Deferred Compensation Plan: 457(B) - Take advantage of a second retirement savings opportunity
In addition to our CalPERS Defined Benefit Plan, which provides eligible employees a guaranteed retirement income for life, the County of Santa Clara also offers employees participation in a second retirement savings vehicle - a Deferred Compensation Plan. Also known as a 457(B), the County offers a Deferred Compensation Plan through Fidelity Investments. Similar to a 401(K), but for public sector employees, the 457(B) Plan allows employees to make regular contributions into retirement savings with pre-tax dollars. This helps you invest more of your earned dollar (pre-tax) and reduce the amount of work income considered taxable.
The County of Santa Clara does not contribute to the Fidelity Deferred Compensation Plan but pays to contract with Fidelity as a benefit to our employees. The County has assumed most of the costs that you would otherwise pay by working on your own with a deferred compensation plan provider. Additionally, some account assessments, like quarterly account service fees, are much lower as a client through our County of Santa Clara plan.
You can:
- Save more money for retirement
- Consult with Fidelity financial planning professionals at no cost to you, even in-person, onsite at work!
- Access helpful resources, like financial literacy and wellness content
Ready to find your fit with the County of Santa Clara? See all current, open-competitive recruitments.