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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE February 25, 2021

ORDERS OF THE DAY

The agenda was accepted as posted.

PUBLIC COMMENTS

None.

CONSENT ITEMS

1. Approval of Minutes of November 5, 2020 (County, Jay Castellano)

2. Approval of Investment Options on Watch List per November 5, 2020, Investment
Performance Review (NFP, Bill Tugaw)

A motion was made to approve the Consent Items.

M/S/C Raw/Dames/9-0. Motion approved by roll call vote.

NEW BUSINESS

3. Empower Introductions (Bob Gleason)
A. Dan Morrison, Sr. Vice-President
B. Una Morabito, Executive Sponsor
C. Dan Gargan & Bill Thornton, SAGIC

Both Empower representatives and County representatives welcomed the new business
relationship and the opportunity to work together. Empower and Great West Life also
confirmed that all terms and conditions of the County’s SAGIC contract with MassMutual
will continue to be honored by Empower and Great West Life in perpetuity, as long as the
County chooses to retain it.

4. Empower Reporting

A. Presentation of Quarterly Investment Review (Jeff Blanchard)

This presentation was accepted as is.

B. Presentation of Quarterly Plan Review (Bob Gleason)

This presentation was accepted as is.

C. Annual Review of Plan Documents (Bob Gleason)

Gleason confirmed that Empower conducted an internal review of all plan
documents and confirmed that they all remain in correct form and compliance.

Gleason agreed to request a “one fund” report to check for participants who might
be “splitting strategies” when using target-date funds. That is, the DCAC is
concerned about participants who might be using target-date funds incorrectly by

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