HomeMy WebLinkAbout~Master - Final Distribution of Utility Retirement Cash Balance RESOLUTION NO. 01-166
RESOLUTION APPROVING FINAL DISTRIBUTION
OF UTILITY RETIREMENT CASH BALANCE
FOR THE CITY OF AMES, IOWA
WHEREAS,in September 1997,the defined benefit pension plan for Utility employees was
terminated and replaced with a defined contribution plan; and,
WHEREAS, at that time, the assets of the old plan were distributed to individual members
based on an actuarial formula with the exception of$62,000 that was withheld for related expenses;
and,
WHEREAS, that balance has been reduced to $17,209.16; and,
WHEREAS, it is not anticipated there are any other outstanding expenses and the Utility
Retirement Board would like to close the fund; and,
WHEREAS,it is recommended that the Utility Retirement cash balance be distributed to the
members that were in the Plan on September 30, 1997; and,
WHEREAS, the distribution would be transferred into each eligible member's Vanguard
account based on the original distribution formula.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that distribution of the Utility Retirement cash balance to the current Vanguard accounts of the
members who were in the Plan on September 30, 1997, is hereby approved.
ADOPTED THIS 8th day of May, 2001.
C�A�I'R`��� t
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8th day of May, 2001.