Administer and managed the City of Phoenix Post Employment Health Plan Trust Fund. They exercise exclusive authority to manage the program in the interest of the participants and their beneficiaries. Per Ordinance G50149, the PEHP Board has the same membership as the DCP Board and meets concurrently.
The Phoenix Employees' Deferred Compensation Board shall: 1) Establish and maintain one or more eligible deferred compensation plans or qualified defined contribution retirement plans for employees in a manner permitted by and consistent with section 401(A) and section 457 of the Internal Revenue Code of 1986, as amended. 2) Upon consultation with an independent investment advisor and in accordance with any investment policy adopted by the board, investigate and approve eligible deferred compensation plans, qualified defined contrition retirement plans and annuity plans and the investment options within those plans which give participants income tax benefits authorized by title 26, United States Code, and from which participants shall direct and control the investment of their contributions and accumulated earnings. 3) Comply with all requirements of the Internal Revenue Code applicable to governmental plans. 4) Ensure program benefits and benefits-related taxes are paid from the assets of the program. 5) Select Providers for all the services necessary or appropriate to administer plans within the program or the program, including, but not limited to, actuarial, auditing, custodial, investment, and record keeping services. The City Manager shall negotiate and execute all contracts with selected providers. Deferred Compensation Board members also serve on the City's Post Employment Health Plan (PEHP) Board per PEHP Ordinance G-50149 which requires Deferred Compensation Plan Board members to administer or oversee the City's PEHP.
Nine persons, including three employees of the City appointed by the City Council. One employee is a non-public safety member of the coalition of Phoenix City Unions, one is a member of the International Association of Firefighters Local 493, and one is a member of either the Phoenix Law Enforcement Association or the Phoenix Police Sergeants and Lieutenant Association. Two members are from the general public; appointed by the Council, they have investment experience. Two members appointed by the City Manager are management employees, one with experience in Human Resources and Employee Benefits, the other with experience in Public Sector Finance and Investment. The final two members are the City of Phoenix Employees’ Retirement Plan Administrator and the City Manager or the City Manager’s designee, who acts as the Board’s Chair.