Page 112 - DCAC November 2023 Files

County of San Mateo Deferred Compensation Advisory Committee
2023 Goals and Results (through 3Q 2023)

1. GOAL – Increase contribution levels from an average of x% to y% and/or $x to $y.

a. RESULT: Unable to obtain data necessary to track all these metrics because deferrals are
handled by WorkDay, rather than Empower. SCM Staff and Empower will work with
Workday to determine if this data can be obtained for 2024 Goals. However, the
Empower reporting shows that total annual contributions have risen by 12.3% in 2020,
8.0% in 2021, and 6.3% in 2022. The 2023 numbers will be provided in next year's annual
plan review.

2. GOAL – Improve the number of participants that are determined to be retirement ready from x%
to y%.

a. Focus on calculating the GAP from the pension plan and communicating the need for
ample contributions in the 457 Plan.

i. RESULT: Empower and SMC Staff were unable to obtain an automatic linkage to
the SMCERA pension income estimates. Therefore, the Empower lifetime
income score data would be flawed and misleading. DCAC may wish to inquire
with Empower regarding other methodology to track improvements with this
metric in 2024.

b. Focus on increasing the number of one-on-one meetings to facilitate the goal.
i. RESULT: 1Q 2023: 209, 2Q2023: 177, 3Q 2023: 152.

c. Employ targeted education on the right number to save and how important it is to start
early.
i. RESULT: Empower provided an array of target communications and the results
are shown in the ECE reporting in a separate attachment.
d. Focus on increasing the number of participants that have completed pension balances
online to calculate a total score from x% to y%.
i. RESULT: Empower reporting shows 1,122 participants have a calculated lifetime
income score. This indicates, at a minimum, they have input their salary, and a
valid date of birth is confirmed. Empower reporting does not show information
regarding how many participants have input a pension estimate.

3. GOAL – Focus on communicating the level of ESG already available in the investment menu.
i. RESULT: Innovest created a custom educational piece for participants providing
an overview of the ESG analysis performed for the DCAC.
4. GOAL – Reduce plan leakage for large balance participants and retirees from x% to y%. Empower
to provide total number of distribution requests (# of participants and $) for 2022 and the
number that were rolled out of the plan.
a. Create custom distribution checklist to clearly communicate the cost comparison of
alternatives upon separation of service.
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