Fla. Stat. § 112.656
This is the official text of Fla. Stat. § 112.656, part of Florida’s Stat — part of the compiled statutory law of Florida, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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112.656 Fiduciary duties; certain officials included as fiduciaries.
Official statutory text
(1) A fiduciary shall discharge his or her duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan. Investment decisions must comply with s. 112.662.
(2) Each retirement system or plan shall have one or more named fiduciaries with authority to control and manage the administration and operation of the retirement system or plan. However, the plan administrator, and any officer, trustee, and custodian, and any counsel, accountant, and actuary of the retirement system or plan who is employed on a full-time basis, shall be included as fiduciaries of such system or plan.
(3) A retirement system or plan may purchase insurance for its named fiduciary to cover liability or losses incurred by reason of act or omission of the fiduciary.
History: s. 18, ch. 79-183; s. 724, ch. 95-147; s. 3, ch. 2023-28.
(2) Each retirement system or plan shall have one or more named fiduciaries with authority to control and manage the administration and operation of the retirement system or plan. However, the plan administrator, and any officer, trustee, and custodian, and any counsel, accountant, and actuary of the retirement system or plan who is employed on a full-time basis, shall be included as fiduciaries of such system or plan.
(3) A retirement system or plan may purchase insurance for its named fiduciary to cover liability or losses incurred by reason of act or omission of the fiduciary.
History: s. 18, ch. 79-183; s. 724, ch. 95-147; s. 3, ch. 2023-28.
Status: in_force · Read it on the official government site
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