§ 18-98. Fiduciary.

For purposes of the volunteer system a "fiduciary" shall be any person or entity who exercises any discretionary authority or control regarding management of the system or system assets; any person or entity who renders or who has authority or responsibility to render investment advice; or any person or entity who has any discretionary authority or responsibility in administration of the system. Any person or entity may serve in more than one fiduciary capacity. All fiduciaries shall discharge their duties hereunder solely in the interest of members and beneficiaries, and more particularly as follows:

(1)

For the exclusive purpose of providing benefits to members and their beneficiaries;

(2)

With care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man 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 performing their duties in accordance with the documents and instruments setting forth and governing the plan;

(4)

It is intended hereunder that each fiduciary shall be responsible for the proper exercise of his or its own powers, duties, responsibilities and obligations as specified herein or as may be specifically delegated in writing. No fiduciary guarantees the trust fund in any manner against investment loss or depreciation in asset value.

(Code 1964, § 9A-29(e))