Page 7 - DCAC February 2023 Files

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from November 3, 2022

The agenda was accepted as posted.

PUBLIC COMMENTS

None.

CONSENT ITEMS

1. Approve Minutes: August 25, 2022 (Jay Castellano)

A motion was made to approve the Consent Items.

M/S/C Raw/Wilson/5-0

OLD BUSINESS

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

The DCAC accepted this update.

3. Oral Update on Implementation of New Empower Contract and Migration of ICMA-RC
Assets to Empower (Bob Gleason)

The DCAC accepted this update.

4. Oral Update on Migration of Vanguard Index Funds to Fidelity Index Funds and on
Changes to Sector/Specialty Funds (Bob Gleason)

The DCAC accepted this update.

NEW BUSINESS

Empower

5. Present Quarterly Plan Review (Bob Gleason)

The DCAC accepted this presentation.

In addition:
• Bob Gleason noted that the next quarter reports will be generated from the new
platform and will appear differently.
• Bob will include an additional data on the few participants with high numbers of
investment options.
• Kelly Bush also announced that Patrick Washington has been promoted. Dillon
Broderick will be the County’s Retirement Education Specialist and will be
supported by Patrick during the transition.

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