Page 3 - DeferredComp-Feb2018

455 County Center, 5th Floor Director
Redwood City, CA 94063-1663 Donna Vaillancourt
(650) 363-4343 / (650) 363-4321
www.smcgov.org/hr Board of Supervisors
Dave Pine

Carole Groom
Don Horsley
Warren Slocum
Adrienne Tissier

SAN MATEO COUNTY
SPECIAL DEFERRED COMPENSATION COMMITTEE MEETING

DECEMBER 14, 2017 MINUTES

Committee Attendees Committee Absentees

Joe Demee Donna Vaillancourt
Steve Perry Bridget Love
Lillibeth Dames David Whisman
Andy Mariano Victoria Mejia
Michael Wentworth

Staff MassMutual SST Benefits

Lisa Okada Patrick Washington Bill Tugaw (by phone)
Marife Viola Bob Gleason (by phone) Vince Learned (by phone)
Jay Castellano Paul Hackleman

The meeting was convened at 3:05. Action Taken by Committee
Description of Item for Discussion
Paul opened the meeting discussing how important it is for
1. Approval of May 18, 2017, August 17, 2017 and Committee members to attend meetings; it is a member’s
November 2, 2017 Meeting Minutes highest fiduciary duty. Michael suggested a process where
Committee members contact Jay earlier if they are unable to
2. Review and Approve Items from the August 17, attend so the meeting can be re-scheduled for a time when a
2017 Meeting quorum will clearly be available. The members unanimously
approved the meeting minutes from the last three meetings.
3. Review and Approve Items from the November 2,
2017 meeting Paul asked for a consent vote on all the items in this section
assuming that Committee members had had the opportunity to
review the material and did not disagree with the non-quorum
approval of attending Committee members. The Committee
unanimously approved the five items.

Paul discussed the Financial Soundings discussion that the
Committee (non-quorum) had held. Briefly, Paul and Bob, at that
earlier meeting, indicated that the services and information
provided by Financial Soundings was not duplicative of what
MassMutual provided and that approximately 2,400 individuals
(participants and non-participants) were utilizing the service and
that there were sufficient reserves to cover the cost
(approximately $20,000). As a result, Paul and Bob had
recommended that Financial Soundings be retained. The
Committee voted unanimously to approve the recommendation.

In separate votes the Committee unanimously approved the
Investment Policy Statement, the Education Policy Statement

Administration Commission on the Status of Women Equal Employment Opportunity Shared Services Training & Development
Fax: (650) 363-4822 Fax: (650) 363-4822 Fax: (650) 363-4822 Fax: (650) 599-1702 Fax: (650) 363-4219

Employee Benefits Employee & Labor Relations Personnel Services Risk Management
Fax: (650) 599-1573 Fax: (650) 363-4822 Fax: (650) 363-4219 Fax: (650) 363-4864