§ 21–203
Statutes in effect as of October 1, 2026.
Md. Code Ann., State Pers. & Pens. § 21-203 (2026)
Title 21. State Retirement and Pension System
Subtitle 2. Fiduciary Responsibilities
§ 21–203LinkCopy Citation
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.