# State Personnel and Pensions (GSP)

## Title 21. State Retirement and Pension System

### Subtitle 2. Fiduciary Responsibilities

#### Section 21-203

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.

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Md. Code Ann., State Pers. & Pens. (as displayed at mgaleg.maryland.gov, October 16, 2026)