Page 6 - NovDefComp

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from August 25, 2022

ORDERS OF THE DAY

The agenda was accepted as posted.

PUBLIC COMMENTS

None.

CONSENT ITEMS

1. Approve Minutes: May 26, 2022 (Jay Castellano)
2. Annual Review of Special Services Performed by Empower (Bob Gleason)

A motion was made to approve the Consent Items.

M/S/C Love/Raw/8-0 Motion approved by roll call vote.

OLD BUSINESS

3. Oral Update on Q4 Transition to Empower Recordkeeping Platform (Bob Gleason)

The DCAC accepted this update.

4. Approve Migration of Vanguard Index Funds to Fidelity Index Funds (Rick Rodgers)

A motion was made to do the following:
• Remove the Vanguard Total Stock Market Index (VTSAX) Fund
• Map all assets and future allocations to the S&P Index Fund
• Replace all Vanguard Index Funds with Fidelity Index Funds

M/S/C Perry/Raw/8-0 Motion approved by roll call vote.

NEW BUSINESS

Empower

5. Discuss and Determine 2021 Performance Penalty Related to Call Center Response (Bob
Gleason, Jay Castellano)

A motion was made to apply the 2021 performance penalty to Empower in accordance
with the contract provision, meaning that Empower will pay a $1,000 for not meeting
its 2021 call center response performance guarantee.

M/S/C Love/Okada/4-3-1 Motion approved by roll call vote with Members Htwe, Perry
and Raw dissenting, and with Member Wilson abstaining.

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