Page 14 - DCAC February 2025 Files

From: Gleason, Robert
To: Lisa Okada; Jay Castellano
Cc: Kim Pearson; DiGrande, Silvio; Krywicki, Matthew
Subject: 2025 San Mateo County Compliance Review of Plan Documents #776970 (All Plans)
Date: Wednesday, February 19, 2025 2:42:01 PM
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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
February 27, 2025 Deferred Compensation Committee Meeting.

Amendments for the SECURE 2.0 Act are not due until December 31, 2029, and will contain each plan’s SECURE 2.0 optional provision elections.

San Mateo County, California Retirement Plan Compliance Review as of February 19, 2025
Plans may make changes available under SECURE 2.0 as they become available on Empower's recordkeeping system.
Plan Amendments ae not required to be formally adopted for SECURE 2.0 until December 31, 2029
Plan ID Plan Name Plan Restatement Description Plan Benefits Provided
Type Date Amendments
Since Last
Restatement
776970-01 San Mateo County Deferred Compensation Plan 457(b) 4/1/2020 Specimen CARES, Further Permits eligible
governmental Consolidated employees to make
457(b) deferred Appropriations deferred salary
compensation Act of 2019 contributions up to the
plan (“FCAA”), lesser of the applicable
Setting Every dollar limit or the
Community Up participant's includable
for Retirement compensation, age 50
Enhancement catch-up contributions
Act of 2019 and pre-retirement catch-
(“SECURE”) and up contributions. Rollover
Bipartisan contributions permitted.
American
Miners Act
(“BAMA”).
776970-02 County of San Mateo 401(a) Retirement Plan 401(a) 4/1/2022 Empower Cycle-3 CARES, Further Plan provides for a fixed
Non-Standardized Consolidated and discretionary
Governmental Appropriations employer contribution
pre-approved Act of 2019 and a discretionary
401(a) plan (“FCAA”), matching contribution
(Active 401(a) Setting Every that is calculated on
Plan) Community Up elective deferrals made to
for Retirement the 457(b) plan. Rollover
Enhancement contributions permitted.
Act of 2019
(“SECURE”) and
Bipartisan
American
Miners Act
(“BAMA”).
776970-03 San Mateo County Part-Time, Seasonal and Temporary Plan 457(b) 3/21/2016 Specimen CARES, Further Social Security
governmental Consolidated Replacement Plan for
457(b) deferred Appropriations part-time, season and
compensation Act of 2019 temporary employees in
plan (OBRA Plan) (“FCAA”), accordance with the
Setting Every Omnibus Budget
Community Up Reconciliation Act of 1990
for Retirement (OBRA) that requires a
Enhancement 7.5% pre-tax contribution
Act of 2019 by eligible employees.
(“SECURE”) and Rollover contributions
Bipartisan permitted.
American
Miners Act
(“BAMA”).
776970-04 County of San Mateo Part-Time, Seasonal and Temporary Retirement 401(a) 4/1/2022 Empower Cycle-3 CARES, Further Contributions frozen as of
Plan Non-Standardized Consolidated 3-16-2016.
Governmental Appropriations
pre-approved Act of 2019
401(a) plan (“FCAA”),
Setting Every