The Board of Supervisors authorized the expansion of the Deferred Compensation Committee on July 11, 2000. The Deferred Compensation Oversight Committee was established to include representatives from the County Administrator, Auditor-Controller, Human Resources, Treasurer-Tax Collector, one from the recognized safety member employee bargaining units, one from the recognized general member employee bargaining units, one retiree, and one from the non-represented bargaining units (Management and Confidential).

The Deferred Compensation Oversight Committee meets quarterly with the consultant from Arnerich Massena & Associates, Inc., to monitor the performance of the investment funds, and to review and evaluate the communication and education programs that support the County’s Deferred Compensation Plan. Evaluations typically include:

• An overview of economic and general market conditions over the relevant time periods;
• A comparison of each investment option’s results to appropriate market indices and universes of similarly managed funds;
• An analysis of each investment option’s portfolio characteristics;
• An examination of the overall investment structure to determine if the plan is satisfying diversification standards;
• A review of the expenses of the fund options; and
• Recommendations regarding alternatives for dealing with any of the issues noted above.

To inquire or make changes to your account, log onto the website at www.santabarbara457.com or call Empower Retirement's Service Center at 1-800-701-8255. Representatives from the local office (located in Glendale, CA) will be available on a scheduled basis for group meetings and individual counseling sessions; they can be reached at 1-800-382-8924.