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The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
This uniform law is adopted state by state, and therefore the law may be slightly different in each state. For example, on September 20, 2010, New York Gov. David Paterson signed into law the New York version of UPMIFA called the New York Prudent Management of Institutional Funds Act or NYPMIFA. [8]
UFIPA is an updated version of the Uniform Principal and Income Act (UPIA). For the latest revision, the title was changed to avoid confusion with a closely related act, the Uniform Prudent Investor Act —which also utilizes the acronym UPIA—and to differentiate the revised act from its predecessors.
An investment policy is required under virtually all investor circumstances, with the exception of individual investors. According to the US Employee Retirement Income Security Act of 1974, as amended (ERISA), for every qualified company retirement plan (e.g., 401[k], profit sharing, pension, 403[b]) there are certain fiduciary responsibilities for managing the plan assets with the care, skill ...
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The Trump administration abruptly sent water flowing from two California dams. The action could leave less water in dams for the summer, when farmers typically use it.
Many jurisdictions have codified specific extensions or interpretations to this duty, for example related to investments, the Uniform Prudent Investor Act adopted in many U.S. states requires the application of modern portfolio theory in diversifying investment.