Deferred Compensation Board

The Deferred Compensation Board consists of five members selected as follows:

• One member from the Finance Department appointed by the City Manager with the approval of the City Council; and
• One member from any City department appointed by the City Manager with the approval of the City Council; and
• Two members elected by and from the plan Participants who have a non-zero balance in their Deferred Compensation Account (active or any other status); and
• A fifth member chosen by the previously designated four members from the qualified electors of Fresno County not connected with the City of Fresno or the Plan.

• BOARD MEMBERS
  (As of August 2020)
• John Jensen
  Elected by Plan Participants
• Vacant
  Elected by Plan Participants
• Henry Fierro
  City Appointed member
• Yvonne Dedmore
  City Appointed Member
• Steven Jolly
  Board Appointed

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.

Plan Document

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.

• What is the Deferred Compensation Plan?
• Who is eligible to Participate in the Plan?
• What are the benefits of participating in the Plan?

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.

Investment Policy

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.

Investment Options

• 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

City of Fresno Quarterly Report 

Enrollment Process

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 [35801] 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.

• NetBenefits.com 
• Enrollment Guide 
• NetBenefits Mobile App
• NetBenefits Mobile App – Keyword Text Messaging

Naming Beneficiaries

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.

Once enrolled, you have access to your account online virtually 24 hours a day via Fidelity’s website or by telephone at (800) 343-0860 Monday through Friday, 5:00 am – 9:00 pm PST

Withdrawals

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.

Unforeseeable Emergency Financial Hardship Application 

Plan Loan

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.

Plan Loan Summary 

Meeting Agendas

Current Agendas

Please visit the City of Fresno Retirement Board Website for current meeting agendas.

Historical Agendas

• August 22, 2019
• January 3, 2019
• August 30, 2018
• February 22, 2018