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.
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