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

specific to retiree education. Chair Okada expressed interest in incorporating
information on target-date glide paths and training on investments.

A motion was made to approve the memo recommendations and to incorporate
comments by Member Finnegan and Chair Okada as possible.

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

10. Legislative Updates

Tugaw reviewed content in NFP’s News & Views newsletter for Q3 2021.

The DCAC accepted this update.

11. Review and Approval of Investment Consultant RFP Selection

Member Finnegan recused herself from this last agenda item, stating that while she
while she has no financial interest in the matter, she is recusing herself because her
father is a senior consultant on one of the RFP proposals.

Castellano reviewed the memo and PowerPoint from the RFP Selection Committee,
highlighting the observations accumulated through the RFP process.

A motion was made to accept the proposal from NFP. During discussion, concerns
were raised about whether this discussion should occur in open or closed session.
Member Perry recalled that prior RFP selection discussions occurred in closed session.
Member Wentworth also expressed concern about whether the selection and screening
criteria was consistently applied throughout the process.

M/S/C Perry/Htwe/3 (Htwe, Raw, Perry)-3 (Okada, Dames, Love) (Absent: Finnegan,
Wentworth, Mejia). Motion failed by roll call vote.

As this meeting was already running past schedule and there were unresolved
questions, a subsequent motion was made to schedule a special DCAC meeting on this
same topic and for staff to address issues raised in this discussion.

M/S/C Love/Dames/6-0 (Absent: Finnegan, Wentworth, Mejia). Motion approved by roll
call vote.

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