred, long-term retirement program. You do not have to pay taxes on this money now, but will pay taxes when you draw the money out of the plan. Deferred compensation is meant to be a long-range savings plan and should be used as a way to supplement your retirement income. Therefore, employees are encouraged to participant in the Plan. Detailed answers and information on all provisions of the Plan are contained within the Plan Document.
The Deferred Compensation Board establishes and monitors the Investment Options offered to Participants based upon its investment performance as well as its ability to provide a range of diversification under the Plan in accordance with the Board’s Investment Policy revised and approved by the Deferred Compensation Board on August 22, 2019.
- Mutual Funds in each of the following investment categories: Managed Income/Stable Value, Bonds, Balanced/Hybrid, Domestic Equity [Large/Mid/Small – Value/Blend/Growth – Index] and International/Global Equity;
- Life Cycle Funds – for participants who do not wish to actively manage their own asset allocation strategy; and
- Self-Directed Brokerage Account (SDBA) – the Fidelity, self-directed BrokerageLink account – for participants who want to more actively manage their investment choices – this option may include additional fees such as transaction-based fees and commissions. BrokerageLink Fact Sheet
To enroll and become a Participant in the Plan you will need to enter pertinent information about yourself on the Deferred Compensation Plan Pre-login website at Fidelity NetBenefits website. There you will enter indicative data such as your date of hire, date of birth, home/mailing address, the plan number  and your social security number. Once indicative data has been entered you can then elect a deferral amount [minimum $10 per pay period], choose your investment options and take the critically important step to designate your beneficiary(ies) for your Deferred Compensation account.
Remember your retirement accounts are not part of your estate and generally are not governed by the provisions of your will, so it is important to keep all retirement account beneficiary designations up to date based upon any life changing events that may occur. Through Fidelity’s Online Beneficiary Designation service you can easily keep your Deferred Compensation Plan beneficiary(ies) current.
If you designate your spouse or registered domestic partner to receive less than 50% of our account balance, spousal consent is required.
Generally plan account balances are not eligible for withdrawal or distribution until an employee retires or ceases to be employed by the City of Fresno. Unforeseeable Emergency Financial Hardship withdrawals must meet strict guidelines set forth by the IRC, therefore, it is rare that the Deferred Compensation Board is permitted to approve such a request for withdrawal of funds from a participant’s account. However, the Plan does permit a participant to take a loan from his or her account subject to the terms and conditions of the Plan Document and the IRC.
As long as you are an active employee, enrolled in the City’s Deferred Compensation Plan, you may be eligible to borrow a portion of your Deferred Compensation Plan account balance in accordance with IRC rules. For more information about a plan loan call a Fidelity representative at (800) 343-0860 or go online for information at Fidelity NetBenifits website.