§ 5-2-402. Standards of care.

   A fiduciary shall discharge the fiduciary's duties with respect to the System solely in the interest of the participants and as follows:

      (1)   for the exclusive purposes of providing benefits to the participants and for paying the reasonable expenses of administering the System;

      (2)   with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;

      (3)   by diversifying the investments of the System to minimize the risk of large losses, unless under the circumstances it is clearly not prudent to do so;

      (4)   in accordance with the laws governing the plans; and

      (5)   in accordance with the documents and instruments governing the plans to the extent that the documents and instruments are consistent with this subtitle.

(1985 Code, Art. 7, § 2-402) (Bill No. 88-96; Bill No. 90-01)