Foundations of Trust Management Standards (FTMS®)

Legal - Group 2

Please note: Testable readings for the Legal content will be included at the end of the slides posted for this module.

• Define basic terms related to trusts
• Explain the purpose and key elements of trust agreements
• Describe key legislation and its implications for operation of trusts
• Identify fiduciary obligations of Trustees
• Explain basic Trustee duties
• Explain examples of Trustees who have found themselves in difficult situations (cases)
• Identify strategies to put in place to protect Trustees, beneficiaries, settlors, and subsequent participating employers
• Identify exemption clauses commonly included in fiduciary liability insurance policies

Legal - Group 1

Please note: Testable readings for the Legal content will be included at the end of the slides posted for this module.

• Define basic terms related to trusts
• Explain the purpose and key elements of trust agreements
• Describe key legislation and its implications for operation of trusts
• Identify fiduciary obligations of Trustees
• Explain basic Trustee duties
• Explain examples of Trustees who have found themselves in difficult situations (cases)
• Identify strategies to put in place to protect Trustees, beneficiaries, settlors, and subsequent participating employers
• Identify exemption clauses commonly included in fiduciary liability insurance policies

Administration and Governance - Group 2

Please note: Testable readings for the Administration and Governance content will be included at the end of the slides posted for this module.

• Outline key functions of Boards of Trustees/Fiduciaries as Legal Administrator
• Explain the significance of governing documents and their terms for meeting fiduciary duty
• Describe the role of key service providers in supporting Boards
• Identify key stakeholders in governance
• Explain basic principles of effective governance and best practices
• Describe how good governance supports Boards in execution of key management functions and in meeting fiduciary duty
• Explain the importance of Board meetings, meeting protocol and minute taking in your role as Legal Administrator
• Identify sources of effective governance guidelines and tools

Administration and Governance - Group 1

Please note: Testable readings for the Administration and Governance content will be included at the end of the slides posted for this module.

• Outline key functions of Boards of Trustees/Fiduciaries as Legal Administrator
• Explain the significance of governing documents and their terms for meeting fiduciary duty
• Describe the role of key service providers in supporting Boards
• Identify key stakeholders in governance
• Explain basic principles of effective governance and best practices
• Describe how good governance supports Boards in execution of key management functions and in meeting fiduciary duty
• Explain the importance of Board meetings, meeting protocol and minute taking in your role as Legal Administrator
• Identify sources of effective governance guidelines and tools

Administration and Governance (continued) - Group 2

Please note: Testable readings for the Administration and Governance content will be included at the end of the slides posted for this module.

• Outline key functions of Boards of Trustees/Fiduciaries as Legal Administrator
• Explain the significance of governing documents and their terms for meeting fiduciary duty
• Describe the role of key service providers in supporting Boards
• Identify key stakeholders in governance
• Explain basic principles of effective governance and best practices
• Describe how good governance supports Boards in execution of key management functions and in meeting fiduciary duty
• Explain the importance of Board meetings, meeting protocol and minute taking in your role as Legal Administrator
• Identify sources of effective governance guidelines and tools

Administration and Governance (continued) - Group 1

Please note: Testable readings for the Administration and Governance content will be included at the end of the slides posted for this module.

• Outline key functions of Boards of Trustees/Fiduciaries as Legal Administrator
• Explain the significance of governing documents and their terms for meeting fiduciary duty
• Describe the role of key service providers in supporting Boards
• Identify key stakeholders in governance
• Explain basic principles of effective governance and best practices
• Describe how good governance supports Boards in execution of key management functions and in meeting fiduciary duty
• Explain the importance of Board meetings, meeting protocol and minute taking in your role as Legal Administrator
• Identify sources of effective governance guidelines and tools

Funding/Investment/Finance - Group 2

Please note: Testable readings for the Funding/Investment/Finance content will be included at the end of the slides posted for this module.

• Describe the significance of funding policy for effective trust/plan management
• Explain the rationale for funding plans
• List different types of funding and financing options
• Identify factors that influence funding and financing requirements
• Describe the significance of investment policy for effective trust/plan management
• State key characteristics of bonds and stocks
• Explain the importance of asset mix and diversification to investment decisions
• List the steps in the investment process
• Explain the roles of the actuary and the investment manager
• List the key questions to ask about investment strategy
• Describe the significance of financial reporting and budgeting to effective trust/plan management
• Indicate sources and uses of income
• Describe key financial reports and how they inform decision making
• Explain the role of the auditor

Funding/Investment/Finance - Group 1

Please note: Testable readings for the Funding/Investment/Finance content will be included at the end of the slides posted for this module.

• Describe the significance of funding policy for effective trust/plan management
• Explain the rationale for funding plans
• List different types of funding and financing options
• Identify factors that influence funding and financing requirements
• Describe the significance of investment policy for effective trust/plan management
• State key characteristics of bonds and stocks
• Explain the importance of asset mix and diversification to investment decisions
• List the steps in the investment process
• Explain the roles of the actuary and the investment manager
• List the key questions to ask about investment strategy
• Describe the significance of financial reporting and budgeting to effective trust/plan management
• Indicate sources and uses of income
• Describe key financial reports and how they inform decision making
• Explain the role of the auditor

Funding/Investment/Finance (continued) - Group 2

Please note: Testable readings for the Funding/Investment/Finance content will be included at the end of the slides posted for this module.

• Describe the significance of funding policy for effective trust/plan management
• Explain the rationale for funding plans
• List different types of funding and financing options
• Identify factors that influence funding and financing requirements
• Describe the significance of investment policy for effective trust/plan management
• State key characteristics of bonds and stocks
• Explain the importance of asset mix and diversification to investment decisions
• List the steps in the investment process
• Explain the roles of the actuary and the investment manager
• List the key questions to ask about investment strategy
• Describe the significance of financial reporting and budgeting to effective trust/plan management
• Indicate sources and uses of income
• Describe key financial reports and how they inform decision making
• Explain the role of the auditor

Funding/Investment/Finance (continued) - Group 1

Please note: Testable readings for the Funding/Investment/Finance content will be included at the end of the slides posted for this module.

• Describe the significance of funding policy for effective trust/plan management
• Explain the rationale for funding plans
• List different types of funding and financing options
• Identify factors that influence funding and financing requirements
• Describe the significance of investment policy for effective trust/plan management
• State key characteristics of bonds and stocks
• Explain the importance of asset mix and diversification to investment decisions
• List the steps in the investment process
• Explain the roles of the actuary and the investment manager
• List the key questions to ask about investment strategy
• Describe the significance of financial reporting and budgeting to effective trust/plan management
• Indicate sources and uses of income
• Describe key financial reports and how they inform decision making
• Explain the role of the auditor