Page 49 - DCAC May 2024 Files

From: Gleason, Robert
To: Lisa Okada; Jay Castellano
Cc: Kim Pearson; Silvio DiGrande (silvio.digrande@empower.com); Krywicki, Matthew
Subject: 2024 Compliance Review of Plan Documents #776970_San Mateo County Plans
Date: Wednesday, March 13, 2024 3:25:00 PM
Attachments: image001.png
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CARES_Amendment.pdf
SECURE 1_Amendment.pdf
Hello Lisa and Jay,

Our Regulatory Services Consultant, Matt Krywicki, has reviewed all the county’s plan documents and prepared the grid below relative to the status of the County’s plans.

All five of the County’s plan documents are in compliance with IRS regulations. Jay, you may use this email as documentation of the review and plan compliance relative to the
upcoming May 23, 2024 Deferred Compensation Committee Meeting.

In terms of actions, we do ask the County to review, execute, and return the two attached interim amendments for the CARES Act and original SECURE Act. Governmental plan
documents do not yet need to be formally amended, but we have prepared interim amendments to track the selections that each plan has made relative to these pieces of
legislation. These two amendments are only missing for the Deferred Compensation Plan. We have previously received the amendments for all other plans. Lisa, would please
review, execute, and return these documents at your next opportunity. Let me know if you would like to discuss further, and I can arrange a call with Matt and I to discuss.
Empower will not be able to process any future amendments until these executed documents are returned.

Also, I do have some good news to share. Empower has approved assigning Matt Krywicki as San Mateo County’s Regulatory Consultant. Matt will now be able to serve in a
similar capacity as Sharon Scussel had done in the past. Matt (copied above) is a former MassMutual employee who I have worked with for many years, and he has extensive
experience working with governmental plans. Welcome aboard Matt!

San Mateo County, California Retirement Plan Compliance Review as of March 8,
2024
Plan
Plan ID Plan Name Plan Type Restatement Description Amendments Benefits Provided
Date Since Last
Restatement
776970-01 San Mateo County Deferred Compensation Plan 457(b) 4/1/2020 Specimen governmental *SECURE 1.0 Permits eligible employees
457(b) deferred and CARES to make deferred salary
compensation plan Amendments contributions up to the
outstanding lesser of the applicable
dollar limit or the
participant's includable
compensation, age 50
catch-up contributions and
pre-retirement catch-up
contributions. Rollover
contributions permitted.
776970-02 County of San Mateo 401(a) Retirement Plan 401(a) 4/1/2022 Empower Cycle-3 Non- BBA, SECURE Plan provides for a fixed and
Standardized 1.0 and CARES discretionary employer
Governmental pre- Amendments contribution and a
approved 401(a) plan adopted discretionary matching
(Active 401(a) Plan) contribution that is
calculated on elective
deferrals made to the
457(b) plan. Rollover
contributions permitted.
776970-03 San Mateo County Part-Time, Seasonal and 457(b) 3/21/2016 Specimen governmental SECURE 1.0 Social Security Replacement
Temporary Plan 457(b) deferred and CARES Plan for part-time, season
compensation plan Amendments and temporary employees
(OBRA Plan) adopted in accordance with the
Omnibus Budget
Reconciliation Act of 1990
(OBRA) that requires a 7.5%
pre-tax contribution by
eligible employees. Rollover
contributions permitted.

776970-04 County of San Mateo Part-Time, Seasonal and 401(a) 4/1/2022 Empower Cycle-3 Non- BBA, SECURE Contributions frozen as of
Temporary Retirement Plan Standardized 1.0 and CARES 3-16-2016.
Governmental pre- Amendments
approved 401(a) plan adopted
776970-05 San Mateo County Money Purchase Plan 401(a) 3/17/2023 Empower Cycle-3 Non- BBA, SECURE Fixed employer contribution
Standardized 1.0 and CARES based on "compensation
Governmental pre- Amendments earnable". Rollover
approved 401(a) plan adopted contributions permitted.
(Active Money Purchase