§ 36-8-4.1 — § 36-8-4.1. Fiduciary and continuing education requirements.

Rhode Island § 36-8-4.1

• Jurisdiction: Rhode Island
• Title 36: Public Officers and Employees
• Ch. 36-8: Retirement System — Administration

Text

§ 36-8-4.1. Fiduciary and continuing education requirements.

(a) A member of the board shall discharge duties with respect to the retirement system:

(1) Solely in the interest of the 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 the law governing the retirement system.

(b) The retirement board shall establish mandatory continuing education requirements for members of the board.

(c) In the event the retirement board takes any action(s) contrary to the recommendation of the plan actuary, the executive director shall within thirty (30) days, provide notice of such action(s) to all plan members, the governor, the speaker of the house of representatives and the president of the senate. The notice shall also be posted electronically on the retirement board's website.

Legislative History

P.L. 2011, ch. 408, § 3; P.L. 2011, ch. 409, § 3.