§ 21-203
153 words·~1 min read·
/md/state-personnel-and-pensions/21-203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§21–203.
A fiduciary shall discharge the fiduciary's duties with respect to the several systems solely in the interest of the participants and as follows:
(1)for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;
(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 several systems so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
(4)in accordance with the laws governing the several systems; and
(5)in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.