Page 8 - DCAC Nov 2025 Files

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes for September 25, 2025

7. Review and Approval of 2025-26 Education Policy (Heather Smith)

A motion was made to approve the 2025-26 Education Policy.

Motion/Second/Carry: Finnegan/Aponte/8-0

8. Review and Approval of 2025-26 Annual Survey (Armando Llanes)

The DCAC provided feedback on the draft survey. A final survey will be reviewed and
approved in the DCAC meeting of November 6, 2025.

Innovest

9. Presentation and Acceptance of Quarter 2 Investment Review (Rick Rodgers)

The DCAC accepted this presentation.

10. Presentation and Acceptance of Annual Fee Review (Rick Rodgers)

The DCAC accepted this presentation.

11. Fiduciary Education Sessions (Rick Rodgers)
A. Completing the Journey—Considerations for Post-Employment
B. Collective Investment Trusts

The DCAC accepted the presentation on Collective Investment Trusts. The Completing
the Journey presentation was deferred to the DCAC Retreat on December 8, 2025.

The DCAC expressed interest in the Vanguard Target-Date Fund CITs and the EUPAC
ISA asked that a recommendation and implementation timeline be presented in the
DCAC meeting of November 6, 2025.

12. Discussion and Approval of Investment Recommendations (Rick Rodgers)
A. Replace Invesco Developing Markets Fund with Emerging Markets Fund Search
Book
A motion was made to replace the Invesco Developing Markets Fund with DFA
Emerging Markets Core Equity 2.
Motion/Second/Carry: Finnegan/Raw/8-0
B. Eliminate American Funds Fundamental Investors Fund; map participants to
Fidelity 500 Index Fund
A motion was made to eliminate the American Funds Investors Fund and to map
participants to the Fidelity 500 Index Fund.
Motion/Second/Carry: Dames/Finnegan/8-0
13. Legislative Updates (Rick Rodgers)

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