Page 12 - DCAC November 2024 Files

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes for September 24, 2024

ROLL CALL

Present Absent
Lisa Okada Gabe Aponte
Gerimar JJ Tabbay Steve Perry
Lilibeth Dames
Laurel Finnegan
Robert Raw
Bridget Love

ORDERS OF THE DAY

The agenda was accepted as is.

PUBLIC COMMENTS

None.

OLD BUSINESS

Past Crediting Issue in SAGIC Fund

1. Review of SAGIC Issue (Simon Poole)

The review was accepted as is.

2. Review of What Has Occurred to Date and Decisions Before DCAC Today (Rick Rodgers)

The review was accepted as is.

3. Review and Discussion of Due Diligence Audit—Methodology, Findings and Recommendations
(Chris Tobe)

The review was accepted as is.

4. Review and Approval of Empower’s Recommended Corrective Action Plan

A motion was made to approve Empower’s corrective action plan, including the following:

1. Restore $6.4 million in book value to participants’ accounts currently on the Empower
recordkeeping platform, subject to the actual value on September 30, 2024.
2. Restore $35,000 in book value to participants’ accounts with adjustments greater than $50
and not on the Empower recordkeeping platform, subject to the actual value on September
30, 2024.
3. Allocate $220 to the plan expense account for participants with adjustments less than $50
and not on the Empower recordkeeping platform, subject to the actual value on September
30, 2024.
4. Restore $11.4 million in market value to SAGIC Fund, subject to the actual value on
September 30, 2024. This restoration will be used for the purpose of the October 1, 2024,
crediting rates and future calculations.

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