Page 109 - DCAC February 2024 Files

County of San Mateo Deferred Compensation Advisory Committee
2024 Proposed Goals

1. GOAL – Increase participant engagement and security of participant data.

a. ACTION – Create an education campaign to capture more employee email addresses and
create accounts with dual authentication.

i. Currently 78% of participants have an email address.
ii. Currently 46% have logged on and created an Empower account.

b. ACTION – Create an education campaign to improve the utilization and understanding of
the Lifetime Income Score.

i. Focus on increasing the Retirement Readiness Reviews from 20% of the overall
interactions to 50%.
ii. Currently 1,122 participants have a calculated lifetime income score.

2. GOAL – Increase contribution rates for participants in the plan.
a. ACTION: Create an education campaign regarding participant’s financial future. Consider
themes, testimonials, and incentives.

3. GOAL – Improve asset retention for retirees and terminated participants with large balances.
a. ACTION: Create an education campaign on asset retention and the benefits of staying in
the plan.

4. GOAL – Improve the consistency of committee governance.
a. ACTION: Develop and execute Committee Bylaws.

b. ACTION: Develop and execute a committee self-evaluation process.
c. ACTION: Revamp the committee meeting agenda and time allocation to be more
effective and include fiduciary education topics.
d. ACTION: Develop and execute a monitoring process for managed account effectiveness.
e. ACTION: Develop and execute a consultant monitoring process.

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