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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from August 25, 2022
6. Presentation of Quarterly Plan Review (Bob Gleason)
The DCAC accepted this presentation.
7. Review Implementation Plan for 2021-22 Survey Recommendations (Armando Llanes)
The DCAC accepted this presentation.
8. Review and Approve Education Policy (Bob Gleason)
A motion was made to approve the Education Policy without updates.
M/S/C Perry/Love/8-0 Motion approved by roll call vote.
Innovest
9. Approve Recordkeeping RFP Recommendation by Ad Hoc Selection Committee (Brett
Minnick)
A motion was made to accept the Ad Hoc Selection Committee’s recommendation to
select Empower as the plans’ recordkeeper for the period of March 22, 2023, through
March 21, 2028. The recommendation to the Board of Supervisors will include a five-
year contract, not the County procurement standard of three years with options up to
five years total.
M/S/C Perry/Raw/6-0 Motion approved by roll call vote.
10. Presentation and Acceptance of Quarterly Investment Review (Rick Rodgers)
The DCAC accepted this presentation.
11. Discuss and Approve Changes to Sector or Specialty Funds (Brett Minnick)
A motion was made to do the following:
• Eliminate the funds identified on Page 9 of Innovest’s presentation (Item 11 on
agenda)
• Map all assets and future allocations to the funds identified on Page 9 of
Innovest’s presentation (Item 11 on agenda)
M/S/C Dames/Love/7-0-1 Motion approved by roll call vote with Member Perry
abstaining.
12. Legislative Updates (Rick Rodgers)
The DCAC accepted this update.
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