(a)As used in this Code section, the term "fiduciary" means any retirement system administration or any person that with respect to any retirement system subject to the provisions of this chapter:
(1)Exercises any discretionary authority or control relative to the management or disposition of a retirement system's assets;
(2)Renders investment advice for a fee or other compensation, whether directly or indirectly, with respect to any moneys or other property of a retirement system, or has any authority or responsibility to do so; or (3) Has any discretionary authority or control in the management or administration of the retirement system.
(b)With regard to the investments and assets of a retirement system, each fiduciary:
(1)Shall discharge its duties:
(A)Solely in the interests of
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(a) As used in this Code section, the term "fiduciary" means any retirement system administration or any person that with respect to any retirement system subject to the provisions of this chapter: (1) Exercises any discretionary authority or control relative to the management or disposition of a retirement system's assets; (2) Renders investment advice for a fee or other compensation, whether directly or indirectly, with respect to any moneys or other property of a retirement system, or has any authority or responsibility to do so; or (3) Has any discretionary authority or control in the management or administration of the retirement system. (b) With regard to the investments and assets of a retirement system, each fiduciary: (1) Shall discharge its duties: (A) Solely in the interests of plan participants and their beneficiaries; (B) For the exclusive purpose of providing benefits to plan participants and their beneficiaries; and (C) In accordance with this Code section first and with the laws, resolutions, ordinances, and plan documents appurtenant to such retirement system second; (2) Shall only make investments with care, skill, prudence, and diligence under the circumstances then prevailing that a prudent expert acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; (3) Shall diversify the investments of the plan so as to minimize the risk of large losses, unless doing so is clearly not prudent under the circumstances; and (4) Shall not subordinate the interests of the participants and their beneficiaries or sacrifice investment returns or accept increased investment risks in the promotion of any nonpecuniary interests. Such nonpecuniary interests shall include, but shall not be limited to, the furtherance of any social, political, or ideological interests. (c) A fiduciary may delegate investment management responsibilities to qualified professional investment personnel; provided, however, that the fiduciary or fiduciaries making such delegation shall still be liable for a breach of its fiduciary duty if such delegation is shown to have been based upon influences other than the belief that the plan was best served by such delegation. (d) The investment objectives of a retirement system shall be to provide the greatest possible long-term benefits to members of the retirement system by maximizing the total rate of return on investment within prudent limits of risk for a retirement fund of its type and consistent with any investment return requirement assumed by the actuaries in determining the present and future soundness of the fund. (e) Each fiduciary shall vote and execute all voting proxies: (1) Solely and exclusively in the best economic interests or rights of the retirement system; (2) In favor of confidential proxy balloting; and (3) In support of management unless, in the opinion of the fiduciary, such a vote would be detrimental to the best economic interests or rights of the retirement system. (f) By November 1, 2024, any retirement system subject to the provisions of this chapter shall fully adhere to this Code section and conform, as necessary, any plan documents or contracts or local laws, ordinances, or resolutions that are not in compliance with this Code section.