Page 46 - DCAC May 2024 Files

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes for February 22, 2024

OLD BUSINESS

Empower

6. Review and Discuss Annual Participant Survey Results (Armando Llanes)

The DCAC accepted this presentation.

Innovest

7. Discuss and Approve 2024 Goals & Objectives (Rick Rodgers)

A motion was made to approve the 2024 Goals & Objectives. In addition, Empower will develop and
provide Innovest with benchmarks for the Lifetime Income Scores so that the DCAC can assess
progress for this measure.

M/S/C Raw/Wilson/7-0

8. Review and Discuss Results of Evaluation of Investment Consultant (Brett Minnick)

The DCAC accepted this presentation.

NEW BUSINESS

Empower

9. Presentation of Full Quarterly Plan Review, including New Metrics on Managed Accounts (Bob
Gleason)

The DCAC accepted this presentation. In addition, Empower will add “Average Participant
Contributions” to future reports.

10. Presentation on Empower Business Update (Stephanie O’Dear)

The DCAC accepted this presentation. In addition, Empower will establish a tickler system for
bringing future SECURE 2.0 decisions to the DCAC in a timely, just-in-time manner.

11. Discuss Ideas for 2024 NAGDCA Award Nomination (Armando Llanes)

Armando Llanes will draft a nomination based on the DCAC’s governance practices, includes its
planning retreat, its pre-and post-planning meetings, its annual goals and objectives, its Ebook and
the resulting increase in plan participation. If feasible, Armando will include a metric based on the
collective years of experience between key players from the County, from Empower and from
Innovest.

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