Guiding You TowardRetirement Readiness

457 Deferred Compensation Plan

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457 Deferred Compensation Plan

Welcome to Fidelity Investments®: a guide to the transition aheadThe County of Santa Clara is committed to offering you resources to help you map out your retirement goals. Together with Fidelity we are here to help you at every step in your journey.

A Special Note for Former Employees, Alternate Payees, and Plan Beneficiaries:If you are a former employee, alternate payee, or beneficiary with an account balance in the

457 Plan, some of the information enclosed may not apply to you. However, you will be affected by

the upcoming transition, so please read this material carefully.

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No matter where you are in your journey, we can help you map out the retirement you envision.Effective December 8, 2017, Fidelity Investments® will become the new service provider for the County of Santa Clara’s 457 Deferred Compensation Plan.

Your County of Santa Clara 457 Deferred Compensation Plan (“457 Plan”) is an essential benefit to help you meet your retirement savings goals. You need the right information, resources, and support to help you make decisions with confidence. With more than 65 years of financial services experience, Fidelity can help you design a plan that balances the needs of your life today with your retirement vision for tomorrow.

Use this guide as a resource to help you take an active role in your retirement planning.

• Discover what your 457 Plan offers —review new services and features available to the 457 Plan.

• Review the investment options available in the 457 Plan.

• Review the key transition dates and take note of services that may be temporarily unavailable during the transition.

• Take advantage of the tools and resources you need to help you make educated investment decisions.

Table of Contents Page

Transition Highlights 4-5

Investment Options 6-7

Activity Calendar 8-9

Features and Services 10

Tools and Resources 11

Go Mobile 14

Key Dates and Action Steps 15

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457 Deferred Compensation Plan

Transition HighlightsThe County of Santa Clara strives to provide you with programs, tools, and resources to help you plan for a secure retirement. Together with Fidelity, we’ll provide a new level of service and commitment to help you meet your retirement goals.

What’s available in the 457 Plan at Fidelity

Fidelity® Portfolio Advisory Service at Work1

Take the time and stress out of managing your own investments with access to a team of professionals that will help you create a plan and stay on track to retirement.

Participants currently enrolled in the ICMA-RC Guided Pathways® Fund Advice and Managed Accounts Investment Advisory Service will be enrolled in the Fidelity® Portfolio Advisory Service at Work. A separate notification regarding your enrollment will be sent in January with additional details.

Fidelity BrokerageLink®

Gives you access to additional investment choices for your retirement savings beyond those investment options available in the core 457 Plan lineup.

Participants with a TD Ameritrade brokerage account will transfer to a Fidelity BrokerageLink account. A separate notification will be sent in November with additional details about the transfer.

NetBenefits® Website (netbenefits.com/santaclara)

Access to Fidelity’s comprehensive website dedicated to retirement planning. Here is where you will manage your account, make decisions on your investment choices, and find interactive tools and calculators to help you better prepare to meet your retirement savings goals.

Once the transition is complete, you can make updates to your salary deferral online at NetBenefits®. Any changes made will be effective on the first pay date of the following month.

See the “Tools and Resources” section of this guide for more details.

Rebalance NotificationGet notified via email any time your account’s investment mix strays from your original strategy. Once the transition is complete, you can sign up for this service online at NetBenefits at netbenefits.com/santaclara.

Online Beneficiary Designations

With Fidelity’s Online Beneficiaries Service, you can designate your Deferred Compensation beneficiaries, receive instant online confirmation, and check your beneficiary information virtually any time.

Beneficiary information currently on file will not transfer to Fidelity. You can designate your beneficiaries on NetBenefits at netbenefits.com/santaclara or call your Plan’s toll-free number at 844-SCC-457B for help or to request a beneficiary form.

1 Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee, which will be paid from your 457 Plan account.

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What Will Continue… During the transition, some account activities will continue, including:

Workplace Planning and Support

Fidelity Retirement Planners are knowledgeable professionals equipped with detailed information about the 457 Plan and the financial know-how to provide advice that will help you get on your way to your retirement goals.

Fidelity will have three dedicated Retirement Planners on site to provide complimentary one-on-one consultations to County employees. Let an experienced representative help you develop your own comprehensive plan that integrates your workplace savings plans with your overall financial goals. Visit netbenefits.com/santaclara to schedule an appointment.

Investor Centers

Fidelity has more than 190 Investor Centers across the country with six locations in Santa Clara County. The professionals in the Investor Centers are highly trained to provide you with the latest retirement planning insights and investment help. Investor Center products and services are offered beyond your employer-sponsored retirement plan.

Find an Investor Center near you online at www.fidelity.com/customer-service/branches/overview

Payroll Contributions

Your pretax contribution deducted from your pay, including catch-up contributions, if applicable, in effect on November 30, 2017, will continue and transfer to Fidelity.

Once the transition is complete, you can make updates to your salary deferral online at NetBenefits®. Any changes made will be effective on the first pay date of the following month.

Outstanding Loans

Any outstanding loan balances in the 457 Plan will transfer to Fidelity. If you are currently an active participant in the 457 Plan, you will continue to repay your loan(s) in the 457 Plan in the same manner as you have with ICMA-RC. The transition will not affect the terms or length of your loan(s). Your bank information on file with ICMA-RC will transfer to Fidelity. Loan payments will be made on a monthly basis.

A separate notification will be sent in December to participants with a loan and information for the Automated Clearing House (ACH) service. When the transition is complete, you can view your loan information online at NetBenefits at netbenefit.com/santaclara.

Investment Allocations

The current investment options will remain in the 457 Plan. Any balances you have invested in these investment options as of December 7, 2017, will transfer to the same funds (referred to as an “in-kind” transfer). Future contributions will continue to be invested in the 457 Plan funds unless you direct otherwise by making changes to your account at ICMA-RC before November 30, 2017.

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457 Deferred Compensation Plan

Investment OptionsBefore investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Overview The 457 Plan gives you a choice of investment options that allow you the flexibility to build your own strategy to meet your needs—both long and short term. After the transition, the 457 Plan will continue to offer the same range of investment options. The County of Santa Clara may determine that a reregistration, or in-kind transfer, is appropriate. Please be aware that the investment options will transfer individually in-kind, and the investments will remain fully invested during the transition. Now is a good time to look at your situation and decide whether changes might be appropriate to better align your investment approach with your retirement needs. The following investment options will continue to be available in the 457 Plan. Refer to the Investment Options Guide at netbenefits.com/santaclara for investment descriptions.

INVESTMENT OPTION TICKER SYMBOL

Target Date Funds

Vanguard Institutional Target Retirement 2015 Fund Institutional Shares VITVX

Vanguard Institutional Target Retirement 2020 Fund Institutional Shares VITWX

Vanguard Institutional Target Retirement 2025 Fund Institutional Shares VRIVX

Vanguard Institutional Target Retirement 2030 Fund Institutional Shares VTTWX

Vanguard Institutional Target Retirement 2035 Fund Institutional Shares VITFX

Vanguard Institutional Target Retirement 2040 Fund Institutional Shares VIRSX

Vanguard Institutional Target Retirement 2045 Fund Institutional Shares VITLX

Vanguard Institutional Target Retirement 2050 Fund Institutional Shares VTRLX

Vanguard Institutional Target Retirement 2055 Fund Institutional Shares VIVLX

Vanguard Institutional Target Retirement 2060 Fund Institutional Shares VILVX

Vanguard Institutional Target Retirement 2065 Fund Institutional Shares VSXFX

Vanguard Institutional Target Retirement Income Fund Institutional Shares VITRX

Core Funds

Asset Class: Stable Value

VantageTrust Plus Fund R10 N/A

Asset Class: Bond

PIMCO Total Return Fund Institutional Class PTTRX

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Core Funds (continued)

Vanguard Inflation-Protected Securities Fund Institutional Shares VIPIX

Vanguard Total Bond Market Index Fund Institutional Shares VBTIX

Asset Class: Balanced/Hybrid

Vanguard Wellington™ Fund Admiral™ Shares VWENX

Asset Class: Domestic Equities - Large Value

Vanguard Windsor™ II Fund Admiral™ Shares VWNAX

Asset Class: Domestic Equities - Large Blend

Calvert U.S. Large Cap Core Responsible Index Fund Class I CISIX

Vanguard Institutional Index Fund Institutional Shares VINIX

Asset Class: Domestic Equities - Large Growth

Fidelity® Contrafund® FCNTX

T. Rowe Price Institutional Large Cap Growth Fund TRLGX

Asset Class: Domestic Equities - Mid Blend

Vanguard Extended Market Index Fund Institutional Shares VIEIX

Asset Class: International/Global

American Funds Capital World Growth and Income Fund® Class R-6 RWIGX

American Funds EuroPacific Growth Fund® Class R-6 RERGX

Dodge & Cox International Stock Fund DODFX

Fidelity® Diversified International Fund FDIVX

Vanguard FTSE All-World ex-US Index Fund Institutional Shares VFWSX

Asset Class: Specialty

Vanguard REIT Index Fund Institutional Shares VGSNX

Self-Directed Brokerage Transferring to Fidelity BrokerageLink® When the market closes (generally 1 p.m. Pacific time) on December 7, 2017, the brokerage accounts through TD Ameritrade will no longer be available. As a result, current account balances and future contributions to TD Ameritrade will transfer to Fidelity BrokerageLink® on or about December 7, 2017. Watch for a separate communication regarding brokerage account transfers.

Default Investment Option Future contributions to your account that you have not directed to a specific investment option in the 457 Plan will be invested in the Vanguard Institutional Target Retirement Fund Institutional Shares.

Your future contributions will be invested in the target date fund that has a target retirement date closest to the year you might retire and assumes a retirement age of 65. Please refer to the enclosed Default Investment Alternative Notice for addition information on the default investment option.

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457 Deferred Compensation Plan

Activity CalendarPlease review this activity calendar to understand how your account may be affected during the transition period.

To ensure that all information is transferred accurately from your current plan account at ICMA-RC to your new 457 Plan account at Fidelity, there will be a period of time when you will be unable to direct or diversify investments in your individual accounts, obtain a loan from the Plan, or obtain a distribution from the Plan. This period during which you will be unable to exercise these rights otherwise available under the 457 Plan is called a blackout period.

Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning, as well as your overall financial plan. The blackout period for the 457 Plan is expected to begin on November 30, 2017, and is scheduled to end on December 11, 2017. During this time, you can determine whether the blackout period has started or ended by calling the Fidelity Retirement Service Center at 844-SCC-457B or going online at netbenefits.com/santaclara.

During the blackout period, you will be unable to direct or diversify the assets held in your 457 Plan account. For this reason, it is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments.

If you have any questions or if you would like to make any changes to your account at ICMA-RC before the start of the blackout period, please go online at www.icmarc.org or call 800-669-7400 before November 30, 2017, at1 p.m. Pacific time.

KEY DATES* PLAN ACTIVITY/ACTION STEPS

November 30, 2017, at 1 p.m. Pacific time

Any changes to your future contribution rate or enrollment in the 457 Plan must be completed by this date.

BLACKOUT PERIOD BEGINS

This is the last day at ICMA-RC to:

• Return paperwork to request a loan or distribution.

• Change how contributions will be invested.

• Check your account balance.

• Request an exchange (transfer balance) between investment options.

• Process transactions in a brokerage account.

• All Systematic Withdrawal Payouts (SWP) and Mandatory RequiredDistributions (MRD) will be processed.

It is important to return all necessary paperwork to ICMA-RC to process a loan or distribution before the blackout period begins. Please allow enough time to request, receive, complete, and return the paperwork to ICMA-RC before this deadline.

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* The timing of the plan changes and transition period, including any asset reallocations, described within this brochure depends on a variety of factors, which may include the timing and accuracy of the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the timing of the delivery of services, the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested.

KEY DATES* PLAN ACTIVITY/ACTION STEPS

December 7, 2017, at 1 p.m. Pacific time

Your account balances are valued at the close of the market.

December 8, 2017 Your account balances are scheduled to transfer to Fidelity.

December 11, 2017 BLACKOUT PERIOD ENDS

The blackout period is expected to end, and the Fidelity Retirement Service Center and NetBenefits website will open for all Plan services. You can now:

• Set up your username and password and log on to NetBenefits atnetbenefits.com/santaclara.

• Review your account balances.

• Access investment option descriptions and research investmentperformance.

• Enroll in the 457 Plan.

• Call 844-SCC-457B to speak with a Fidelity representative who cananswer questions and walk you through any transaction you want tomake in your account.

• Choose your beneficiaries. Beneficiary information currently on filewill not transfer to Fidelity. You can designate your beneficiaries onNetBenefits at netbenefits.com/santaclara or call your Plan’s toll-freenumber at 844-SCC-457B for help or to request a beneficiary form.

January 2018 Final account statement from ICMA-RC will be mailed to you.

The quarterly statement is available online from Fidelity.

• Compare Fidelity’s statement with your final account statement fromICMA-RC. Contact Fidelity with any questions.

• Account statements for the 457 Plan are available online atnetbenefits.com/santaclara and will not be automatically mailedto your home.

To change your mail preferences and request that statements be mailed to your home address, call Fidelity at 844-SCC-457B or log on toNetBenefits at netbenefits.com/santaclara. Simply click Profile,then Preferences.

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457 Deferred Compensation Plan

Features and ServicesHere is additional information about some of the features and services offered through the 457 Plan, designed to help you meet your retirement goals.

Fidelity® Portfolio Advisory Service at Work Fidelity® Portfolio Advisory Service at Work offers a valuable managed account service to help you get, and stay, on course toward your retirement goals. With Fidelity® Portfolio Advisory Service at Work, you get active retirement account management. This means that Fidelity’s team of investment professionals invest, monitor, and rebalance your account as needed to adjust to changes in the market, or changes to your situation.

Fidelity Professionals are available to answer any questions you may have about this managed account service. Call 844-SCC-457B for more information.

Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee, which will be paid from your 457 Plan account.

Fidelity BrokerageLink®

Fidelity BrokerageLink® provides you with an opportunity to invest in a broad range of investment options beyond those offered directly through the 457 Plan.

The Plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. Call Fidelity for a fact sheet and commission schedule for applicable fees and risks.

Investor Centers Fidelity Investor Centers provide local, face-to-face support to help address comprehensive financial needs. Investment and planning capabilities are available for plan participants seeking a more comprehensive approach to planning. Suite of services includes:

• Investment strategy

• Retirement income planning

• Income and asset protection

• Family assistance

• Nationwide network of more than 190 centers

• Licensed professionals available

In addition, you can get assistance with unique and complex financial needs. Fidelity’s representatives leverage online planning programs and educational seminars to build and manage individual plans.

Palo Alto251 University AvenuePalo Alto, CA 94301800-742-1566

Mountain View2580 West El Camino RealMountain View, CA 94040800-367-0355

Sunnyvale398 West El Camino RealSunnyvale, CA 94087800-371-0613

Campbell851 East Hamilton AvenueCampbell, CA 95008800-544-4180

San Jose4160 North First StreetSan Jose, CA 95134800-544-2269

Los Gatos434 N. Santa Cruz AvenueLos Gatos, CA 95030800-579-9984

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Tools and ResourcesIt all starts on NetBenefits® at netbenefits.com/santaclara Fidelity’s website is designed so you can quickly and easily set up, monitor, and manage your 457 Plan account.

Beginning December 11, 2017:

• If you have a username and password for other accounts at Fidelity, you can use thatinformation to log on to NetBenefits and access your 457 Plan account.

• If you do not have a Fidelity username and password, log on to NetBenefits atnetbenefits.com/santaclara, click Register Now, and follow the step-by-stepinstructions to set up your account.

Online resources to help you succeed Once your account is set up, it’s time to make sure your investment strategy is on track. From practical education to easy-to-use tools, you now have access to Fidelity’s innovative resources and insights to help you make informed decisions.

IF YOU WANT HELP WITH:

TAKE THESE STEPS: USE THIS ONLINE RESOURCE:

Taking Control of Your Financial Future

Answer just a few questions and you’ll be able to:

• Estimate how much income you may have—orneed—in retirement

• Receive tips to help you get or stay on track

• Create a retirement plan in minutes

Planning & Guidance Center

Financial Learning Resources

Review articles, infographics, videos, and more—to suit your interests and skill level. Library

Saving for Retirement

See how increasing your contributions may help your money grow over time. Contribution Calculator

See how your pretax contribution might affect your take-home pay.

Take-Home Pay Calculator

Saving and Spending

Understand how much you may need to save for college and what your options are for investing. College Planner

Easily monitor all of your Fidelity and non-Fidelity online financial accounts in one secure place. Full View

See how your savings and spending compare using a simple rule of thumb.

Savings and Spending Checkup

Investing Strategies

Determine how to invest your savings among stocks, bonds, and short-term investments.

Determine Your Asset Mix Worksheet

Build a portfolio for your retirement income. Fidelity Income Strategy Evaluator®

Getting Ready to Retire

If you’re retiring or approaching retirement, create an income plan.

Planning & Guidance Center

IMPORTANT: The projections or other information generated by Fidelity’s Income Strategy Evaluator® and Planning & Guidance Center Retirement Analysis tools regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time.

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457 Deferred Compensation Plan

Notes:

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Notes:

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457 Deferred Compensation Plan

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Go Mobile. Download the NetBenefits mobile app.

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The trademarks and service marks appearing herein are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company, and may be registered.

NetBenefits® smartphoneand iPad app

NetBenefits® Microsoft SurfaceTM app

Download a NetBenefits® mobile app from the App Store®, Google Play™ store, or Windows Store.

Connect with a rep instantly

by tapping “Give Us a Call”

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Key Dates and Action StepsBefore the blackout period begins on November 30, 2017, at 1 p.m. Pacific time:

0 Make any updates or changes to your ICMA-RC account. Call 800-669-7400 or go online to www.icmarc.org.

After the blackout period, scheduled to end on December 11, 2017: 0 Log on to NetBenefits at netbenefits.com/santaclara to:

• Return paperwork to request a loan or distribution to ICMA-RC, if applicable. It is important to return all necessary paperwork to ICMA-RC to process a loan or distribution before the blackout period begins. Please allow enough time to request, receive, complete, and return the paperwork to ICMA-RC before the blackout begins.

• You can change how contributions will be invested before the blackout period begins.

• Check your account balance.

• If needed, request an exchange (transfer balance) between investment options.

• Process any transactions in a brokerage account, as desired.

0 Attend a workshop. You will receive details on upcoming workshop times and locations. Or you may visit netbenefits.com/santaclara for information.

• Set up your username and password to access your 457 Plan account.

• Add your preferred email address and elect eDelivery.

• Enroll in the 457 Plan, adjust your contribution amount, and/or change your investment elections.

• Enter your beneficiary information.

• Access information about each investment option available in the 457 Plan, including investment risk, strategy, and objective. Review the fact sheet or prospectus, if available.

Investing involves risk, including risk of loss.

This document provides only a summary of the main features of the County of Santa Clara 457 Deferred Compensation Plan, and the 457 Plan document will govern in the event of any discrepancies.

Fidelity Brokerage Services LLC, Member NYSE, SIPC900 Salem Street, Smithfield, RI 02917© 2017 FMR LLC. All rights reserved.815506.1.0

County of Santa Clara, Employee Services Agency

70 W. Hedding Street, East Wing, 8th Floor, San Jose, CA 95110

Phone: 408-299-5880

Email: benefits@esa.sccgov.org

www.sccgov.org/sites/esa/ebenefits/pages/home.aspx