Page 8 - DCAC February 2024 Files
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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from November 2, 2023
annual reports in February of each year to help the DCAC monitor the effectiveness of
the managed accounts program.
M/S/C Aponte/Raw/5-0
4. Review and Discuss Metrics and Options for Managing the Accounts of Terminated
Participants With De Minimis Balances (Bob Gleason)
A motion was made to direct Empower to immediately begin the process of liquidating
the accounts of terminated participants with de minimis balances below the maximum
limit. Empower will research and identify any other decisions needed from the DCAC,
including any choices of IRA options and plan document amendments. Prospectively,
Empower will liquidate these same qualifying accounts at the beginning of each
calendar year.
M/S/C Okada/Wilson/5-0
5. Review and Approve Annual Participant Surveys (Armando Llanes)
The surveys were approved as presented (without a vote) for distribution. Responses
will be accepted until mid-December, and survey results will be discussed in the
DCAC’s next meeting on February 22, 2024.
NEW BUSINESS
Empower
6. Presentation of Full Quarterly Plan Review (Bob Gleason)
The DCAC accepted this presentation.
7. Review of Empower’s Cyber Security Systems and Issues (Trish McGinity)
TIME CERTAIN AT 9:45AM
The DCAC accepted this presentation.
Innovest
8. Presentation and Acceptance of Quarterly Investment Review (Rick Rodgers, Nancy
Rimington)
The DCAC accepted this presentation.
9. Legislative Updates (Rick Rodgers)
The DCAC accepted this presentation.
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