(A) Definition. A fiduciary shall be any person or entity that exercises any discretionary authority or control regarding management or administration of the system or its assets, and any person or entity that renders or that has authority or responsibility to render investment advice.
(B) Standards of responsibility. All fiduciaries shall discharge their duties with respect to the system solely in the interest of members and beneficiaries, and more particularly as follows:
(1) For the exclusive purpose of providing benefits to members and their beneficiaries and defraying reasonable system administrative expenses; and
(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 alike character and with like aims; and
(3) By performing their duties in accordance with the documents and instruments setting forth and governing the system.
(Ord. 2000-15, passed 5-5-00)