Page 16 - MayDefComp

COUNTY of

SAN MATEO

2021 457 Plan Participant Survey

We are pleased to provide the results of the 2021 Deferred Compensation Program Participant Survey.

In April, with your support, we distributed a survey to participants requesting feedback on the Deferred
Compensation program. 1,317 employees completed the survey, representing 14% of the participant
population (9,112 participants in the 457 Plan as of December 31, 2020). Results from the survey are provided.
By and large, the results demonstrated positive ratings for the Deferred Compensation program.

Key Survey Results

• Demographics
o Although a broad range of participants responded representing all age groups, 30% of
respondents are younger than 40, representing the largest segment.
o 31% of respondents have worked for the County less than 5 years.
o 63% of respondents were female.

• Participant education
o 68% of respondents indicated that pre-retirement planning is of interest to them and would like
to learn more. This is consistent with 68% of respondents finding retirement readiness is the
most important aspect of the 457 Plan.
o While 52% of respondents stated that the most popular format for learning about the 457 Plan is
through Virtual Individual Meetings (52%), 59% said they had not attended an educational
meeting.
 When asked why not, 48% indicated it was due to a work conflict.

• Retirement plan resources
o 42% of respondents are not aware of any of the resources available in the 457 Plan.
o 87% of respondents do not know about the RetireSmart website.
o While 91% of respondents have not used the MapMyFinances tool, 82% said it was because
they did not know about it.

Key Findings

• Although all participants have access to retirement plan information and tools, many are unaware and
do not use available resources.

• A growing segment of the workforce is young and novice to saving and investing.

• Many participants may not take an active role in monitoring their investments.