PR

OO

F

You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

4.FUNDACT / 4.EPC001014157R

617556.4.X Page 1 of 2

April, 2014

Re: Changes to the County of Sacramento 401(a) and Deferred Compensation Plans ("the Plans")

The County of Sacramento is committed to periodically reviewing the Plans to make sure they continue to

help you meet your retirement and financial goals. Among the things considered are the range of

investment options available through the Plans, investment option performance and value, and whether

the Plans give you access to services that complement your account.

As a result of a recent review, The County of Sacramento has decided to make the following changes to

the Plans' investment lineup.

The changes described on the following pages will take place without any action required on your part.

However, if you are not satisfied with how your current investment elections will be modified, you will have

the opportunity to make changes. Go to the What Do I Need to Do? section to learn more.

Sincerely,

Fidelity Investments

PR

OO

F

You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

4.FUNDACT / 4.EPC001014157R

617556.4.X Page 2 of 2

CHANGES TO THE PLANS

Share Class Changes

When the market closes at 1:00 p.m. Pacific time on May 14, 2014, the share class of two investment

options offered through the Plans will change. As a result, the Fund Codes, Ticker Symbols, and

Expense Ratios will change. The new share class will offer you the same investment strategy and risk,

but the overall expenses will be lower. See the following chart for details. The transfer of balances will

appear as an exchange on your account history and quarterly statement. You may also receive a

prospectus as a result of this transaction.

The County of Sacramento understands that the fees and expenses of the investments you select have

an impact on the overall returns of your portfolio. Therefore, we are pleased to offer the new share

classes which have lower expense ratios than the prior share classes.

Old Share Class

New Share Class

Columbia Mid Cap Growth Fund Class Z

Fund Code: 99666

Ticker Symbol: CLSPX

Expense Ratio: 0.96%

Columbia Mid Cap Growth Fund Class R5

Fund Code: 95109

Ticker Symbol: CMGVX

Expense Ratio: 0.82%

American Funds Fundamental Investors

Fund Class R-4

Fund Code: 48245

Ticker Symbol: RFNEX

Expense Ratio: 0.66%

American Funds Fundamental Investors

Fund Class R-5

Fund Code: 47931

Ticker Symbol: RFNFX

Expense Ratio: 0.36%

Expense ratio/information As Of: April 2, 2014

What Do I Need to Do?

You do not need to do anything. However, if you would like to request changes to your account,

obtain additional information, or find answers to questions, log on to Fidelity NetBenefits® at

http://plan.fidelity.com/saccounty or call 800-343-0860, Monday through Friday, between 5:30 a.m. to

9:00 p.m. Pacific time.

Go Paperless

Tired of mailbox clutter? You can significantly reduce paper mail by providing us your e-mail address and

updating your mail preferences to electronic delivery.

Log on to Fidelity NetBenefits® at http://plan.fidelity.com/saccounty and go to Your Profile.

Before 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.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you

may gain or lose money.

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid

by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the

fund's prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

© 2013 FMR LLC. All rights reserved.

PR

OO

F

You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

4.FUNDACT / 4.EPC001014157R

617556.4.X Page 1 of 2

April, 2014

Re: Changes to the County of Sacramento 401(a) and Deferred Compensation Plans ("the Plans")

The County of Sacramento is committed to periodically reviewing the Plans to make sure they continue to

help you meet your retirement and financial goals. Among the things considered are the range of

investment options available through the Plans, investment option performance and value, and whether

the Plans give you access to services that complement your account.

As a result of a recent review, The County of Sacramento has decided to make the following changes to

the Plans' investment lineup.

The changes described on the following pages will take place without any action required on your part.

However, if you are not satisfied with how your current investment elections will be modified, you will have

the opportunity to make changes. Go to the What Do I Need to Do? section to learn more.

Sincerely,

Fidelity Investments

PR

OO

F

You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

4.FUNDACT / 4.EPC001014157R

617556.4.X Page 2 of 2

CHANGES TO THE PLANS

Share Class Changes

When the market closes at 1:00 p.m. Pacific time on May 14, 2014, the share class of two investment

options offered through the Plans will change. As a result, the Fund Codes, Ticker Symbols, and

Expense Ratios will change. The new share class will offer you the same investment strategy and risk,

but the overall expenses will be lower. See the following chart for details. The transfer of balances will

appear as an exchange on your account history and quarterly statement. You may also receive a

prospectus as a result of this transaction.

The County of Sacramento understands that the fees and expenses of the investments you select have

an impact on the overall returns of your portfolio. Therefore, we are pleased to offer the new share

classes which have lower expense ratios than the prior share classes.

Old Share Class

New Share Class

Columbia Mid Cap Growth Fund Class Z

Fund Code: 99666

Ticker Symbol: CLSPX

Expense Ratio: 0.96%

Columbia Mid Cap Growth Fund Class R5

Fund Code: 95109

Ticker Symbol: CMGVX

Expense Ratio: 0.82%

American Funds Fundamental Investors

Fund Class R-4

Fund Code: 48245

Ticker Symbol: RFNEX

Expense Ratio: 0.66%

American Funds Fundamental Investors

Fund Class R-5

Fund Code: 47931

Ticker Symbol: RFNFX

Expense Ratio: 0.36%

Expense ratio/information As Of: April 2, 2014

What Do I Need to Do?

You do not need to do anything. However, if you would like to request changes to your account,

obtain additional information, or find answers to questions, log on to Fidelity NetBenefits® at

http://plan.fidelity.com/saccounty or call 800-343-0860, Monday through Friday, between 5:30 a.m. to

9:00 p.m. Pacific time.

Go Paperless

Tired of mailbox clutter? You can significantly reduce paper mail by providing us your e-mail address and

updating your mail preferences to electronic delivery.

Log on to Fidelity NetBenefits® at http://plan.fidelity.com/saccounty and go to Your Profile.

Before 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.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you

may gain or lose money.

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid

by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the

fund's prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

© 2013 FMR LLC. All rights reserved.

April 9, 2014 Re: Assessment of fees for Fidelity® Portfolio Advisory Service at Work (available in The County of Sacramento Deferred Compensation Plan) Dear County of Sacramento Deferred Compensation Plan participant: Congratulations on participating in The County of Sacrament Deferred Compensation Plan. We are also glad that you are utilizing the managed account service, Fidelity® Portfolio Advisory Service At Work (“PAS-W”) to help you manage your investments. The managed account service was made available as an additional service in your plan a couple of years ago. However, due to an administrative oversight, we have not been charging or collecting the associated fees for use of this service. This letter is to notify you that beginning with the first billing cycle in 2014 (12/25/13- 3/24/2014), PAS-W fees will be assessed on a quarterly basis and will be charged to your Plan account for use going forward. However, we will not be charging or collecting fees for use prior to December 25, 2013 which is the first billing cycle of 2014. You can view these fees on your quarterly statement (as of 3/31/14) that will be available in April, 2014. For additional information about the PAS-W fees, follow the below steps:

1. Visit https://netbenefits.fidelity.com/pas, then log on to NetBenefits®. 2. Once logged in, it will take you directly to the PAS-W landing page (screenshot below). 3. Click on the “How much will this cost?” link that will lead you to a pricing supplement with

approximate fees based on your balance.

For illustrative purposes only. If you have questions about this letter or other Deferred Compensation Plan provisions, please call Fidelity Investments toll-free at 800.343.0860. We apologize for any inconvenience this may have caused. Sincerely, Fidelity Investments

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

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.

Investments in mutual funds will continue to be subject to each fund's underlying fees and expenses. See a fund's prospectus for information on fund fees and expenses.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 684213.1.0

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity has compared the general asset allocation of your current workplace savings plan account investment mix with a simple age-based asset allocation model. This model suggests that an investor gradually reduce his or her exposure to equity and other more aggressive investments as he or she approaches retirement. For this analysis, “equities” are defined as domestic equity, international equity, company stock, and the equity portion of any blended investment options within your plan account. For this analysis, as of <Month XX,> 2014, your current workplace savings account was determined to be on track because your equity holdings are within 10% of what our age-based model would suggest, considering your current age and assumed retirement age (retirement age either provided by your employer or based on the approximate age you would be eligible to receive full Social Security benefits). The analysis does not take into consideration other workplace savings plan accounts, any assets in managed accounts, Fidelity BrokerageLink® assets, or other investments you may hold with Fidelity or elsewhere. It also does not consider other factors, such as risk tolerance, that may affect your retirement mix decision.

Dear <First Name> <Last Name>:

Based on a review of <your> <DC Plan Type> XXXXX XXXXX XXXXX XXXXX XXXXX XXXXXXX XXXX XXXXX XXXXX XXXXX, it looks like your current investment mix is appropriate for your age.

Now let’s build on your success. Regular check-ins will help make sure your investments are keeping up with changing markets and your changing needs.

Just choose the next step that works best for you:

1. Call <800.000.0000> for a one-on-one investment review with a Fidelity <Guidance><Retirement> Representative.

2. Or, choose from three options online to fine-tune your investing approach so it continues to meet your ongoing needs at netbenefits.fidelity.com/rightfit.

It’s your choice. Either option will provide manageable next steps you can take to help you stay on track today, and as your needs evolve tomorrow.

Sincerely,

<Client Signatory Name> XXXXX XXXXXX XXXXXX XXXXXXX XXXXXX <Client Signatory Title> XXXXXX XXXXXXX XXXXXX XXXXX XXXXXX

CLIENT SIGNATORY IMAGE CENTER AND FLUSH LEFTDO NOT STRETCH TO FIT

Congratulations! Your investments are on track. Now let’s keep them that way.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 683260.1.0 1.9857527.100

Although consultations are one on one, guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

<Plan legal disclaimer><XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXX.>

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity has compared the general asset allocation of your current workplace savings plan account investment mix with a simple age-based asset allocation model. This model suggests that an investor gradually reduce his or her exposure to equity and other more aggressive investments as he or she approaches retirement. For this analysis, “equities” are defined as domestic equities, international equities, company stock, and the equity portion of any blended invest-ment options within your plan account. For this analysis, as of <Month XX,> 2014, your current workplace savings account may need attention because your equity holdings are more than 11% off what our age-based model would suggest, considering your current age and assumed retirement age (retirement age either provided by your employer or based on the approximate age you would be eligible to receive full Social Security benefits). The analysis does not take into consideration other workplace savings plan accounts, any assets in managed accounts, Fidelity BrokerageLink® assets, or other investments you may hold with Fidelity or elsewhere. It also does not consider other factors, such as risk tolerance, that may affect your retirement mix decision.

Dear <First Name> <Last Name>:

Based on a review of <your> <DC Plan Type> XXXXX XXXXX XXXXX XXXXX XXXXX XXXXXXX XXXX XXXXX XXXXX XXXXX, it looks like your current investment mix may not be appropriate for your age.

Making sure you have the proper mix of investments for your future is tough, especially because a lot can change between now and then. But don’t worry—you have access to guidance that can help you get your investment mix on track today. And if your needs change in the future, we’re here to help you make any needed adjustments down the road.

Just choose the next step that works best for you:

1. Call <800.000.0000> for a one-on-one investment review with a Fidelity <Guidance><Retirement> Representative.

2. Or, choose from three options to find the investing approach that best suits your specific needs online at netbenefits.fidelity.com/rightfit.

It’s your choice. Either option will provide manageable next steps you can take to help you get and stay on track.

Sincerely,

<Client Signatory Name> XXXXX XXXXXX XXXXXX XXXXXXX XXXXXX <Client Signatory Title> XXXXXX XXXXXXX XXXXXX XXXXX XXXXXX

CLIENT SIGNATORY IMAGE CENTER AND FLUSH LEFTDO NOT STRETCH TO FIT

We can help you make informed decisions about your investments.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 683261.1.0 1.9857521.100

Although consultations are one on one, guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

<Plan legal disclaimer><XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXX.>

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity has compared the general asset allocation of your current workplace savings plan account investment mix with a simple age-based asset allocation model. This model suggests that an investor gradually reduce his or her exposure to equity and other more aggressive investments as he or she approaches retirement. For this analysis, “equities” are defined as domestic equity, international equity, company stock, and the equity portion of any blended investment options within your plan account. For this analysis, as of <Month XX,> 2014, your current workplace savings account may need attention because your equity holdings are more than 11% off what our age-based model would suggest, considering your current age and assumed retirement age (retirement age either provided by your employer or based on the approximate age you would be eligible to receive full Social Security benefits). The analysis does not take into consideration other workplace savings plan accounts, any assets in managed accounts, Fidelity BrokerageLink® assets, or other investments you may hold with Fidelity or elsewhere. It also does not consider other factors, such as risk tolerance, that may affect your retirement mix decision.

Dear <First Name> <Last Name>:

Based on a review of <your> <DC Plan Type> XXXXX XXXXX XXXXX XXXXX XXXXX XXXXXXX XXXX XXXXX XXXXX XXXXX, it looks like your current investment mix may not be appropriate for your age.

With the day-to-day financial concerns you need to address, it’s hard to find time to focus on your longer-term goals. But don’t worry—you have access to guidance that can help you get your investment mix on track.

Adjusting your mix today can help you build and protect your income for when you’re ready to retire.

Just choose the next step that works best for you:

1. Call <800.000.0000> for a one-on-one investment review with a Fidelity <Guidance><Retirement> Representative.

2. Or, choose from three options to find the investing approach that best suits your specific needs online at netbenefits.fidelity.com/rightfit.

It’s your choice. Either option will provide manageable next steps you can take to help you make informed decisions and stay in control.

Sincerely,

<Client Signatory Name> XXXXX XXXXXX XXXXXX XXXXXXX XXXXXX <Client Signatory Title> XXXXXX XXXXXXX XXXXXX XXXXX XXXXXX

CLIENT SIGNATORY IMAGE CENTER AND FLUSH LEFTDO NOT STRETCH TO FIT

We can help you put your investments on track today, and keep them that way tomorrow.

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<CLIENT LOGO HERE>

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 683262.1.0 1.9857523.100

Although consultations are one on one, guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

<Plan legal disclaimer><XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXX.>

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity has compared the general asset allocation of your current workplace savings plan account investment mix with a simple age-based asset allocation model. This model suggests that an investor gradually reduce his or her exposure to equity and other more aggressive investments as he or she approaches retirement. For this analysis, “equities” are defined as domestic equity, international equity, company stock, and the equity portion of any blended investment options within your plan account. For this analysis, as of <Month XX,> 2014, your current workplace savings account may need attention because your equity holdings are more than 11% off what our age-based model would suggest, considering your current age and assumed retirement age (retirement age either provided by your employer or based on the approximate age you would be eligible to receive full Social Security benefits). The analysis does not take into consideration other workplace savings plan accounts, any assets in managed accounts, Fidelity BrokerageLink® assets, or other investments you may hold with Fidelity or elsewhere. It also does not consider other factors, such as risk tolerance, that may affect your retirement mix decision.

Dear <First Name> <Last Name>:

Based on a review of <your> <DC Plan Type> XXXXX XXXXX XXXXX XXXXX XXXXX XXXXXXX XXXX XXXXX XXXXX XXXXX, it looks like your current investment mix may not be appropriate for your age.

Life changes. The investment mix you’ve had in place for retirement may have been on target at one point, but markets shift and your needs may have evolved. That’s why it’s important to adjust your investment approach to keep pace with the changes in your life.

Working together, we can help make sure you have the right mix of investments to help you make your retirement savings last longer.

Just choose the next step that works best for you:

1. Call <800.000.0000> for a one-on-one investment review with a Fidelity <Guidance><Retirement> Representative.

2. Or,choosefromthreeoptionstofindtheinvestingapproachthatbestsuitsyourspecificneedsonlineatnetbenefits.fidelity.com/rightfit.

It’s your choice. Either option will provide manageable next steps you can take to help you get and stay on track.

Sincerely,

<Client Signatory Name> XXXXX XXXXXX XXXXXX XXXXXXX XXXXXX <Client Signatory Title> XXXXXX XXXXXXX XXXXXX XXXXX XXXXXX

CLIENT SIGNATORY IMAGE CENTER AND FLUSH LEFTDO NOT STRETCH TO FIT

It’s not too late to get your investments on track.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 683263.1.0 1.9857525.100

Although consultations are one on one, guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

<Plan legal disclaimer><XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXX.>

Make a Commitment to Yourself —

You’ve Earned It!Take advantage of your recent cost-of-livingadjustment (COLA) to help you step closer to your retirement goal.

The Power of Compounding Hypothetical Balances at age 65

Current Age: 40 Current Salary: $40,000 Starting Balance: $10,000

10% Contribution8% Contribution6% Contribution

$414,299

$342,935

$271,571

This hypothetical example assumes $40,000 annual salary, beginning balance of $10,000, 3% annual salary increase, and a 7% annual rate of return compounded weekly. Your own Plan account may earn more or less than this example and income taxes will be due when you withdraw from your account. Investing in this manner does not ensure a profit or guarantee against loss in declining markets.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917© 2014 FMR LLC. All rights reserved.680978.1.1 16133-01/0714

The timing is right! Small changes can make a big difference.By increasing your contribution percentage to The County of Sacramento Deferred Compensation Plan, you could make a big difference in preparing for your future. Whether you are already in the Plan or just starting out, small changes may make a big difference!

The graph below shows the effect of only a 2% increase that has been compounded over 25 years.

To see how an increase in your contribution might affect your take- home pay, log in to your account at www.netbenefits.com. Under Library, first click Calculators & Tools and then click Take-Home Pay Calculator. Or call 800.343.0860 for assistance.

From:To:Subject:Date:

Fidelity InvestmentsJoe Sample[PROOF]:Put yourself first for a change Monday, August 04, 2014 7:55:09 PM

To view this email as a web page, go here.

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You may not have time to think about retirement

We think about it all day long.

Just as you put others first, our priority is you. Guidance from Fidelity is a free benefit you receive from your employer. So talk with us. We can help you build a retirement plan that balances your needs for today with your savings goals for tomorrow.

Call 866-715-5959 to speak with a Fidelity Planning and Guidance Consultant. Together, we can help you:

See whether your retirement savings are on trackReview your options to help you make wise investing decisionsMake adjustments as your life evolves

As America's Retirement LeaderSM,* Fidelity knows how your plan works inside and out, and can help with broader needs, including personal savings and college planning.

Call 866-715-5959 today or visit Fidelity.com/yourpartner.

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Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

*America's Retirement Leader is based on two surveys: The PLANSPONSOR magazine 2013Recordkeeping Survey (© Asset International, Inc.), based on defined contribution plan assetsadministered and number of participants of recordkeepers, as of 12/31/2012; and CerulliAssociates' The Cerulli Edge® - Retirement Edition, first quarter 2014, based on an industrysurvey of firms reporting total IRA assets administered for Q4 2013.

The information in this e-mail is intended solely for the attention and use of the namedaddressee. This message or any part thereof must not be disclosed, copied, distributed, orretained by any person without authorization of the addressee.

Please do not respond to this e-mail. This mailbox is not monitored and you will not receive aresponse.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

690708.1.0

© 2014 FMR LLC

[[FIRST_Name]] [[LAST_NAME]]<Plan Long Communication Name 1> <Plan Long Communication Name 2>

All rights reserved.

EMAIL REF#.223145

Welcome to FidelityPremium ServicesSM.

Johnathan James

preheader: You’re now part of an exclusive program.

.

subject line: Introducing a new benefit for you.

 

Your future is closer than you think!National Save 4 Retirement Week: October 19–25, 2014Are You Ready 4 It?

County of Sacramento Deferred Compensation Plan

17797_01_CRD_Sacramento_PC.indd 1 10/8/14 2:38 PM

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.Although consultations are one on one, guidance provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917© 2014 FMR LLC. All rights reserved.625475.4.0 17797-01/1014

Make the most of this week by taking action!• If you are not yet enrolled in the County of Sacramento Deferred Compensation

Plan, you can get started in just 60 seconds.

EasyEnroll now at netbenefits.com/easy.

Choose a savings approach that suits you today—then, feel free to adjust it any time to fit your changing needs.

• Take full advantage of your County of Sacramento retirement plan by saving more and increasing your contributions.

• Resources are available to assist you with your planning and help you understand if you are on track. Visit the new NetBenefits® Planning & Guidance Center via netbenefits.fidelity.com. Just answer a few quick questions, and you can estimate your retirement income—in minutes. Or you can meet in person with a Fidelity Workplace Planning and Guidance Consultant. Visit http://getguidance.fidelity.com or call 800-642-7131.

Overall, National Save 4 Retirement Week is meant to create a culture that promotes and values saving in the workplace and the community.We hope that you make use of this time to take action and prepare for your future. Be a winner! Remember, if you increase or enroll in the County of Sacramento Deferred Compensation Plan during the month of October, your name will be entered into a drawing for one of four prizes donated by Fidelity.

P.O. Box 145442Cincinnati, OH 45250-5442

PReSORteD First-Class Mail

U.S. PostagePAID

Fidelity Investments

45277

Your future begins with today’s actions!

17797_01_CRD_Sacramento_PC.indd 2 10/8/14 2:38 PM

DEPARTMENT OF PERSONNEL SERVICES

DEFERRED COMPENSATION NEWS

UPDATE FOR 2015

Just a Few Thoughts as the New Year Approaches

The time has come to think about tax and retirement planning for 2015. The County of Sacramento Deferred

Compensation Plan allows you to contribute pre-tax money for retirement. Below is a brief description of the new 2015

limits and the deadlines for making changes.

Limits for 2015:

Employee under age 50 Employee age 50+ by 12/31/2015 Employee enrolled in 3 Year Limited

Catch-Up*

$18,000 $24,000 ($18,000 + $6,000) $36,000 ($18,000 + $18,000)

*Please contact Deferred Compensation Office for more information.

Deadlines for making changes:

Any percentage changes made at Fidelity by the 18th of the month will take effect on the first pay period of the next

month. To spread your contribution evenly over the whole year in 2015 you must change your dollar contribution amount

with Fidelity by December 18, 2014. If you wait until after December 18, 2014 you will still be able to contribute up to

your limit. However, you will need to increase your percentage to match the number of pay periods remaining in the year.

There are usually 26 pay periods per year but there are 27 pay periods for deferred compensation deductions in 2015 (last

time this happened was in 2004. The payroll system will stop at your eligible maximums automatically.

2015 Payroll Contribution (if you change your contribution amount with Fidelity before December 18, 2014):

Employee under age 50 Employee age 50+ by 12/31/2015 Employee enrolled in Limited Catch-

Up*

$692.31 (26 pay periods)

$666.67 (27 pay periods)

$923.08 (26 pay periods)

$888.89 (27 pay periods)

$1,384.62 (26 pay periods)

$1,333.33 (27 pay periods)

To determine what percentage you would like to contribute for future adjustments:

Calculate amount you would like to contribute divided by Total Compensation (gross pay).

Amount of contribution/total compensation = percentage

For example: you want to contribute $100 and your bi-weekly total compensation is $2,221. Take $100/$2,221 = .05 or

5% or would like to contribute $50 and your bi-weekly total compensation is $2,464.80. Take $50/$2,464.80 = .02 or

2%)

The minimum percentage will be 1% and the maximum amounts are set by the IRS annually. COMPASS will stop your

contribution at the annual maximums automatically.

*Please contact Deferred Compensation Office for more information.

Employees in Representative Units 20, 21, 24, 32, 33, 50 and Elected Officials:

You are eligible to receive a County match of 1% of gross pay into a 401(a) Plan if you contribute at least 1% of gross pay

each pay period into the 457(b) Plan. Contact the Deferred Compensation Office at 874-2020 for more information.

A special note for soon-to-be retirees:

Don’t forget that you can contribute a lump sum, up to the maximum for the current year, from your last paycheck. You

must contact our office at (916) 874-2020 at least two months before your last day of work to request that all or a portion

of your final pay be deferred into your deferred compensation account or your contribution will be zero.

For information about how to enroll or to change your contribution amount, call Fidelity Investments at (800) 343-0860 or

via the Internet at http://plan.fidelity.com/saccounty.

For additional information or questions, contact the Deferred Compensation Office at (916) 874-2020 or email us at

MyBenefits@saccounty.net or log onto our website at

http://www.personnel.saccounty.net/DeferredCompUnit/Pages/Default.aspx

Free and Confidential, one-on-one counseling sessions with a licensed Fidelity representative

Each session provides you with a valuable opportunity to discuss asset allocation in volatile markets and new tax law

changes that offer you more flexibility in your deferred compensation plan distributions. Your situation can be analyzed

with your entire retirement picture in mind. This may include topics such as other sources of income, debt reduction,

Social Security, and working part-time in retirement. Please call Fidelity at (800) 642-7131 for available dates and to

schedule an appointment.

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You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

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November, 2014

Re: Changes to the County of Sacramento Deferred Compensation and Sacramento 401(a) Plans

The County of Sacramento is committed to periodically reviewing the County of Sacramento Deferred

Compensation and 401(a) Plans to make sure they continue to help you meet your retirement and

financial goals. Among the things considered are the range of investment options available through the

Plans, investment option performance and value, and whether the Plans give you access to services that

complement your account.

As a result of a recent review, The County of Sacramento has decided to make the following changes to

the County of Sacramento Deferred Compensation and 401(a) Plans' investment lineups.

The changes described on the following pages will take place without any action required on your part.

However, if you are not satisfied with how your current investment elections will be modified, you will have

the opportunity to make changes. Go to the What Do I Need to Do? sections to learn more.

Sincerely,

Fidelity Investments

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CHANGES TO THE COUNTY OF SACRAMENTO DEFERRED COMPENSATION

AND 401(A) PLANS

Your New Investment Options

Beginning January 15, 2015, the following investment options will be added to the investment lineup.

Please see the Investment Option Descriptions section of this letter for more details.

· Metropolitan West Total Return Bond Fund Plan Class

· Vanguard Intermediate-Term Bond Index Fund Admiral Shares

What Do I Need to Do?

You do not need to do anything. However, if you would like to request changes to your account, obtain

additional information, or find answers to questions, log on to Fidelity NetBenefits® at

www.netbenefits.com/saccounty or call 800-343-0860, Monday through Friday, between 5:30 a.m. - 9:00

p.m. Pacific time.

Investment Options Being Removed

When the market closes at 1:00 p.m. Pacific time on January 15, 2015, two investment options offered

through the County of Sacramento Deferred Compensation and 401(a) Plans will no longer be available.

As a result, all existing balances and future contributions will be transferred to the new investment

options. See the following chart for details. The transfer of balances will appear as an exchange on your

account history and quarterly statement. You may also receive a prospectus as a result of this

transaction.

Old Investment Options

New Investment Options

PIMCO Total Return Fund Institutional

Class

Expense Ratio: 0.46%

Metropolitan West Total Return Bond Fund

Plan Class

Expense Ratio: 0.39%

PIMCO Total Return III Fund Institutional

Class

Expense Ratio: 0.50%

Metropolitan West Total Return Bond Fund

Plan Class

Expense Ratio: 0.39%

Expense ratio/information as of date: November 24, 2014

What Do I Need to Do?

If you are satisfied with how your current investment elections will be modified, as shown previously, no

action is required on your part. The County of Sacramento has worked carefully to move the existing

balances and future contributions to investment options that it believes have the most similar investment

objectives.

However, if you do not want these changes to take place, you must contact Fidelity Investments

and complete a change of investments. Log on to Fidelity NetBenefits® at

www.netbenefits.com/saccounty or call 800-343-0860 Monday through Friday, between 5:30 a.m. - 9:00

p.m. Pacific time.

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You can also view an electronic version of this document by logging onto Fidelity NetBenefits® and navigating to Plan Information and Documents.

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Go Paperless

Tired of mailbox clutter? You can significantly reduce paper mail by providing us your e-mail address and

updating your mail preferences to electronic delivery.

Log on to Fidelity NetBenefits® at www.netbenefits.com/saccounty and go to Your Profile.

Investment Option Descriptions

Metropolitan West Total Return Bond Fund Plan Class

Fund Code: 89080

Gross Expense Ratio: 0.39% as of 11/24/2014

Objective: The investment seeks to maximize long-term total return.

Strategy: The fund normally invests at least 80% of its net assets in investment grade fixed income

securities or unrated securities that are determined by the Adviser to be of similar quality. Up to 20% of its

net assets may be invested in securities rated below investment grade. Under normal conditions, the

portfolio duration is two to eight years and the dollar-weighted average maturity ranges from two to fifteen

years. The fund invests in the U.S. and abroad, including emerging markets, and may purchase

securities of varying maturities issued by domestic and foreign corporations and governments.

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As

interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for

longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for

both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date,

so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk

information for this product may be found in the prospectus or other product materials, if available.

Short Term Trading Fee: None

Who may want to invest:

· Someone who is seeking potential returns primarily in the form of interest dividends rather than

through an increase in share price.

· Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

Footnotes:

· A mutual fund registered under Metropolitan West Funds, and managed by Metropolitan West Asset

Management, LLC. This description is only intended to provide a brief overview of the fund. Read the

fund's prospectus for more detailed information about the fund.

· Except for Life of Fund returns, the analysis on these pages may be based, in part, on adjusted

historical returns for periods prior to the class's actual inception of 07/29/2011. These calculated

returns reflect the historical performance of the oldest share class of the fund, with an inception date

of 03/31/1997, adjusted to reflect the fees and expenses of this share class (when this share class's

fees and expenses are higher.) Please refer to a fund's prospectus for information regarding fees

and expenses. These adjusted historical returns are not actual returns. Calculation methodologies

utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Vanguard Intermediate-Term Bond Index Fund Admiral Shares

Fund Code: 45432

Gross Expense Ratio: 0.10% as of 11/24/2014

Objective: The investment seeks the performance of a market-weighted bond index with an

intermediate-term dollar-weighted average maturity.

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Strategy: The fund employs an indexing investment approach designed to track the performance of the

Barclays U.S. 5-10 Year Government/Credit Float Adjusted Index. This index includes all medium and

larger issues of U.S. government, investment-grade corporate, and investment-grade international

dollar-denominated bonds that have maturities between 5 and 10 years and are publicly issued. All of the

fund's investments will be selected through the sampling process, and at least 80% of the fund's assets

will be invested in bonds held in the index.

Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As

interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for

longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for

both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date,

so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk

information for this product may be found in the prospectus or other product materials, if available.

Short Term Trading Fee: None

Who may want to invest:

· Someone who is seeking potential returns primarily in the form of interest dividends rather than

through an increase in share price.

· Someone who is seeking to diversify an equity portfolio with a more conservative investment option.

Footnotes:

· A mutual fund registered under Vanguard Bond Index Funds, and managed by Vanguard Group, Inc.

This description is only intended to provide a brief overview of the fund. Read the fund's prospectus

for more detailed information about the fund.

· Weighted average maturity (WAM) is the weighted average of all the maturities of the securities held

in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate

changes. Generally, the longer the maturity, the greater the sensitivity. WAM for money market funds

is based on the dollar-weighted average length of time until principal payments must be paid, taking

into account any call options exercised by the issuer and any permissible maturity shortening

devices, such as demand features and interest rate resets. For bond funds, WAM can be used as a

measure of sensitivity to the markets. Generally, the longer the maturity, the greater the sensitivity.

The WAM calculation for bond funds excludes interest rate resets and only takes into account issuer

call options if it is probable that the issuer of the instrument will take advantage of such options.

Before investing in any 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.

For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid

by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the

fund's prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports.

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