Central Pennsylvania Teamsters Pension Fund

IFS was retained to perform an independent operational review of the Central Pennsylvania Teamsters Pension Fund and delivered its final First Report in December 2006. IFS' contract calls for us to prepare two additional Reports over the next three years to determine the degree to which the Board of Trustees has adopted and implemented the recommendations in the First Report.

IFS addressed the following subjects: Investment-Related Organizational Structure; Investment Policy; Asset Allocation; Retainer Consultant's Responsibilities; Investment Management Structure; Investment Performance; Investment Performance Reporting; Investment Performance Benchmarking; Due Diligence Procedures: Manager Search and Selection; Costs and Fees; and Actuarial Review. IFS found that the Fund's investment program is in line with best practices to a significant degree, although we do make a number of recommendations for enhancement.