2005 1st Quarter

IFS was selected as the on-going retainer investment consultant to the Trustees of the Trucking Employees of North Jersey Pension, Welfare and Annuity Plans and the Teamsters Industrial Employees Pension and Welfare Plans.

Independent Fiduciary Services, is performing a one-time Operational Review of the $6.2 billion pension system, Montana Board of Investments, and is slated to present its final report at the April meeting of the board.

The trustee of a series of labor-sensitive commingled real estate funds hired IFS as an independent fiduciary to opine as to whether the proposed merger of several of those funds-- which invest only in particular states-- into a more broadly diversified fund-- which invests across a larger geographic area-- is in the collective interest of the investors of each state fund. We submitted our opinion in January regarding all four of the state funds.

Edward D. Patchett authored a chapter titled Alternative Investments: An Introduction in the 2004 edition of Employee Benefit Issues - The Multiemployer Perspective published by the International Foundation of Employee Benefit Plans. The chapter provides an overview of the investment characteristics and risks associated with investing in private equity, hedge funds and managed futures (copies of this article are available upon request)

Andrew (Andy) Irving presented a session called "DoL Class Exemption 2003-39" at the January 6 program on Employee Benefits in Aspen. CO. This exemption requires use of an independent fiduciary when a plan seeks to release a party in interest from legal liability, e.g., when a plan that owns employer stock is a member of a class of plaintiff investors in that stock, settling claims against the employer for securities fraud.

Jeanna M. Cullins presented a session on "Fiduciary Responsibilities and Ethics" at the February 8th Annual Trustee Retreat

Montana Board of Investments, Helena, is reviewing Independent Fiduciary Services' preliminary report, which evaluates the investment program and practices of the $6.2 billion system, said Carroll South, executive director. He said the report includes recommendations about the Board's asset allocation as well as proposed additions to its investment policy.

• Pennsylvania Public School and State Employees Retirement Systems and Department of the Auditor General