Page 22 - DCAC February 2025 Files

County of San Mateo Deferred Compensation Advisory Committee
2025 Proposed Goals

1. GOAL – Increase participant engagement and security of participant data.

a. ACTION – Create an education campaign to capture more employee email addresses and
create accounts with dual authentication.

i. Currently 78% of participants have an email address.
ii. Currently 46% have logged on and created an Empower account.

b. ACTION – Create Collaborative Trainings with Pension, Social Security and Empower.
c. ACTION - Integrate financial wellness and investigate partners

2. GOAL – Increase contribution rates for participants in the plan.
a. ACTION: Create an education campaign moving from flat dollar to percentage.

i. Currently 54% of participants have a flat dollar contribution rate

3. GOAL – Improve asset retention for retirees and terminated participants with large balances.

a. ACTION: Create an education campaign on asset retention and the benefits of staying in
the plan.
b. ACTION - Proactively reach out to large balance participants and tell them they can keep
balances in plan.

4. GOAL – Improve the consistency of committee governance.
a. ACTION: Consider committee composition and adding a retiree to the committee

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