Recently Completed Projects

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.

IFS is assisting ERISA plans in developing and implementing policies for identifying, monitoring and participating in securities class actions to recover losses resulting from fraud and other violations of law. IFS assisted the American Federation of Musicians and Employers Pension Fund in developing a securities class action litigation policy, and protocols for implementing the policy.

IFS completed its role as independent fiduciary on behalf of several 401k plans, deciding whether the plans should participate in settlements of class action litigation under the securities laws and ERISA arising out of the plans' holdings in stock of the plan sponsor. IFS reviewed and approved settlements in the following class actions:

• Krispy Kreme ERISA class action
• El Paso Corporation securities class action
• Williams Companies Corporation securities class action
• Nortel Corporation securities class actions

IFS recently completed an assignment as independent fiduciary concerning employer stock held by the defined benefit pension plan sponsored by a New York Stock Exchange-listed manufacturing company.

IFS was retained to assess the cost/benefit of implementing a passive internal equity management program. IFS interviewed passive equity managers, reviewed third-party industry data, and surveyed public funds to assess common and best practices regarding internal passive equity management by public funds.