Page 16 - DCAC August 2024 Files

Executive Summary

The SAGIC contract and participant account balances have been reconstructed based on data going back to March 2016

Proposed Changes

• Participant accounts will be increased in aggregate by $6.1M

# participants Adjustment Method

Current participants 10,100 $5,267,000 Earnings adjustment applied to account

Former participants with adjustment >$50 780 $807,000 Re-open account; apply adjustment

All other participants 2,830 $14,000 Allowance paid into plan expense account

• The Market Value Account Balance will be increased by $11.4M

• The crediting rate effective 10/1/2024 will be adjusted to take into account these book value and market value changes

Agreement is sought prior to 9/12/2024 to ensure the necessary systems changes can be implemented prior to

the effective date of the next crediting rate

For use by the San Mateo County Deferred Compensation Advisory Committee only
FOR INTERNAL USE ONLY.