Each of the Investment Managers, any Depository and the Trustees shall perform their duties for the exclusive purposes of providing benefits for participants and their beneficiaries, and defraying the reasonable expenses of administering the plan and this trust. They shall perform all acts 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. The Trustees and the Investment Managers shall diversify the investments of that portion of the fund committed to their respective management so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. No Investment Manager, depository or Trustee shall engage in or permit any transaction if such Investment Manager, depository or Trustee knows or should know that such transaction constitutes a direct or indirect transaction prohibited under § 406 of ERISA, being 29 U.S.C. § 1106, or I.R.C. § 4975, being 26 U.S.C. § 4975, as from time to time amended (the “Code”).
(Ord. MET 86-13, passed 5-30-1986)