Md. Code, State Personnel and Pensions § 21-203
This is the official text of Md. Code, State Personnel and Pensions § 21-203, part of Maryland’s Code, State Personnel and Pensions — governs state employees and public pensions.
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§21–203.
Official statutory text
A fiduciary shall discharge the fiduciary's duties with respect to the several systems solely in the interest of the participants and as follows:
(1) for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;
(2) with the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;
(3) by diversifying the investments of the several systems so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
(4) in accordance with the laws governing the several systems; and
(5) in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.
(1) for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;
(2) with the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;
(3) by diversifying the investments of the several systems so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
(4) in accordance with the laws governing the several systems; and
(5) in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.
Status: in_force · Read it on the official government site
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