Initial Review for Withholding Reclaims. Review the K-1s issued to the System in prior years and recommend to the System whether to file to reclaim the amounts withheld based on the cost of filing versus the potential for reclaim, taking into account the dollar amount of the potential reclaim and the likelihood of success of reclaiming withheld amounts. Discuss the analysis and the firm’s recommendation with the System and develop a plan of action for filing for any reclaims. As of December 31, 2024, the System invests in 415 private funds across private equity, private credit, absolute return, natural resources, infrastructure and real estate, including 141 foreign funds. Assist with Tax Filings, Reclaims and Repatriation of Funds. o Except where already pursued by the System’s custodian, file by the applicable due dates all required account documents, reclamation forms and certifications required by local laws in order to pay taxes, claim refunds, and/or repatriate funds of the System to the United States. o Assist the System with routine filing issues including, but not limited to, fulfilling tax liabilities unless an exemption exists, filing required periodic declarations of exemptions, filing FATCA (Foreign Account Tax Compliance Act) documents and obtaining country specific tax identification numbers. o Advise the System of the most appropriate processes to maximize reclaims and assist with all required documentation. o Assist the System with establishing compliance with all requirements necessary to obtain foreign institutional investor status, or similar tax-favored status afforded to the System, in accordance with local generally accepted professional and/or accounting standards.
