Page 264 - DCAC Feb 2026 Files

County of San Mateo 457(b) Plan Summary

Current Structure Considerations and Next Steps
• Legal Plan Name and Plan Type: San Mateo County Deferred Compensation Plan
• Vesting Schedule: Immediate
Plan
Provisions • Eligibility Requirements: Immediately Eligible
• Roth: Yes
• Normal Retirement Age: 65 or 40 for qualified police or firefighter
• Contribution Rate: EE - voluntary 100% up to IRS Limit, catch-up 100% up to IRS Limit
• Match Provision: Yes, certain unions only, match to 401(a)
Contributions • Enrollment: Participant Elected
• Automatic Enrollment: Yes, @ 1%
• Auto-Escalation: Yes, starting at 1% up to 5% (except certain union groups)
• Loans: Yes
• Unforeseen Emergencies: Yes
Distributions • Installments: Yes
• In-Service Withdrawals: Yes, age 70 ½
• Force Out Distributions: Yes, for terminated employees with <$5k account balance
• Investment Policy Statement: Implemented 2022, Reviewed 2026 IPS review scheduled for 4Q review
• Governance Documents: Established by Board Resolution - Rev. 2009 Revising the DCAC Bylaws
• Plan Documents: Effective January 1, 2019
Governance • Fiduciary Education: November 2025 Fiduciary Education scheduled for 3Q review
• Recordkeeper Contract: Empower Retirement – current contract 3/2016 -3/2023
• Attorney: City Counsel’s Office – Sarah Trela
• Innovest Contract: January 1, 2022
• Plan Expenses Paid by: Fee Leveling: recordkeeping fee of 0.025% on all participant
accounts, revenue share is credited back to participants. Managed Accounts, SDB, Loans.
Costs • Annual Fee Review: June 2025 Fee Review scheduled for 2Q review
• Competitive Pricing Analysis: RFP - 2022
• Share Class Review: March 2025 Share Class Review scheduled for 1Q review
• Participant Education Plan: Empower, group meetings and one-on-one sessions, pursuant to
Education
the annual Education Plan

Annual deliverables are listed in BLUE

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