Phoenix City Deferred Compensation Trust hired Mercer Investment Consulting as investment consultant to the $450 million 457 plan, said Heather Donnelly, benefits analyst. Mercer replaced Becker Burke, which was allowed to rebid. Segal Advisors and Stanley Hunt DuPree were the other finalists.
Separately, the plan will issue an RFP for an administrator on Sept. 15. Longtime administrator ICMA was not hired through competitive bidding, she said, and city officials decided it was time to go through that process; ICMA will be allowed to rebid. The board hopes to make a selection at its Dec. 10 meeting. Mercer will assist.
The plan offers 33 investment options.