Page 5 - FebDefComp

COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE November 5, 2020

PUBLIC COMMENTS

None.

CONSENT ITEMS

1. Approval of Minutes of August 27, 2020 (County)
2. Approval of Reserve Policy (County)
3. Approval of Education Policy Statement (NFP)
4. Acceptance of Attestation on Special Services (UEWs, Loans, Catch-up, QDROs)
(MassMutual)
5. Acceptance of Annual Cyber Security Update (MassMutual)

A motion was made to approve the Consent Items.

M/S/C Dames/Raw/8-0. Motion approved by roll call vote.

NEW BUSINESS

6. Annual Investment Review (NFP)

A. Review and Approve Investment Policy Statement

Vince Learned described that this latest version of the IPS was modified to include
the frequency by which the DCAC reviews investment performance (i.e., quarterly
by MassMutual and annually by NFP). It was noted that the IPS as presented lacked
a County-specific, dated cover page. NFP will provide an updated document for the
electronic record.

A motion was made to approve the updated version of the IPS.

M/S/C Love/Wentworth/8-0. Motion approved by roll call vote.

B. Presentation of Market Overview /Scorecard Methodology

The Market Overview/Scorecard Methodology was presented by Vince Learned.

C. Presentation of NFP Annual Investment Review

The NFP Annual Investment Review was presented by Vince Learned. A question
was raised about whether DCAC action was needed for investment options
recommended for the watch list (as no action was identified on the agenda). Staff
will review the language action taken in 2019 to put funds on the watch list and
will review the relevant language in the IPS. If needed, DCAC action will be
requested in the February 25, 2021, DCAC meeting.

D. Presentation of Efficient Investment Menu

The Efficient Investment Menu was presented by Vince Learned.

7. MassMutual Updates
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