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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE August 26, 2021

5. Oral Update on Nomination for NAGDCA Leadership Award

Castellano reported that the County plan did not receive a 2021 NAGDCA Leadership
Award for our nomination in the area of Education Programs—specifically for the
County’s use of its Learning Management System (LMS) for financial wellness classes
and for the County policy that allows employees to count financial wellness classes
towards their annual training requirement. Staff will discuss the DCAC in February
2022 the possibility of another nomination.

The DCAC accepted this update.

NEW BUSINESS

6. Oral Update on Empower’s Acquisition of Prudential Retirement

Morabito reported on Empower’s intention to acquire Prudential Retirement.
Anticipated to close in First Quarter of 2022m the acquisition includes about 200
government plans and $5.5 billion assets. Prudential integrations will occur after
MassMutual integrations in 3 Quarter of 2022. No impact to the County. Also, 100% of
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Prudential’s customer-facing associates will be offered jobs at Empower.

The DCAC accepted this update.

7. Empower Reporting
B. Presentation of Quarterly Plan Review
C. Presentation of Quarterly Update on Call Response Performance

Gomez-Garcia presented the Quarterly Plan Review in the agenda packet. He also
verbally reported that 2 Quarter Call Response Performance was 84% of all calls
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were answered within 80 seconds. This performance compares to the 1 Quarter at
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57% and the standard of 80%.

The DCAC accepted these presentations.

8. Review and Approval of Education Policy

Gomez-Garcia reviewed this version of the Education Policy has been updated in
conformance with Empower conventions.

A motion was made to approve the Education Policy with recommended edits.

M/S/C Perry/Love/7-0 (Absent: Wentworth and Mejia). Motion approved by roll call vote.

9. Review and Approval of Agenda for Annual Retreat on October 27, 2021

Castellano reviewed the memo that captured recommendations from staff and
consultants that the retreat focus on two topics: Financial Wellness and Retiree
Education. Member Finnegan reinforced the importance of retiree education, and
Gomez-Garcia offered the capacity to demonstrate Empower’s technology solutions

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