Do we need to write ERISA, UMIFA etc as legal constraints?

[nick123]

Hi
In the eoc question of RR13, the answer for formulating KPS of a foundation, ‘the foundation is governed by UMIFA’. Do we need to remember these institutions name and answer ?

 

[S666]

I would say so - if they ask you to write out those parts of the IPS and there are no particular points that stand out in the story, I would just write “Subject to UMIFA/ERISA and the prudent investor rules”
Whether its UMIFA or ERISA will depend on if its an endowment/foundation or a pension fund.