2005 3rd Quarter

IFS recently began several fiduciary transactional assignments and other projects:

IFS recently completed its comprehensive Operational Review for the Middlesex Retirement System in Massachusetts.

IFS recently completed its evaluation of this 401k Plan's current investment policy statement and procedures regarding company stock as an investment option. Enhancements were recommended relating to both the Committee's processes and criteria for monitoring the continuing suitability of offering company stock as an investment option, as well as the Committee's communications to participants regarding that option.

Acting as an independent fiduciary, IFS recently determined on behalf of this 401k Plan whether to accept a proposed settlement of an ERISA class action regarding losses the Plan suffered on WorldCom stock.

Acting as an independent fiduciary, IFS recently determined on behalf of this K Plan whether to accept a proposed settlement of ERISA claims against the company. Those ERISA claims grew out of the same events that generated a securities class action against Dynergy, which was recently settled.

The bank hired IFS to act as an independent fiduciary on behalf of ERISA plan investors in certain mutual funds that the bank sponsors and its investment management affiliate manages. Acting on behalf of the ERISA investors, IFS determined whether to approve various fees the mutual funds proposed to pay to the affiliated manager.

IFS recently completed its evaluation of the proposed merger and instructed the Plans' trustee how to vote the proxies associated with participant shares. However, due to Hurricane Katrina the proposed merger was amended and IFS was re-hired to evaluate the amended proposal.

This article (pg 71-72) titled "Still on the hook - the run-up in fiduciary liability insurance premiums has slowed, but that doesn't mean that 401(k) litigation has cooled off", cites Independent Fiduciary Services, Inc. as one of the better known consulting companies in the industry.