Page 103 - FebDefComp

P. 103

From: Gleason, Robert
To: Jay Castellano; Lisa Okada; Kim Pearson
Cc: Scussel, Sharon
Subject: 2021 Performance Standard: Review of all four Defined Contribution Plan Documents
Attachments: image001.png
image002.png
Hello Jay, Lisa, and Kim,

Per our existing agreement, Empower has agreed to provide the County with an annual written notice that confirms that Empower has reviewed each of the
County’s defined contribution plan documents to assure that the documents are maintained up to current compliance standards.

Sharon Scussel performed this review in October 2020, and her comments are noted in the table below.

I asked Sharon to review the documents again for 2021 and she confirmed that her comments in the table below are still accurate, and the County remains in
compliance relative to all four plans. Also, she looked at the timeline for the two 401(a) documents and they are slated for restatement next year. On or
around 9/1/2021, the County should receive restatement packages on the new Empower plan documents for the two 401(a) plans.

Empower has not yet determined a timeline for restating the 457b documents to the Empower plan documents. Sharon will notify me and/or the County once
the timeline has been determined.

Plan Plan Name Type of Plan Status of Plan Plan Document Plan Document is current for changes in law due Plan Restatement, Discretionary
Type to key and other applicable guidance and Interim Plan Amendments
(compliant documents)
61869-1 San Mateo Deferred 457(b) Active Specimen There are no required 2020 Interim Amendments Restatement – April 1, 2020
Compensation Plan to the 457(b) Plan. Restatement – January 1, 2019
Restatement - November 14, 2016;
Restatement - March 21, 2016;
In the future, the following Interim Amendment Amendment #1 - March 21, 2016
will be forthcoming (adoption required by
12/31/2024):
SECURE Act (and Bipartisan Miners Act)
CARES Act – RECEIVED SIGNED RCPO
April 2020
61869-2 San Mateo County 457 Part 457(b) OBRA Active Specimen There are no required 2020 Interim Amendments Restatement - March 21, 2016;
Time, Seasonal and Temporary (as of to the 457(b) Plan. Amendment #1 - March 21, 2016
Plan 3/21/16)
In the future, the following Interim Amendment
will be forthcoming (adoption required by
12/31/2024):
SECURE Act (and Bipartisan Miners Act)
CARES Act
61869-3 County of San Mateo 401(a) 401(a) PS Active Pre-Approved Required Interim Amendment in 2020: BBA Final Hardship Interim
Retirement Plan Final Hardship Regulations (issued Amendment
9/23/19) Amendment #5 – April 1, 2020
Includes changes in law under Amendment #4 – June 1, 2019
Amendment #3 – June 1, 2019
the Tax Cuts and Jobs Act of Amendment #2 - November 14,
2017 and the Bipartisan Budget 2016
Act of 2018 Amendment #1 - March 21, 2016;
Restatement - January 1, 2016;
Adoption deadline extended to
December 31, 2021
Interim Amendment adopted in 2020
and provided to Sponsor
______________________________
In the future, the following Interim Amendment
will be forthcoming (adoption required by
20204):
SECURE Act
CARES Act
61869-4 County of San Mateo Part Time, 401(a) PS Frozen Pre-Approved Required Interim Amendment in 2020: BBA Final Hardship Interim
Seasonal and Temporary OBRA (as of Final Hardship Regulations (issued Amendment
Amendment #1 – January 1, 2016
Retirement Plan 3/21/16) 9/23/19) Restatement - January 1, 2016;
Includes changes in law under
the Tax Cuts and Jobs Act of
2017 and the Bipartisan Budget
Act of 2018
Adoption deadline extended to
December 31, 2021
Interim Amendment adopted in 2020
and provided to Sponsor
In the future, the following Interim Amendment
will be forthcoming (adoption required by
12/31/2024):
SECURE Act
CARES Act

Best Regards,

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