A fiduciary must discharge the fiduciary’s duties regarding the retirement systems:
(a) only in the best interest of the participants and their beneficiaries;
(b) only to provide benefits to the participants and their beneficiaries, and defray reasonable expenses of administering the retirement systems;
(c) with the care, skill, prudence, and diligence under the circumstances that a prudent person acting in a similar capacity and familiar with the same matters would use to conduct a similar enterprise with similar purposes;
(d) by diversifying the investments of the retirement systems to minimize the risk of large losses, unless it is clearly not prudent to diversify under the circumstances;
(e) according to a good faith interpretation of the law governing the retirement systems;
(f) according to a good faith interpretation of the documents and instruments governing the retirement systems, if they comply with this Article. (1987 L.M.C., ch. 29, § 11; 1998 L.M.C., ch. 27, § 1.)
Editor’s note—See County Attorney opinion dated regarding the County’s liability for errors in the administration of the pension and retirement funds of employees.
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