HomeMy WebLinkAbout~Master - Amendment to Utility Retirement Plan RESOLUTION NO. 05-168
RESOLUTION APPROVING AN AMENDMENT TO THE CITY OF AMES
MUNICIPAL UTILITY RETIREMENT PLAN DOCUMENT
FOR THE CITY OF AMES, IOWA
WHEREAS,when the Utility Retirement Plan converted from a defined benefit to a defined
contribution plan in 1997, a plan document was developed with the assistance of Deloitte and
Touche to qualify the Plan under Sections 401(a), 414(H), and 501(a) of the Internal Revenue
Service Code of 1986; and,
WHEREAS, the plan document defines provisions of the retirement plan as well as IRS
regulations, responsibilities covering such topics as member eligibility, amounts and types of
contributions,pre-retirement withdrawals and the roles of the Trustee and Plan Administrator;
WHEREAS,in 2004,there were changes made in pension laws that required changes to the
plan document; and,
WHEREAS,the Finance Director and City Treasurer reviewed the document with the Utility
Retirement Advisory Board, which recommended its adoption; and,
WHEREAS, notice was given to all members of the retirement system that changes would
be made to the Plan and instructions for submitting comments were provided.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the City of Ames Municipal Utility Retirement Plan, as amended to comply with recent law
changes to ensure it remains qualified by the Internal Revenue Service Code, is hereby approved.
ADOPTED THIS 26th day of April, 2005.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Cross, Goodhue, Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 26"day of April, 2005.