IFS has recently added several Retainer Clients. Among them are:
SEIU Local 32-BJ North Pension Fund The Fund represents building service and janitorial workers in the Bronx and Westchester County who became part of the New York City local's membership when another local was merged into Local 32-BJ. IFS has assisted the Trustees in selecting its first custodian bank and is presently reviewing the Fund's managers.
Among the pension/retirement funds that have recently hired IFS for Operational Reviews are:
The Las Vegas Construction Industry & Laborers Pension, Welfare and Training Funds for an Operational Review of various aspects of its administrative operations.
The $15 billion Los Angeles County Employees Retirement Association hired IFS to assist its internal audit department in development and implementation of limited scope audits of its investment managers.
The ERISA plans of two publicly traded corporations recently hired IFS on independent fiduciary projects:
PNC Bank 401K Incentive Savings Plan retained IFS to act on the Plan's behalf regard securities class action litigation and ERISA litigation against the Bank and other defendants, filed in response to the Bank's earnings restatements. The Plan holds PNC stock.
Several Plans of American Airlines hired IFS as a fiduciary to make various decisions regarding their use of investment consulting and asset management services.
In March 2003, the Pennsylvania Public School Employees Retirement System and the Pennsylvania State Employees Retirement System - with combined assets approximating $50 billion - selected IFS to evaluate their respective investment programs and practices. The two projects will proceed in tandem and are expected to be completed in early 2004.
In mid October 2002, the Office of the Treasurer of New Jersey announced the selection of IFS to perform an Operational Review of the State's Division of Investments. The Division is responsible for internal asset management of the State's approximately $60 billion in public pension fund assets. The study will evaluate how the New Jersey Division of Investments compares to best practices in terms of its overall investment organization and program.
The International Brotherhood of Teamsters recently hired IFS to evaluate and advise it regarding certain aspects of the investment program of the Central States Pension Fund. IFS is addressing the "asset side" of the program and Watson Wyatt is addressing the "liability side."
In December 2002, the Pension and Welfare Funds of the Retail, Wholesale and Department Store Union ("RWDSU") retained IFS as their retainer investment consultant. The Funds total approximately $370 million in asset value.
