Fiduciary Matters

Pension Review Board Staff on July 26, 2022

Texas Pension Review Board

Minimum Educational Training Program

This course examines both the legal and ethical obligations of fiduciaries of public retirement systems. The course presents concepts that are fundamental in the service of a retirement system, including fiduciary duty and liability, standards of conduct, prohibited transactions and conflicts of interest, and applicable laws. A road map of the course follows:

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Dashboard

Fiduciary Responsibilities

Introduction
Exclusive Benefits/Duty of Loyalty
Duty of Care/Prudent Person Rule
Duty to Diversify
Duty to Follow Plan Documents
Duty Related to Contracting for Professional Services

Ethical Issues

Conflicts-of-Interest, Standards of Conduct, and Prohibited Transactions
Statutory Conflict-of-Interest Provisions for Officials of Local Retirement Systems
Conflict-of-Interest Best Practices
Resolving Conflicts-of Interest
Prohibited Transactions: Guidelines
Standards of Conduct for Fiduciaries: Statutory Requirements
Standards of Conduct for Fiduciaries: Best Practices 

Fiduciary Liability

Common Reasons Fiduciaries May Get Into Trouble
How to Protect Against Fiduciary Liability Claims
Helpful Links
Final Quiz
Course Survey