Page 21 - DCAC February 2025 Files
P. 21
Executive Summary
The SAGIC contract and participant account balances have been reconstructed based on data going back to March 2016
Changes Made
• Participant accounts were increased in aggregate by $6.6M
# participants Adjustment Method
Participants on record-keeping platform 14,000 $6.6M Earnings adjustment applied to account
There were no participants that needed an adjustment for which an account doesn’t exist on the record-keeping platform
• The Market Value Account Balance was increased by $11.4M
• The crediting rates effective 10/1/2024 and 1/1/2025 were adjusted to take into account these book value and market
value changes
These represent the final actions as it relates to the issue.
For use by the San Mateo County Deferred Compensation Advisory Committee only
FOR INTERNAL USE ONLY.
