Deferred Compensation Unit

Final Compensation Amendment Form

The Final Compensation Amendment Form allows a permanent County employee to defer compensation payable upon retirement or termination of employment, (including CTO, Vacation, HIL and 1/2 of Sick Leave if applicable) provided that such final deferral amount shall not cause the total annual deferred amount to exceed the lesser of the current-year annual limit or 100% of the total gross compensation paid to employee for the calendar year in which retirement or termination of employment occurs. 

To utilize this option, fill out the Final Compensation Amendment Form at least one month prior to separation of service and return it to Deferred Compensation.  The form can be returned via fax, inter-office mail or by bringing it to the Deferred Compensation office.

Final Paycheck

1. Your final paycheck will be an off-cycle check and may take a few weeks for you to receive it.  Please consider this when planning.

2. Once your final paycheck has been prepared you cannot make changes to your Deferred Compensation deductions.

Distributions from the Plan

1. You are eligible for a distribution anytime after your last day worked for the County of Sacramento.  A status change noting you are no longer working for the County of Sacramento will be sent to Fidelity on the payday following your last day worked.

2. Regular distribution from your 457(b) Plan will be subject to taxation of 20% to Federal and 2% State for participants residing in California.  Other rules apply for participants residing in outside of California.  Please check with Fidelity Investments or your personal tax accountant for clarification to these and all rules pertaining to taxation of your Fidelity Distributions.

3. Distribution from your 401(a) Plan could be subject to a 10% penalty if your request comes prior to age 59 1/2.

Fidelity 457(b) Plan Distribution

Distribution Options

Safe Harbor Explanation

To Contact a Deferred Compensation Technician:

Phone: 916-874-2020
Fax: 916-874-8419
E-mail: PSDBenefits@saccounty.net

Interoffice Mail Code: 09-6750

To Contact Fidelity Investments:

Phone: 800-343-0860
Website: www.fidelity.com/atwork

Inquire about the availability of documents in alternate formats.