HomeMy WebLinkAbout~Master - Ames Municipal Utility Retirement System Report RESOLUTION NO. 18-012
RESOLUTION ACCEPTING AMES MUNICIPAL UTILITY RETIREMENT
SYSTEM REPORT
FOR THE CITY OF AMES
WHEREAS, the Municipal Code of the City of Ames, Iowa, Section 28.403 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, on a continuing basis,
the performance of the Ames Municipal Utility Retirement Plan and report annually to the City
Council; and,
WHEREAS, the City of Ames is the plan sponsor for a 401(a) defined contribution
retirement plan, this plan is available to employees who receive at least ten percent of their salary
funding from City of Ames utilities, and Vanguard serves as plan administrator for the City; and,
WHEREAS, in October 2017, the Board met with the Relationship Manager from Vanguard;
the Manager presented a brief overview of the company, and provided information demonstrating
that the fee structure and investment return performance are highly competitive; and,
WHEREAS, the Utility Retirement Advisory 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 acceptance of the Ames Municipal Utility Retirement System Report is hereby approved.
ADOPTED THIS 23' day of January, 2018.
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Corrieri
Seconded by: Gartin
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23" day of January, 2018.