Page 12 - DCAC February 2024 Files

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from December 4, 2023

• Member Finnegan: Ensure educational programs are accompanied by access to
Empower’s Retirement Plan Advisors.
• Member Love: Consider how employees see themselves in their free time and
orient any communications accordingly.

Additional Planning & Discussion Topics

5. Discussion on Draft DCAC Bylaws, Part 1 (30 minutes) Jay Castellano

The DCAC directed staff to proceed with the development of the Bylaws, including
getting input and feedback from the County Attorney’s Office regarding bylaws from
other County boards and commissions, any meet-and-confer obligations and the
authorized scope for the DCAC’s own Bylaws. Also, the following feedback should be
incorporated:
• Member Love: In defining the time commitment for new/prospective DCAC
members, be sure to include DCAC meeting time as well as subcommittee
meeting time and reading time.
• Member Love: Consider ways to evaluate the effectiveness of individual DCAC
members and the DCAC itself. Should the Bylaws allow provisions and a
process for the DCAC to dismiss one of its own members?
• Chair Okada, Member Finnegan: At this point, leave open the matter of term
limits.
• Member Aponte: The excused absences seem too permissive (e.g., County
business).
• Member Finnegan: Excused absences are not needed.
• Member Aponte: Alternate DCAC members could be important for a quorum.
• Member Love: Is it possible to include a “buddy system” for transitions to new
members?
• Member Love: A possible training requirement is to attend a NAGDCA
conference within the first two years of appointment.

BREAK (15 minutes)

6. Presentation on Empower Business Update (15 minutes) Stephanie O’Dear

This item was deferred to the February 22, 2024, DCAC meeting.

7. Discussion and Action Regarding Remotiv vs Empower’s Bob Gleason
Lifetime Income Score (30 minutes) Cynthia Egger

The DCAC accepted Empower’s LIS presentation.

The DCAC directed staff to bring back a process for determining if any changes should
be made to the co-existence of Remotiv and Empower’s LIS.

Also, Innovest noted that given the nature of its access to participant data, Remotiv
should be subject to the DCAC’s cybersecurity review process.

8. Goals & Objectives (30 minutes) Wendy Dominguez

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