News: 2009 1st Quarter

New Clients

  • IFS Hired as Ongoing Retainer Investment Consultant for the Retirees of Continental Tire North America VEBA Health Care Trust

    IFS has been retained as the on-going investment consultant on behalf of the Retirees of Continental Tire North America (CTNA) VEBA Health Care Trust.  The Trust was established in 2008 pursuant to a settlement agreement between the United Steelworkers (USW) and Continental Tire North America and provides health care and related benefits covering approximately 2,500 USW represented retirees and surviving spouses as well as a limited number of future retirees.

    The Trust is governed by a Committee which is independent of CTNA.  IFS will provide investment advice to the Committee regarding overall investment policy, asset allocation, investment structure, investment manager selection and on-going monitoring and reporting.

  • IFS Selected to Serve as an Independent Fiduciary Regarding Employer Stock in the Defined Benefit & 401k Plans of NYSE Companies

    IFS has been selected to serve as the independent fiduciary regarding employer stock in the defined benefit and 401k plans of numerous New York Stock Exchange-listed companies, including members of the Fortune 100 and Fortune 500.

    Regarding defined benefit plans, IFS' role typically includes determining whether and on what terms to accept the employer stock as an in-kind contribution either in addition to minimum cash contribtuions or in lieu of them.  Regarding 401k plans, IFS’ role typically includes the authority to decide whether, in light of plan provisions requiring employer stock as an investment option, to place limits on employees’ participation in the employer stock fund or even to sell some or all of the plan’s holdings of the stock.  

    To request further information please utilize the Contacts feature of the IFS website.

Recently Completed Projects

  • IFS Completes Project with Federal Agricultural Mortgage Corporation (Farmer Mac)

    IFS has completed advising the Federal Agricultural Mortgage Corporation (“Farmer Mac”) on its “Liquidity Portfolio.”  Farmer Mac is comparable to other federally-chartered corporations that facilitate mortgage financing, such as Fannie Mae and Freddie Mac (residential mortgages) and Sallie Mae (student loans); Farmer is active in agricultural loans and mortgage securitization.

    Farmer’s Liquidity Portfolio is internally managed and invested in securities intended to generate returns in excess of the company’s cost of capital (i.e., what it pays to borrow in the financial markets).  

IFS in the News

  • IFS President Interview in Pension News

    This interview with Mr. Samuel (Skip) W. Halpern, President - Independent Fiduciary Services, examines the importance of an operational review or fiduciary audit.

  • "The roots of fiduciary management run deep" Samuel Halpern (IFS President) in Letters to the Editor - Global Pensions

    Samuel Halpern (IFS/President) answers back in Letters to the Editor of Global Pensions (January 2009) concerning the roots of the independent fiduciary.  Please see the attachment for the actual response.

Conferences

  • IFS Managing Director Participation at Benefit Plan Professionals Institute Meeting

    IFS Managing Director and General Counsel Andrew Irving was a Moderator and Speaker at the Benefit Plan Professionals Institute sponsored by the International Foundation of Employee Benefit Plans on February 9-11, 2009.  Mr. Irving moderated the presentation on Significant Legal Decisions given by W. Eric Venable, and was the moderator and panel member, along with Stuart Berman of Topaz Barroway Kessler Meltzer & Check LLP, at the session on Class Action Suits.