South Carolina § 9-16-40 Standards for discharge of duty.

South Carolina Statutes

§ 9-16-40 — Standards for discharge of duty.

South Carolina § 9-16-40

Title 9RETIREMENT SYSTEMS

Ch. 16RETIREMENT SYSTEM FUNDS

This text of South Carolina § 9-16-40 (Standards for discharge of duty.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 9-16-40 (2026).

Text

A 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

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A 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.