Page 47 - DCAC May 2024 Files
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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes for February 22, 2024
12. Announcement of the MARCOM Award for the County’s Branding of Its Deferred Compensation
Program (Armando Llanes)
The DCAC accepted this presentation.
13. Discussion of Issue in SAGIC Fund (Stephanie O’Dear and Bob Gleason)
This item was deferred to the DCAC meeting of May 23.
14. Liquidation of De Minimis Accounts
A. Update on Initial Liquidation of De Minimis Accounts and Future Workplan (Bob Gleason)
The DCAC accepted this presentation.
B. Discuss and Approve Selection of Default IRA Option for Liquidations (Rick Rodgers)
A motion was made to select Empower’s product as the default IRA option for automated
rollovers of de minimis accounts. Innovest’s analysis notes that Empower’s product—when
compared to products from Inspira Financial and Schwab—has the lowest annual account fee
of $20, and its insurance company general account offers a competitive crediting rate of 0.75%
and is rated AA by Standard & Poor and A+ by A.M. Best.
M/S/C Finnegan/Raw/7-0
Innovest
15. Presentation and Acceptance of Quarterly Investment Review (Rick Rodgers, Brett Minnick)
The DCAC accepted this presentation.
16. Review and Approve the Investment Policy Statement (Brett Minnick)
The DCAC accepted this presentation.
M/S/C Raw/Wilson/7-0
17. Education Session: Lessons Learned from The Courtroom (Rick Rodgers)
The DCAC accepted this presentation.
18. Legislative Updates (Rick Rodgers)
The DCAC accepted this presentation.
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