Page 255 - DCAC Feb 2026 Files

Innovest’s History with the County of San Mateo

2023 2024 (continued)
• Assisted the transition of the money purchase pension 401(a) • Approved Committee By-laws.
plan at MissionSquare to Empower effective March 23, 2023. • Presented investing fundamentals for Committee members
• Presented the annual fee review and share class review. • Committee approved the following optional SECURE 2.0
• Issued a Request for Proposal for recordkeeping services of the provisions:
County's HRA Plans which resulted in the retention of Aviben • Domestic Violence Distributions
as the HRA provider at a reduced fee of 0.19% and eliminated • Terminal Illness Distributions
the monthly per participant fee. • Federally Declared Disaster Distributions
• Presented fiduciary education. • Committee voted to extend Innovest’s contract.
• Provided an overview of Following and Documenting a Prudent • Presented fiduciary education.
Process. • Presented annual target date deep dive.
• Provided an overview of Collective Investment Trusts. • Created a DCAC committee level education plan for 2025.
• Created a DCAC committee level education plan for 2024. • Empower presented a review of their cybersecurity systems.

2024 2025
• Conducted fiduciary education for the most recently added • Committee approved the 2025 Goals & Objectives for the plan.
committee members. • Annual review of the IPS was completed and no revisions were
• Presented rollover provider options, Committee decided to recommended.
utilize Empower for this service. • Provided Understanding and Navigating Volatile Markets
• Committee approved the revised IPS. education to the Committee.
• Innovest presented the annual share class review during the • Committee approved renewing and expanding their agreement
1Q meeting, the Vanguard 2070 target date fund will be added with Remotiv.
to the plan, effective December 4, 2024. • Innovest presented the annual share class review during the
• Engaged independent stable value expert to review Empower's 1Q meeting.
market value and book value interest calculations for the • Implemented initial de minimis account force-outs.
SAGIC fund. • Presented annual recordkeeper performance review.
• The DCAC accepted Empower's Book Value and Market Value • Presented fiduciary education: Lessons Learned from the
interest crediting resolution, after confirmation form an Courtroom.
independent stable value fund expert.

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