Page 40 - DCAC February 2024 Files

2023 Deferred Compensation Program Participant Survey

We are pleased to provide the results of the 2023 Deferred Compensation Program Participant Survey. In
November, with your support, we distributed a survey to participants requesting feedback on the Deferred
Compensation program. 695 employees completed the survey, representing approximately 7% of the
participant population.

For 2023, we delayed distribution of the survey to provide participants with time to utilize the new participant
experience at Empower post migration. We also updated the survey to reflect current services.

One change in the approach for information from respondents was the request for comments from participants
that rated program elements neutral or lower. Please note that all comments received are fundamentally
negative given the request to receive comments from participants that are not satisfied or very dissatisfied. All
comments received have been provided to San Mateo County staff.

One trend we are seeing is a consistent decline in respondents, year over year. In 2022, there were 900
respondents whereas in 2021 there were 1,317.

Results from the survey are provided.

Key Survey Results

Demographics
• 63.9% of respondents are between ages 40 and 60, representing the largest segment.
• 62.30% of respondents were female.
• 27% of respondents have worked for the county between 5 to 10 years, representing the largest
segment of respondents.

Importance of program elements
• 46.59% of respondents stated plan design is the most important aspect of the program. (Program design
refers to the framework of a retirement plan, such as how much you can save, where you can invest,
distribution of funds…etc.)
o 62.3% of respondents are satisfied to very satisfied with plan design.
o Of those respondents that ranked the plan design neutral or lower, 140 provided comments.