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

South Carolina Statutes

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

South Carolina·Title 9 RETIREMENT SYSTEMS·Ch. 16 RETIREMENT SYSTEM FUNDS

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.

South Carolina § 9-16-40 (Standards for discharge of duty.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.