HomeMy WebLinkAbout~Master - Report from Utility Retirement Advisory Board RESOLUTION NO. 08-134
RESOLUTION ACCEPTING REPORT ON
AMES MUNICIPAL UTILITY PLAN FROM
UTILITY RETIREMENT ADVISORY BOARD
FOR THE CITY OF AMES
WHEREAS, the Municipal Code, established a participant review board elected from various
utility departments that have members of the Ames Municipal Utility Retirement Plan; and,
WHEREAS, duties of the Board are to monitor, review, and evaluate the performance of the
Ames Municipal Utility Retirement Plan and report annually to the City Council; and,
WHEREAS, in February 2008, the Board met with representatives from Vanguard, the plan
administrator for a 401(a) defined contribution retirement plan, and they provided information
demonstrating that the fee structure and investment return performance are highly competitive; and,
WHEREAS,the Vanguard representatives also presented a plan and participant overview; and,
WHEREAS,the Plan has a total balance of over$26.8 million with 152 active participants and
160 total participants; and,
WHEREAS, the Board accepted the review and contents of the Vanguard presentation and
recommended that the relationship with Vanguard as Plan Administrator be continued.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that
the report from the Utility Retirement Advisory Board is hereby accepted,and Vanguard will continue
to serve as the Plan Administrator.
ADOPTED THIS 22nd day of April, 2008.
Ly-lt& ATV
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Rice
Voting aye: Goodman, Larson, Popken, Rice
Voting nay: None Absent: Doll, Mahayni
Resolution declared adopted and signed by the Mayor this 22nd day of April, 2008.