IFS in the News

On January 18, 2008, Independent Fiduciary Services (“IFS”) submitted comments to Department of Labor (“DOL”) regarding proposed amendments to a 2003 prohibited transaction class exemption. This particular exemption requires the approval of an independent fiduciary of releases granted by ERISA-regulated plans to “parties in interest.” This exemption comes into play most often in “stock drop” litigation under the federal securities laws.

Marc Becker recently earned the CFA Charterholder designation, an investment-related professional designation awarded by the CFA Institute. Congratulations Marc!

The General Accountability Office interviewed Skip Halpern, IFS President, as part of its research for its forthcoming report on fiduciary responsibilities for the named fiduciaries of 401k plans. While recent GAO reports have focused more specifically on particular subjects like employer stock and mutual fund fees in 401k plans, the upcoming report will extend more broadly across those and other aspects of fiduciary responsibility concerning 401k plan investment programs The expect the report sometime in the first quarter of 2008.

On September 20, 2007 Frank Lilly, Chairman and CEO of IFS presented comments and suggestions to the United States Department of Labor, 2007 ERISA Advisory Council Working Group on Fiduciary Responsibilities - Update and Revenue Sharing. His presentation suggested how the DOL could bring greater transparency to the participant directed 401K market to assist plan participants and plan sponsors in their decision-making. Lilly suggested standardizing terminology and reporting with respect to 401K plan fees, costs and services.

The June 2007 edition of the www.foundationendowment.com website reported that IFS was hired to conduct an operational and investment review. The news item states “IFS in Washington, D.C. gave the most detailed and informed response to the RFP, Martin said, and provides best value. IFS’ contract is being finalized and should last until Oct 31.”

The April 2, 2007 edition of Pensions & Investments mentions that IFS was chosen as the new consultant for The Service Employees International Union Fund.

During the annual National Association of Public Pension Attorneys (NAPPA) Conference, Phyllis Taylor was appointed to the nine member Executive Board. NAPPA is a professional and educational organization. Created in 1987, its membership consists exclusively of attorneys who represent public pension funds. NAPPA’s purpose is to provide attorneys for public pension plans educational opportunities and informational resources. It is a medium to exchange information, advance knowledge and education, and foster sound principles, procedures and practices in the field of public pension plans.

On June 11, 2007, Jeanna Cullins was one of two recipients of the Distinguished Partner Award given by the Baltimore/Washington Chapter of the National Association of Securities Professionals (NASP). The award acknowledged Jeanna as a leader in the industry as well as someone who has made meaningful contributions to the larger community. The other award recipient was the Maryland Comptroller.

IFS’s recommendations regarding the operations of the Ohio State Teachers Retirement System and the Ohio Police & Fire Pension Fund were mentioned in a press conference with Rep. Michelle Schneider (R-Cincinnati).