About the County of Fresno 457(b) Deferred Compensation
The County of Fresno 457(b) Deferred Compensation Plan (the “Plan”) is an employee benefit available to all permanent, full-time or part-time Fresno County employees. The purpose of the Plan is to provide employees a convenient way to save for retirement and a means to supplement their County pension and Social Security benefits.
Contributions into your Plan account are made through payroll deductions, and you may start, stop, increase or decrease deductions at any time. You decide how much to have withheld and invested from each paycheck, and it may be as little as $10 or 1% of your pay. Participants may choose Pre-Tax or Roth contributions:
- Pre-Tax contributions will reduce your current federal and state taxes, but you will pay income taxes when you make a withdrawal from your account.
- Roth contributions work in the opposite direction – while they do not reduce your current federal and state taxes, you do not have to pay income taxes when you make a withdrawal from your account (Please note: Your distributions are tax-free if taken at least five (5) years since your first Roth contribution).
Regardless of your contribution type, you will not pay any taxes on your investment earnings prior to withdrawal.
Please note that you may only make withdrawals from your Plan account after separation from County service, with the following exceptions:
- Hardship Withdrawal - An employee must have experienced a catastrophic, unforeseen emergency (e.g. medical bills, imminent home foreclosure or eviction from primary residence, or funeral expenses).
- Loan - An employee may borrow up to 50% of their Plan account balance at a reasonable rate of interest (currently Prime + 2%). The minimum loan amount is $1,000; the maximum is $50,000. Loans are repaid through biweekly payroll deductions or monthly automatic withdrawals from an employee’s checking account.
For detailed information about the County of Fresno's Deferred Compensation Plan, please review the Plan Document. Plan oversight is provided by the Deferred Compensation Management Council. Please visit the Deferred Compensation Management Council website for more information.
Annual Contribution Limits
The maximum annual limitations for 2019 are as follows:
- 457 plan – $19,000 - This limit applies to any participant under the age of 50.
- Age 50+ Catch-Up – $25,000 - This limit applies to participants at the beginning of the calendar year in which they turn 50.
- Special Catch-up – $38,000 - Employees are able to utilize the Special Catch-up provision in the three (3) years prior to their Normal Retirement Age, which depends on their Retirement Tier. Retiring employees may also utilize the Special Catch-up provision in the year they actually retire, in order to defer all or a portion of their accrued leave payout. Please contact Employee Benefits at 600-1810 for details.
About the Plan Administrator
The County of Fresno has contracted with Nationwide Retirement Solutions (Nationwide) to provide administrative services for the Plan. Employees interested in enrolling or changing their contributions, beneficiaries or investments may use the website at www.fresno457.com or by calling customer service at 1-877-MYFC457 (693-2457).
If you would like to schedule a one-on-one appointment with the County's local Nationwide representative, please contact Deanna Sisk (contact information below). Deanna can answer your questions and help you: