Trustees play an important and significant role in addressing the health and retirement needs of plan members, and therefore need to be confident and competent in that role. In a continuous effort to fulfill our mission, the International Foundation has transformed the Foundations for Trustees program to offer a more strategic, coherent and integrated assessment-based educational path for trustees.
The new Foundations of Trust Management Standards (FTMS) is a
2½ day assessment-based certificate program that will address the basics of effective trust management through four key knowledge areas:
- Fiduciary responsibilities of trustees
- Laws governing fiduciary duty
- Law of trusts
- Trust documents
- Statutory operation of pension and health and welfare plans
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- Principles of governance
- Roles and responsibilities
- Governing documents
- Communication requirements
- Code of conduct
- Compliance monitoring and measurement
- Trustee education
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- Types of funds
- Defining the administrator
- Key activities in fund operation
- Delegation of duties
- Best practices and standard processes in conducting meetings
- Internal and external audit process standards
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- Documents governing funding
- Investment vehicles and principles
- Risk and return
- Plan assumptions
- Key stakeholders
- Due diligence and prudence standard
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Those who attend the full 2½ days of classroom instruction and successfully complete the optional test will earn the FTMS Certificate of Achievement.
The International Foundation recognizes that new trustees, in particular, must quickly gain an understanding of the basic principles of trust fund management as well as an awareness of knowing where to find resources in order to make informed decisions. The assessment component offers trustees an opportunity to validate their learning. The introduction of FTMS is the first step of a larger strategy to provide a cohesive, integrated educational path for trustees at all levels.
Who Should Attend
This innovative certificate program for new trustees of either health and welfare or pension funds will provide a fresh and focused curriculum. It was designed to ensure newly appointed multi-employer and public sector plan trustees have the essential knowledge, framework and processes necessary for their roles as plan fiduciaries. Administrators and other professional advisors will also benefit from this program.
Program Questions
For more information on this new program, contact Mary Jo Bugembe at (262) 373-7641 or maryb@ifebp.org.