NCPERS Advanced Fiduciary Institute (NAF)

NCPERS UNIVERSITY

Advanced Fiduciary Institute

Gain the skills needed to lead a high-performing, resilient pension fund with confidence.

What to Expect | FAQs | Sign Up to Learn More

May 16-17, 2026 — Las Vegas, NV

About NCPERS Advanced Fiduciary (NAF) Institute

Held twice per year in the spring and the fall before our major conferences, NCPERS Advanced Fiduciary (NAF) Institute is where pension professionals and experienced trustees go to become certified experts in the skills needed to strengthen their retirement systems.

Through real-world case studies and tailored insights in a small classroom setting, you’ll learn advanced strategies to enhance board performance, ensure compliance, manage risk, and address workforce challenges—equipping you to lead a high-performing, resilient pension fund with confidence. We recommend first attending NCPERS Trustee Essentials Training.

Instructors lead a classroom in Denver, 2025

What Will I Learn During NCPERS Advanced Fiduciary Institute?

Once you complete all four modules in NCPERS Advanced Fiduciary Institute (Governance, Finance, Risk Management, and Human Capital), put your knowledge to the test: Demonstrate your commitment to fiduciary excellence and public pension management by earning your Advanced Fiduciary (AF) certification. Below is an overview of what you'll learn throughout the program:

Module 1: Governance

In Module 1 – Governance, participants explore the foundational responsibilities, accountabilities, and governance models that guide a public pension board. This module emphasizes the importance of a high-functioning board culture and addresses key questions about the proper level of board activity, the board’s role in setting strategy and direction, and best practices for attracting and retaining top board talent. By clarifying how board culture directly impacts governance outcomes, Module 1 empowers participants to navigate complex oversight challenges while steering their organizations toward long-term success.

Module 2: Finance

Building on these governance principles, Module 2 – Finance focuses on the financial expertise required for prudent fund management. Attendees learn how to access and interpret the essential information needed to make informed financial decisions, ensuring their funds remain compliant with investment policies, performance benchmarks, and disclosure standards. Participants also delve into the board’s responsibilities for setting investment policies, allocating assets, mitigating risk, and overseeing transparent financial reporting. Through these two modules, attendees develop a holistic view of how strong governance structures and strategic financial oversight work hand in hand, enabling them to serve confidently, protect stakeholders’ interests, and foster the growth and stability of their public pension funds.

Module 3: Risk Management

In Module 3: Risk Management, participants deepen their understanding of the legal and risk oversight duties expected of both their board and themselves as individual trustees. This module examines the board’s fiduciary responsibilities, including how to detect and protect against fraudulent behavior, manage relationships with external parties, and effectively communicate with a diverse range of stakeholders such as management, pensioners, and employees. Additionally, it highlights the audit committee’s essential roles and provides strategies for responding to media inquiries while preserving your organization’s corporate reputation.

Module 4: Human Capital

In Module 4: Human Capital, the focus shifts to building and sustaining leadership through sound compensation practices and strategic human resource management. This module guides participants through the fundamentals of total executive compensation design, including the creation of defensible compensation programs and the establishment of a pay-for-performance culture that maximizes fund performance. Participants will learn how to craft executive employment contracts and personal service agreements that avoid pitfalls and support positive growth transitions. Moreover, Module 4 offers insights into developing and maintaining a skilled executive pipeline, ensuring that your board is well-equipped to lead the organization into the future.

"As a past student of the NCPERS Advanced Fiduciary Institute, I can tell you that the NAF not only lays out the basics of what your fiduciary responsibilities are, it also provides the in-depth direction that will help any pension trustee, health trustee, or plan administrator be successful.” - Frank Lima, General Secretary-Treasurer, International Association of Fire Fighters, AFL-CIO

Earn Your Advanced Fiduciary (AF) Credential

As the highest professional designation offered by NCPERS, the Advanced Fiduciary (AF) credential provides a competitive edge for public pension trustees, plan administrators, and investment and operations staff.

After finishing all four NAF modules (Governance, Finance, Risk Management, and Human Capital), candidates must pass an online exam to demonstrate mastery of the program content. Please note that in 2026, the name changed from “Accredited Fiduciary” to “Advanced Fiduciary,” but credentials and learning completed remain valid.

The open book exam consists of multiple-choice and scenario-based questions that assess candidates’ ability to apply best practices, interpret fiduciary responsibilities, and make informed decisions based on real-world pension administration scenarios.

Learn More About NCPERS Continuing Education

Meet Our Faculty

Our expert faculty has led the NAF program for more than 10 years. In 2025, they were recognized with NCPERS Pension Partners of the Year Award for their meaningful contributions to enhancing the learning experience and advancing best practices across the public pension sector.

Peter Landers

Senior Partner Global Governance Advisors

Brad Kelly

Partner Global Governance Advisors

Judy Chambers

Managing Principal/Private Markets Consultant Meketa Investment Group

David Sancewich

Managing Principal/Consultant Meketa Investment Group

Frequently Asked Questions: NCPERS Advanced Fiduciary (NAF) Institute

Does the name change affect my AF status?

Please note that in 2026, the program and credential name changed from “Accredited Fiduciary” to “Advanced Fiduciary.” The name change does not affect your status, and you will not need to retake the course. Your credentials and completed learning remain valid.

Is membership in NCPERS required?

Yes. Your organization must be a current member of NCPERS at the time of registration.

Does the NAF registration fee include registration for the larger program?

No. Registration for this course is separate from registration for the larger conference.

How long does it take to complete the program?

The timeline depends on your schedule. To earn the NCPERS Advanced Fiduciary (AF) designation, you need to complete both required courses — NAF 1 & 2: Governance and Finance, and NAF 3 & 4: Risk Management and Human Capital. The courses are offered twice a year in the spring and fall, and you can take them in any order. There is no time limit to finish the sequence. Once both courses are completed, you’ll take an online exam to demonstrate your mastery of the material.

Are there any prerequisites to enroll?

Pension trustees and plan staff are encouraged to have at least two years of experience in pension plan administration or governance before enrolling in NAF. Those newer to the pension industry are advised to complete the NCPERS Trustee Essentials Training (formerly known as the Trustee Educational Seminar, or TEDS) first, to establish a solid foundation in fiduciary responsibilities.

Can I register onsite?

No. Pre-registration is required, and class size is limited to 45 participants, so early registration is strongly recommended.

What is the cost of the program?

Current registration rates are listed on our website. The fee includes all program materials, breakfast, refreshment breaks, lunch, and the exam. It also includes the University reception for all NCPERS University attendees.

Is there an option to attend the conference virtually?

No. The conference is offered in person only at this time.

Does NCPERS offer advanced levels or additional training after NAF?

Yes. You can continue your training through the NCPERS Fiduciary in Focus Workshop, formerly known as PATS. This program is part of NCPERS University and gives trustees and staff the chance to deepen their knowledge through two focused topics. It’s an intensive learning experience designed to strengthen expertise, support informed decision making, and help you meet your fiduciary responsibilities while connecting with peers from across the country.

About NCPERS University: Your Path to Fiduciary Excellence

Whether you’re a new trustee or an experienced professional, NCPERS University provides a clear path forward in your fiduciary journey. Interactive exercises and real-world case studies provide actionable insights, while our certification program can help you level up your pension knowledge and demonstrate your commitment to fiduciary excellence.

These pre-conference programs are designed to give trustees and pension professionals the tools, confidence, and practical skills to excel—not just during our events, but in every decision that shapes your fund’s future.

Build your foundational knowledge with NCPERS Trustee Essentials Training.
Find timely insights to navigate emerging challenges with NCPERS Fiduciary in Focus Workshop.
Gain the skills needed to lead a high-performing, resilient pension fund with confidence with NCPERS Advanced Fiduciary (NAF) Institute.

View the Upcoming Event Calendar

Questions? Contact NCPERS’ Education Associate, Jessica Ransome, at jransome@ncpers.org or call 202-601-2449.