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Home My WebLink About~Master - Report on the Ames Municipal Utility Retirement Plan from the Utility Retirement Advisory Board RESOLUTION NO. 21-197 RESOLUTION ACCEPTING REPORT ON THE AMES MUNICIPAL UTILITY RETIREMENT PLAN FROM THE UTILITY RETIREMENT ADVISORY BOARD FOR THE CITY OF AMES, IOWA 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 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 the plan administrator for the City; and, WHEREAS,in February 2021,the Board met the Relationship Manager from Vanguard;who presented a brief overview of the company was given that demonstrated that the fee structure and investment return performance are highly competitive; and, WHEREAS,the Plan has a total balance of over$42.8 million with 107 participant accounts, and the Plan balance was then broken down by investment fund type,including beginning and ending balances, total number of participants, and percentage of total assets; 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 the Ames Municipal Utility Retirement Plan from the Utility Retirement Advisory Board is hereby accepted. ADOPTED THIS 27`h day of April, 2021. Dian-FTC Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Junck Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 27t' day of April, 2021.