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Every fiduciary shall discharge his or her duties solely in the interest of the participants and beneficiaries of the pension fund, for the exclusive purpose of providing benefits to participants and their beneficiaries and with the skill, care, prudence and diligence, under the circumstances then prevailing, of a prudent person familiar with these matters and acting in a similar capacity. For purposes of this section, the word FIDUCIARY means any person or entity who exercises any discretionary authority control over the management of this pension fund or its assets, any person or entity who renders investment advice to this pension fund for a fee or other compensation, or any person or entity who has any discretionary authority or discretionary responsibility in the administration of this pension fund.
(1992 Code, § 35-137) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)