Sec. 25. Fiduciary duty.

167 words·~1 min read·/il/chapter-820/act-80/25

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 25. Fiduciary duty. The Board, the individual members of the Board, the trustee appointed under subsection

(b)of Section 30, any other agents appointed or engaged by the Board, and all persons serving as Program staff shall discharge their duties with respect to the Program solely in the interest of the Program's enrollees and beneficiaries as follows:

(1)for the exclusive purposes of providing benefits to enrollees and beneficiaries and

defraying reasonable expenses of administering the Program;

(2)by investing with the care, skill, prudence, and diligence under the prevailing

circumstances that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims; and

(3)by using any contributions paid by employees and employers into the trust

exclusively for the purpose of paying benefits to the enrollees of the Program, for the cost of administration of the Program, and for investments made for the benefit of the Program.