The Fluor Corporation - 2006

The Fluor Corporation Master Retirement Trust includes defined benefit plans as well as defined contribution plans that Fluor sponsors and maintains. The Investment Committee of the Master Trust, on behalf of those defined benefit plans, retained IFS as an independent fiduciary and investment manager to determine whether and on what terms the DB Plans should acquire from the DC Plans their interest in a pool of private equity limited partnerships held within the Master Trust.

With the assistance of an outside valuation firm IFS selected and supervised, IFS determined a secondary market valuation for the pool of partnerships, and took responsibility for deciding whether the DB Plans should purchase the interest of the DC Plans in the partnerships. IFS decided in favor of the transaction and successfully completed the DB Plans' purchase at that price.