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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from May 26, 2022
ORDERS OF THE DAY
The agenda was accepted as posted.
PUBLIC COMMENTS
None.
CONSENT ITEMS
1. Approve Minutes: February 24, 2022 (Jay Castellano)
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2. Accept 1 Quarter Plan Review (Bob Gleason)
A motion was made to approve the Consent Items.
M/S/C Raw/Okada/5-0 (Absent: Finnegan, Perry and Wentworth) Motion approved by roll
call vote.
OLD BUSINESS
3. Update on Recordkeeping Request for Proposals (Kyli Soto)
(Selection Committee: Okada, Finnegan, Perry, Raw)
The DCAC accepted this update.
Member Perry joined the meeting (9:15am).
4. Discuss and Approve Investment Policy Statement (Kyli Soto)
A motion was made to approve the Investment Policy Statement as presented in the
February 24 meeting, without changes.
M/S/C Dames/Raw/6-0 (Absent: Finnegan and Wentworth) Motion approved by roll call
vote.
5. Update on Q4 Transition to Empower Recordkeeping Platform (Bob Gleason)
The DCAC accepted this update.
NEW BUSINESS
Empower
6. Discuss and Accept Recordkeeper Performance Review (Bob Gleason)
A motion was made to accept this presentation. The under-performance in call
response would normally, by contract, trigger a penalty. The DCAC asked Empower to
pause on the penalty payment and elected to discuss application of the penalty in its
August 25 meeting.
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