Recently Completed Projects

Dynegy Inc. 401k Savings Plan-Independent Fiduciary re: Securities Litigation

Submitted by IFS on Fri, 10/01/2004 - 10:00
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TIFS was engaged as Independent Fiduciary for the Dynegy Inc. 401(k) Savings Plan regarding settlement of a class action lawsuit alleging that certain Plan fiduciaries violated ERISA in connection with the Plan's holdings of securities issued by Dynegy Inc., the Plan's sponsor. The settlement provides for payments totaling $30.75 million by various insurers. After deducting various costs, the net proceeds are payable to the Plan.

Strong Financial Corporation Employee Benefit Plan-Independent Fiduciary re: Merger of Mutual Funds

Submitted by IFS on Fri, 10/01/2004 - 10:00
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Wells Fargo proposes to acquire a family of mutual funds sponsored by The Strong Financial Corporation. However, investors in the Strong funds are entitled to vote in favor or against the proposed merger. One of those investors is Strong's own pension plan. The named fiduciary of Strong's plan hired IFS as an Independent Fiduciary to evaluate, from the Plan's investment perspective whether to approve the merger of the Strong funds in which it invested and to direct the Plan's trustee whether to vote the Plan's proxy in favor of or against each merger.

Virginia Housing Development Authority-Operational Review of Housing Finance Agency

Submitted by IFS on Fri, 10/01/2004 - 10:00
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IFS recently completed an evaluation of the Virginia Housing Development Authority department policies, procedures and workflows. The main focus was on the numerous aspects of the Authority's investment program, compared to best practices.

Fiduciary Transactional Projects

Submitted by IFS on Thu, 07/01/2004 - 10:00
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IFS recently added or completed several fiduciary transactional projects, including:

  • California State Teacher's Retirement System (CalSTRS)
    IFS recently completed its verification of various incentive compensation awards to this System's investment staff.
  • Service Employees International Union Master Trust
    This fund hired IFS to design and review responses to an RFP for brokerage commission recapture services.
  • City of Mobile Pension Plan

Operational Reviews

Submitted by IFS on Thu, 07/01/2004 - 10:00
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IFS recently completed Operational Reviews for the following clients:

  • Western States Office & Professional Employees' Pension Fund
  • Upper Peninsula Plumbers' & Pipefitters' Pension Fund
  • Las Vegas Laborers Pension Fund

New York City Office of Comptroller

Submitted by IFS on Tue, 12/02/2003 - 00:37
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In October, IFS completed a comprehensive management study and operations review of the New York City Office of the Comptroller's asset management function. The study provided an independent evaluation of the asset management polices processes and procedures related to the investment advisory services the Comptroller provides to the five New York City Retirement Systems. The Systems in the aggregate total more than $75 billion in assets and are considered one of the 10 largest pension funds in the country.

New Jersey Department of the Treasury

Submitted by IFS on Tue, 12/02/2003 - 00:36
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In September 2003, IFS completed a wide-ranging Operational Review of the New Jersey Department of the Treasury Division of Investment. The Report was commissioned by the State Treasurer. The Division internally manages all $73 billion of the assets under its purview using active management. The Report was presented to the State Investment Council on October 1, 2003 and addressed a range of subjects, including governance, asset allocation, risk controls, and staffing.

Apogent Retirement Security Plan

Submitted by IFS on Sat, 03/01/2003 - 23:13
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During the first quarter of 2003, IFS completed its Operational Review of the investment program of the Apogent Retirement Security Plan. Apogent is a publicly-traded company, based in Portsmouth New Hampshire.

Alaska State Pension Investment Board

Submitted by IFS on Sat, 03/01/2003 - 23:12
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In March 2003, IFS completed and presented its full-blown Operational Review of the investment program and practices of the $11 billion Alaska State Pension Investment Board.

Iowa Governor's Task Force on Structure and Governance

Submitted by IFS on Sat, 03/01/2003 - 23:10
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In late 2000, after months of study, IFS recommended to the Iowa Governor's Task Force on Structure and Governance significant changes to the Iowa Public Employees' Retirement System, including establishing it as an entity distinct from the State's Department of Personnel. In December 2002, Iowa's Governor Vilsack announced the selection of the System's first executive director, replacing the Department of Personnel's Director as the System's chief executive.

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