Page 13 - NovDefComp

INTRODUCTION

Background

The County of San Mateo (“Plan Sponsor”) offers to all eligible employees a
Deferred Compensation Program (“Program”) through a 457(b) Plan (“Plan”). The
Plan Sponsor seeks to comply with the Internal Revenue Code section 457(b) and
other applicable laws and regulations.

The Plan Sponsor recognizes the vital role of education for both plan fiduciaries
(Boards, Councils, Committees, plan administrators and support staff) and plan
participants. The details of educational programs are divided into two parts: Part 1
covers the duties and responsibilities for fiduciary education. Part 2 covers the
duties and responsibilities for participant education.

The Education Policy Statement (“Policy”) is based on established ERISA and state
regulatory requirements and industry best practices regarding both Plan Sponsor
and Provider responsibilities for education. The Policy is intended to aid Plan
Sponsors in meeting fiduciary and other responsibilities pertaining to the Plan.

Purpose

The purpose of this Education Policy Statement is to document the procedures
demonstrating “care, skill, prudence and diligence” that will be used by the Plan
Sponsor in the selection and monitoring of educational programs for the Plan
fiduciaries in Part 1 and participants in Part 2.

The Policy intends to establish procedures for the identification, communication and
evaluation of educational programs to allow participants to make informed decisions
regarding their retirement planning, investments and distributions. Further, the Policy
intends to establish educational programs to allow fiduciaries to fulfill their fiduciary
due diligence responsibilities in managing the Plan.

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