Page 168 - DCAC May 2023 Files
P. 168
Next Steps
Considerations and
Rev. 2009 IPS review scheduled for 4Q review Fiduciary Education scheduled for 3Q review New structure effective April 1, 2023 Fee Review scheduled for 2Q review Share Class Review scheduled for 1Q review 7
County of San Mateo 457(b) Plan Summary
Current Structure Type: San Mateo County Deferred Compensation Plan Normal Retirement Age: 65 or 40 for qualified police or firefighter Contribution Rate: EE ‐ voluntary 100% up to $22,500, catch‐up 100% up to $7,500 Match Provision: Yes, certain unions only, match to 401(a) Auto‐Escalation: Yes, starting at 1% up to 5% (except certain union groups) Force Out Distributions: Yes, for terminated employees with <$5
Legal Plan Name and Plan Vesting Schedule: Immediate Eligibility Requirements: Immediately Eligible Enrollment: Participant Elected Automatic Enrollment: Yes, @ 1% Loans: Yes Unforeseen Emergencies: Yes Installments: Yes In‐Service Withdrawals: Yes Investment Direction: Participant Number of Investment Options: 20 QDIA/DIA: Yes, age‐appropriate Target Date Fund Re‐enrollment: No Managed Accounts: Yes Sel
• • • Roth: Yes • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Plan Provisions Contributions Distributions Investments Governance Costs Education Annual deliverables are listed in BLUE
