Title
Approval of Ordinance Amending Phoenix City Code Chapter 2 - Phoenix Employees' Deferred Compensation Program (Ordinance G-7325) - Citywide
Description
Request to amend Sections 2-1503 A(2) and B(4) of Phoenix City Code, Chapter 2, Article XXXV, (Attachment A) to authorize the City Manager, or his designee, to make changes to the membership of the board to include a retiree representative.
Report
Summary
City Code identifies the current board compensation of nine members; three employees appointed by the City Council, two citizens from the general public who have investment experience and no rights to the program, two management employees, the City of Phoenix Employees' Retirement System Administrator, and the City Manager or their designee. Proposed changes would eliminate one citizen member and substitute a single retiree of the City who is a plan participant.
Retirees represent a significant amount of assets within the plan and under the current membership provisions, are not represented. This change will allow representation from the growing retiree population.
Concurrence/Previous Council Action
This item was recommended for approval by the Deferred Compensation Program Board at their meeting on October 10, 2024.
Department
Responsible Department
This item is submitted by Deputy City Manager Inger Erickson and the Retirement Office.