§ 9-3-439 — General duties of trustee and fiduciary

(a) A trustee or other fiduciary shall discharge duties
with respect to a retirement system:
(i) Solely in the interest of the participants and
beneficiaries;
(ii) For the exclusive purpose of providing benefits
to participants and beneficiaries and paying reasonable expenses
of administering the system;
(iii) 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;
(iv) Impartially, taking into account any differing
interests of participants and beneficiaries;
(v) Incurring only costs that are appropriate and
reasonable; and
(vi) In accordance with a good-faith interpretation
of the law governing the retirement program and system.