Recently Completed Projects

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

Over the course of 2007, IFS advised The World Bank regarding governance of the investment programs of a series of institutional funds of a nation in East Asia. IFS has just completed that assignment, culminating in proposed legislation for governing those funds. Separately, IFS continues working on an Asian Development Bank project, advising the People's Republic of China on governance of the investment programs of their provincial retirement systems.

IFS recently completed an Investment Review of the Ohio Operating Engineers Pension Fund. This strategic investment review of the Fund's investment program and practices outlined IFS' evaluation and recommendations to the Board of Trustees regarding investment policy statement, asset allocation & investment structure, alternative investments, investment consultant's services, investment manager guidelines, historical investment performance benchmarks, and investment-related costs and fees.

IFS completed an operational review of the defined benefit pension plan of a Fortune 500 diversified manufacturing company. As part of the assignment, IFS reviewed the plans'governance structure, investment policy, asset allocation, and investment performance. The project took just under three months to complete. A brief, high-level report was issued to the client.

IFS recently completed two engagements assisting Taft-Hartley pension plans in developing securities class action litigation policies and implementation protocols. These set forth specific roles for the plans’ trustees, staff, custodian, regular fund counsel and securities litigation outside counsel to protect the plans’ rights and potential claims arising out of portfolio losses attributable to possible securities law violations.

IFS evaluated a multi billion 401(k) Plan, of a pre-eminent global management consulting firm. The program includes numerous alternative assets, including strategies employing leverage, derivatives and private market assets. IFS prepared an extensive series of questions to provide the Board a) a framework for fulfilling its fiduciary responsibilities to prudently oversee and possibly modify this sophisticated investment program; b) appropriate benchmarks for return and risk; c) and lines of analysis for evaluating the fund manager’s success.

An Operational Review was recently completed for three Building Trades Unions' Pension, Health, and 401(k) Plans located in Utah. The Review covered the Plans' investments programs, administrative operations and an evaluation of the professional service providers. This was a particularly interesting assignment due to substantial recent changes in the number of signatory employers and active participants. The final report provided 94 pages of comments and conclusions resulting in 109 recommendations which were adopted by the Board of Trustees.

IFS completed an evaluation of numerous aspects of the investment program of this multi-billion dollar pension fund. The subjects included the role and performance of the fund’s “manager of managers,” brokerage and trading practices, asset allocation methodologies, selection and monitoring of hedge fund and private equity accounts and investment performance analysis. This was an update of a prior evaluation we completed approximately 5 years ago.

IFS continues to serve as the Independent Consultant to the NYSUT Member Benefits Trust pursuant to the Assurance of Discontinuance the Trust entered into with the New York State Attorney General, concerning the Trust’s endorsement of 403(b) annuity products sponsored by ING Insurance. The Trust sponsors or endorses a broad variety of benefits for the approximately 500,000 members of New York State United Teachers, the union representing New York State public school teachers outside the City of New York.

IFS was engaged by Wilmington Trust Company on behalf of certain of its ERISA and other clients to vote their shares in mutual funds sponsored by Wilmington Trust and managed by Roxbury Capital. The vote concerned whether the mutual funds’ assets should be transferred to new funds which Roxbury set up outside the Wilmington Trust fund family. After analyzing how the new fund structure would affect shareholders such as those clients, IFS determined it was in their interest to vote in favor of the transfer.