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

A. Presentation of Quarterly Plan Review (MassMutual)

The Quarterly Plan Review was presented by Bob Gleason. It was noted that one of
MassMutual’s reports displayed participants’ names inappropriately. MassMutual
will provide a replacement report for the electronic record.

B. Update on MassMutual’s Acquisition by Empower (MassMutual)

The Update on MassMutual’s Acquisition by Empower was presented by Una
Morabito. The DCAC requested a communication to publish and alert plan
participants about the upcoming change. MassMutual will provide such a
communication for County distribution.

C. Presentation of 2021 Participant Communication and Education Plan (MassMutual)

The 2021 Participant Communication and Education Plan was presented by Patrick
Washington.

8. Oral Update on Status of MassMutual Renegotiation (County)

The Update on Status of MassMutual Renegotiation was presented by Jay Castellano. The
County and MassMutual will seek to extend the current agreement to March 2023, when a
request for proposals for recordkeeping services is scheduled. In lieu of a renegotiation,
the County, with assistance by NFP and MassMutual, will focus 2021 on monitoring the
Empower acquisition.

9. Discussion of Topics for DCAC Retreat, March 16, 2021 (County)

The DCAC assigned an ad hoc subcommittee to work with staff, NFP and MassMutual to
develop the agenda and content for the retreat on March 16, 2021. The ad hoc
subcommittee will consist of Lisa Okada, Rob Raw and Bridget Love, and it will provide a
report in the February 25, 2021, DCAC meeting.

10. Discussion of NAGDCA Connect (Connect Attendees)

This item was deferred to the next meeting on February 25, 2021.

11. Oral Update on Annual Plan Survey (County)

This item was deferred to the next meeting on February 25, 2021.

12. Oral Update on County’s Conflict of Interest Resolution vis à vis DCAC (County Counsel)

This item was deferred to the next meeting on February 25, 2021.

13. Appointment of Ad Hoc RFP Subcommittee for Investment Consultant (County)

The DCAC assigned an ad hoc subcommittee for the RFP for Investment Consultant. The
ad hoc subcommittee will consist of Lisa Okada, Bridget Love and Steve Perry.

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