2009 1st Quarter

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.

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.

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.

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.

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.

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