HomeMy WebLinkAbout~Master - Relating to Management of Utility Retirement System ORDINANCE NO.- 2546
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE CITY OF AMES,
IOWA, BY REPEALING SECTION 36-10004 (10) , 36-10027, 36-10028, AND
36-10030 AS SAID SECTIONS HAVE HERETOFORE EXISTED; AND, ENACTING
NEW SECTIONS 36-10004 (10) , 36-10027, 36-10028, AND 36-10030 FOR
THE PURPOSE OF REVISING THE PROCEDURES AND PROVISIONS RELATIVE
TO THE MANAGEMENT AND GOVERNANCE OF THE UTILITY RETIREMENT
SYSTEM; REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT HEREWITH TO THE EXTENT OF SUCH CONFLICT AND ESTABLISHING
AN EFFECTIVE DATE .
BE IT ENACTED by the City Council for the City of Ames,
Iowa:
Section 1. That the Municipal Code of the City of Ames,
Iowa, be and the same is, hereby amended by repealing Sections
36-10004(10) , 36-10027, 36-10028, and 36-10030 thereof as said
sections have heretofore existed.
Section 2. That the Municipal Code of the City of Ames,
Iowa, be, and the same is, hereby further amended by enacting new
Sections 36-10004 (10) , 36-10027, 36-10028, and 36-10030 to read
as follows :
"Sec. 36-10004 (10) . Regular interest. The board
of trustees, at a meeting to be held early in
each fiscal year, will determine the interest
rate for employee contributions to be computed
for the preceding fiscal year and credited to
the employee accounts as of June 30 of that
preceding year. "
"Sec. 36-10027. Voting power.
Each trustee is entitled to one vote, except
ex officio members, and at least the approval
of the majority of the eight (8) voting trustees
shall be necessary for every decision or action
by the board of trustees . "
"Sec. 36-10028 . Powers and duties .
(a) The board of trustees may adopt such
rules and actuarial tables, and employ such
agents, physicians , accountants, actuaries or
clerical assistance as it may deem necessary.
Decisions made by a majority of the eight (8)
voting trustees not inconsistent with the
provisions of this article shall be binding and
conclusive on all persons . The board is
entitled to rely upon the records of the city
as to the service, age or earnings of any
employee or as to any other information
pertinent to any calculation or determination
under this retirement system.
(b) The board shall invest funds of the
retirement system not currently needed for
current costs in investments proper for the
funds of the city under the laws of the state,
and the board may sell any security belonging
to the retirement system. "
"Sec. 36-10030 . Audit", actuarial; valuation of
system to be made.
The board shall cause the accounts of the
retirement system to be audited annually by a
certified public accountant and shall submit an
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annual statement to the city council as soon
after the end of each fiscal year as possible.
Such statement shall include a balance sheet
showing the financial condition of the system
as of the end of the fiscal year, a statement of
receipts and disbursements during each year,
a detailed statement of investments and such
additional statistics as are deemed necessary
for a proper consideration of the financial
condition of the system and shall annually
prepare a report for each employee of his
accumulated contributions and regular interest
accumulated thereon.
The board did in 1969 and shall at least once
in each five (5) year period hereafter, cause
to be made an actuarial evaluation of the
retirement system showing the actuarial status
of the system, including the contributions
required, and shall. make a report to the
city council and officials .
Section 3 . All ordinances and parts of ordinances in
conflict herewith are hereby repealed to the extent of such
conflict.
Section 4 . This ordinance shall be in full force and
effect from and after its passage and publication as required by
law.
Passed this 18th clay of May 1976 .
Mary E. Paul, City Clerk Lee Fellinger, Mayer
lst Reading: Maxwell-Stevens (5-0) Nelson Absent
2nd Reading: Maxwell-Stevens (6-0)
3rd Reading: Maxwell-Nelson (6-0)
Signed by the Mayor this 18th day of May, 1976.