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SAN MATEO COUNTY
                                  SPECIAL DEFERRED COMPENSATION COMMITTEE MEETING
                                                   August 22, 2019 MINUTES

                              Committee Attendees                              Committee Absentees

                 Rocio Kiryczun
                 Bridget Love
                 Robert Raw
                 Lilibeth Dames
                 Timothy San Juan
                 Victoria Mejia Victoria Mejia
                 Steve Perry
                 Laurel Finnegan
                 Michael Wentworth

                              Staff                        MassMutual                         NFP
                 Lisa Okada                      Bob Gleason                     Paul Hackleman
                 Jay Castellano                  Jeff Blanchard (by phone)
                 Marife Viola

               The meeting was convened at 9:00.
                      Description of Item for Discussion                  Action Taken by Committee
                 1.  Approval of Meeting Minutes              The Meeting minutes of May 16, 2019 were unanimously
                                                              approved.
                 2.  Public Comment                           No public individuals attended the meeting so there were
                                                              no comments from the public but Ricio indicated that she
                                                              had appointed Lisa Okada as Deputy Director and would
                                                              assume the responsibility as the Human Resources
                                                              representative to the Committee. Kim Pearson will
                                                              assume responsibilities as Benefits Manager.
                 3.  Quarterly Investment Report              Jeff began the discussion with an overview of the
                                                              Quarterly Market Recap. There was broad growth in the
                                                              market with the S&P 500 up 4.3% for the quarter and
                                                              Fixed Income up 3.08%. Oil and commodities
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