Deferred Compensation Committee

Committee Duties
The Committee has been delegated by the City Manager the following responsibilities:
  • Selecting the investment design features of the Plan.
  • Appointing, monitoring and evaluating fund performance in the Plan in accordance with guidelines and benchmarks established in the Investment Policy Statement.
  • Monitoring plan costs which are charged to plan assets and or paid by plan participants, including but not limited to investment management fees, custodial fees and fees paid to other plan service providers from plan assets.
  • Providing general investment information to plan participants regarding the procedures for making investment choices under the plan and general investment information regarding each of the investment options offered under the plan consistent with the requirements of ERISA 404(c).
  • Periodically report back to the City Manager, as necessary, for any material changes to be made to the investment design feature of the Plan. 
  • Annually submit a review of the Plan’s performance (including service providers’ performance) and all actions taken on behalf of the City related to improving the efficiencies of administrating the Plan.
Number of Committee Members
The Deferred Compensation Committee currently consists of eight members appointed by the City Manager or his or her designee.  The Human Resources Director will constitute one member and Chair the Committee. The Director of Finance will constitute one member.  Each Committee member shall serve for a term of four years.

Meetings
Meetings of the Committee shall be held quarterly in March, June, September and December.  The Deferred Compensation Committee meeting is a Brown Act meeting and pursuant to the Brown Act, notice of Committee meetings shall be posted at least seventy-two (72) hours before each regular meeting in a location that is freely accessible to members of the public. 

Special meetings of the Committee may be called at any time by the Chair, or by a majority of Committee members whenever, in their opinion, the business of the Committee requires it.  The notice of a special meeting shall specify the time, place, and the business to be conducted or transacted at the meeting. Except as otherwise provided by the Committee from time to time, the meeting place of the Committee shall be at City Hall, Large Conference Room, 400 Grand Avenue, South San Francisco, CA, 94083.