Page 420 - DCAC February 2024 Files

I. Basic Information

This Investment Policy, which was adopted by The County of San Mateo, California, acting by and through its
Deferred Compensation Advisory Committee “Committee”, applies to the County of San Mateo 457 Deferred
Compensation Plan, 401(a) Plan, OBRA Plans and HRA Plan “Plans” sponsored by The County of San Mateo.

As described more fully in the Plan documents, the purpose of the Plans is to provide eligible employees with Deleted: D
long-term accumulation of retirement savings and earnings through employee and, possibly, employer
contributions to individual participant accounts. Both the authority and the responsibility for investing and
retirement planning belong to the participants. The Plans are a component of an individual’s assets to be used Deleted: employees
at retirement.

Although exempt from ERISA, the Committee intends for the Plan to comply to Section 404(c) and Section
2550.404(c)-1 Title 29 of the Code of Federal Regulations. Plans subject to 404(c) enable participants to decide
how individual accounts are to be invested and Plan fiduciaries may not be liable for Plan losses that are the
direct and necessary result of participant instructions.

Exhibit A details key Plan information.

A. Purpose of this Investment Policy Statement

The Committee has the authority to select and monitor the investment options of the Plans. The purpose of
this Investment Policy Statement (IPS) is to establish guidelines for effectively selecting, monitoring and
evaluating the investment options to be made available to participants in the Plans, and setting forth
responsibilities of various parties with respect to the investment program for the Plans. The investment
program for the Plans is defined in various sections of this IPS by:

• Stating the Committee’s expectations, objectives, and guidelines with respect to the investment of Plan Deleted: in this document
assets.
• Providing guidelines for assembling the various investment options into an overall structure to include
various asset classes, investment management styles and asset allocation portfolios so that, when
viewed as a whole, the investment options are expected to allow a participant to achieve a sufficient
level of overall diversification.
• Establishing formalized criteria to monitor, evaluate and compare the performance results achieved by
the fund managers on a regular basis and a method by which changes are made.
• Outlining fiduciary responsibility, prudence and due diligence requirements that experienced fund
managers and other fiduciaries would utilize in managing and overseeing retirement plan assets.

B. Policy Objectives

The overall objective of this policy is to establish an investment structure that will meet a broad range and
diverse set of current and projected financial needs of the Plan participants.

Within this overall objective, the Committee has identified the following additional objectives:

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