Arkansas § 24-2-803 Standard of care - Sole interest and prudent person

Arkansas Statutes

§ 24-2-803 — Standard of care - Sole interest and prudent person

A fiduciary shall discharge his or her duties with respect to a pension benefit plan:

(1)Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of:

(A)Providing pecuniary benefits to participants and their beneficiaries; and (B) Defraying reasonable expenses of administering the plan;

(2)With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims;

(3)By diversifying the investments of the pension benefit plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and (4) In accordance with the docum

Free access — add to your briefcase to read the full text and ask questions with AI

A fiduciary shall discharge his or her duties with respect to a pension benefit plan: (1) Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of: (A) Providing pecuniary benefits to participants and their beneficiaries; and (B) Defraying reasonable expenses of administering the plan; (2) With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims; (3) By diversifying the investments of the pension benefit plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and (4) In accordance with the documents and instruments governing the pension benefit plan insofar as the documents and instruments are consistent with the provisions of this subchapter.

Arkansas § 24-2-803 (Standard of care - Sole interest and prudent person) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.