Page 13 - MayDefComp
P. 13
COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE February 24, 2022
8. Review and Approve Investment Policy Statement (Kyli Soto)
After a presentation by Innovest describing the Innovest-based IPS, the DCAC
expressed an interest for more time to review the changes from the NFP-based IPS.
Item 8 was deferred until the May 26, 2022, meeting.
9. Presentation and Acceptance of Quarterly Investment Review (Wendy Dominguez)
The DCAC accepted this update by Innovest.
10. Review and Approve Recommendations for Replacing CIT Funds (Gordon Tewell)
Innovest provided options and recommendations for replacing NFP’s two proprietary
CIT (collective investment trust) investment options.
A motion was made for the following:
• Replace the NFP Small Cap Value CIT with Boston Partners Small Cap Value
Fund
• Replace the NFP Small Cap Growth CIT with the Harbor Small Cap Growth Fund
M/S/C Dames/Raw/7-0 (Absent: Perry and Love) Motion approved by roll call vote.
Innovest and staff will work with Empower to implement the replacements by March
31, including required communications with affected plan participants.
11. Acceptance of Empower Reporting
A. Presentation of Quarterly Plan Review (Bob Gleason)
B. Presentation of Quarterly Update on Call Response Performance (Bob Gleason)
The DCAC accepted these presentations and reports.
Member Finnegan noted that the Call Response Performance continues to under-
perform and that it continues to be a concern for the County. Chair Okada and Bob
Gleason agrees that we should receive more information at the May 26 meeting about
staffing levels and plans to ensure that the performance target is met consistently.
12. Participant Communication/Education Plan
A. Presentation of 2021 Online Account Management Campaign (Armando Llanes)
B. Review and Approval of 2022 Participant Communication/Education Plan
(Armando Llanes, Patrick Washington)
The DCAC accepted the Campaign presentation.
Empower reviewed the final version of the 2022 Participant Communication/Education
Plan based on the DCAC’s input during its November 4, 2021, meeting.
3
