IFS Projects Completed in 4Q 2007

The following three projects were completed by the IFS Operational Review practice in the 4th Quarter of 2007:

• The Los Angeles City Controller’s Office hired IFS to conduct a management audit of the Los Angeles Fire & Police Pension System. The audit included an evaluation of LAFPPS’ governance, organizational structure and resources, benefit administration functions, processes to minimize City contributions, and administrative processes and costs. The final report was issued in October 2007.
• The Los Angeles City Controller’s Office hired IFS to conduct a management audit of the Los Angeles City Employees Retirement System. The audit included an evaluation of LACERS’ governance, organizational structure and resources, benefit administration functions, processes to minimize City contributions, and administrative processes and costs. The final report was issued in October 2007.
• IFS completed an overall evaluation of the investment program for the Amalgamated Transit Union Local 1181 Pension Fund, which included areas such as governance, investment policy, asset allocation, due diligence processes and procedures, brokerage and trading practices, and organizational structure and resources. The final report was issued in November 2007.