Fiduciary Responsibility: Duties, Responsibilities and Worst Case Scenarios

This program is brought to you in partnership with the Illinois Fire Sprinkler Coalition, who would like to congratulate the Central Stickney Fire Protection District on adopting a model code that included fire sprinkler protection for residential occupancies such as single-family homes, townhomes and multifamily.

Please visit homelifesafety.com to learn more.



Part 1
Fiduciary Duty 101
Serving on the board of a pension fund comes with significant responsibilities. Chief among them is the duty to act as a fiduciary. This presentation will explain what exactly “fiduciary” means, what that duty entails, and what steps trustees should take to ensure they are preserving the trust of the pension members. In addition to general best practices, the presentation will also detail specific requirements of the Illinois Pension Code for fiduciaries.

Part 2
When What Can Go Wrong, Goes Wrong: Fiduciary Dilemmas
Acting as a fiduciary might seem like common sense: avoid conflicts of interest and manage funds prudently. Those rules have many nuances, though, which can lead to mistakes, resulting in pension fund trustees getting in trouble. This presentation will highlight examples of fiduciary breaches in Illinois, focusing on what went wrong and what the consequences were. The presentation will also provide advice to avoid similar situations in your pension fund.

2 Hours of Continuing Education available for those who qualify.