Page 253 - DCAC Feb 2026 Files

Innovest’s History with the County of San Mateo

2022 2022 (continued)
• Retained Innovest Portfolio Solutions for retirement plan • MassMutual was acquired by Empower Retirement and
consulting services, effective January 1, 2022. became the plans’ recordkeeper
• Share class merger of the Vanguard Target Retirement series, • Issued a Request for Proposal for recordkeeping services,
reducing the expense ratio to 0.08% effective February 11, which resulted in retaining Empower at a reduced fee from
2022. 0.035% to 0.025%.
• Presented the annual Fee Review for the 457 plan • Presented menu consolidation analysis resulting in the
• Presented the Investment Policy Statement following changes, effective 12/28/22:
• Presented manager searches for small cap value and small cap o Remove the Vanguard Total Stock Market Index and
growth, resulting in the following changes, effective May 2, map to Fidelity 500 Index (FXAIX)
2022: o Remove American Funds Capital World Growth &
o Replaced Small Cap Value CIT (WTIXMX) with Boston Income (RWIGX) and map to Fidelity 500 Index (FXAIX)
Partners SCV II (BPSIX) o Remove Hartford Healthcare HLS (HIAHX) and map to
o Replaced Small Cap Growth CIT (WTIXLX) with Harbor American Funds Growth Fund of America (RGAGX)
Small Cap Growth (HASGX) o Remove Vanguard Utilities Index (VUIAX) and map to
• Committee approved the revised IPS incorporating ESG American Funds American Mutual (RMFGX)
consideration language o Remove Invesco Real Estate (IARIX) and map to Fidelity
• Presented a share class review analysis, resulting in the Mid Cap Index (FSMDX)
following changes, effective 12/28/22: o Remove Mass Mutual Premier High Yield (MPHZX) and
o Replace Vanguard Institutional Index (VINIX) with Fidelity map to Fidelity US Bond Index (FXNAX)
500 Index (FXAIX) o Remove PIMCO Long‐Term Real Return (PRAIX) and
o Replace Vanguard Mid Cap Index (VMCIX) with Fidelity map to PIMCO Total Return (PTTRX)
Mid Cap Index (FSMDX) • Assisted with the implementation of the fund lineup for the
o Replace Vanguard Small Cap Index (VSCIX) with Fidelity County’s new HRA plan at Aviben
Small Cap Index (FSSNX) • Presented fiduciary education and legislative update in the
o Replace Vanguard Developed Markets Index (VTMGX) third quarter.
with Fidelity International Index (FSPSX) • Presented target date deep dive.
o Replace Vanguard Total Bond Market Index with Fidelity • Facilitated the 2023 strategic planning session.
US Bond Index (FXNAX)

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