Section 9-16-40 - Standards for discharge of dutyA trustee, commission member, or other fiduciary shall discharge duties with respect to a retirement system:
(1) solely in the interest of the retirement systems, participants, and beneficiaries;(2) for the exclusive purpose of providing benefits to participants and beneficiaries and paying reasonable expenses of administering the system;(3) with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;(4) impartially, taking into account any differing interests of participants and beneficiaries;(5) incurring only costs that are appropriate and reasonable; and(6) in accordance with a good faith interpretation of this chapter.2005 Act No. 153, Pt IV, Section 2, eff 7/1/2005; 1998 Act No. 371, Section 2, eff 5/26/1998.