Page 41 - DCAC February 2024 Files

• While 55.34% of respondents stated that they were satisfied to very satisfied in the area of investment
options, 44.66% ranked the area of investment options neutral or lower (37.16% ranked neutral).
o Of those respondents that ranked the area of investments neutral or lower, 167 provided
comments.
• While 59.31% are satisfied to very satisfied in the area of plan updates and educational resources,
40.69% ranked the area neutral or lower.
o Of those respondents that ranked neutral or lower, 130 provided comments.

Participant education
• In the area of Participant Education, 8.26% of respondents ranked dissatisfaction. Of those that ranked
neutral (33.17%) or lower, 130 provided comments.

Other key findings
• The majority of respondents (53%) do not feel they are saving enough for retirement.
• The majority of respondents (51.25%) do not feel comfortable with how to invest for retirement.
• The majority of respondents (61%) indicated that they have not attended an educational session
facilitated by an Empower representative.
• 84.12% of respondents have not yet contacted the participant Call Center at Empower.
o 51.84% of respondents did not know about the Call Center at Empower.
• 76.36% of respondents have accessed their account online using the new Empower retirement plan
website.
o 77.06% of those who have accessed their account online were either satisfied or very satisfied
with their online experience, 19.6% rated their experience as neutral, and 3.34% were
dissatisfied.

Key survey benefits
• Strengthening employee relationships. Participants are given the chance to provide input on the 457(b)
Plan available to them.
• Employees may become more active in their retirement program having been given a sense of
ownership through participation in the survey.

Conclusion
By crafting a survey for plan participants and non-participants, the County is able to assess gaps in all aspects of
the Deferred Compensation Plan, including plan design, resources, and services, that allow them to offer more
relevant content and communications regarding plan offerings. Overall, the County of San Mateo maintains a
95% participation rate with an average balance of $68,665 in the 457(b) Deferred Compensation Plan. This is
considerably higher than the average for Public Sector DC Plans.