Fiduciaries shall:

1. (1) Ensure that the funds received for the benefit of the horsemen are distributed pursuant to the act.
2. (2) Manage all health and pension benefit plans for the exclusive benefit of participants and beneficiaries.
3. (3) Carry out their duties in a prudent manner and refrain from conflict-of-interest transactions.
4. (4) Comply with limitations on certain plans’ investments in particular securities and properties.
5. (5) Fund benefits in accordance with applicable law and plan rules.
6. (6) Provide documents to the Board as may be requested in the conduct of investigations or to ensure compliance with the act and this chapter.