A trustee, commission member, or other fiduciary shall discharge duties with respect to a retirement system:

1. (1) solely in the interest of the retirement systems, participants, and beneficiaries;
2. (2) for the exclusive purpose of providing benefits to participants and beneficiaries and paying reasonable expenses of administering the system;
3. (3) 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;
4. (4) impartially, taking into account any differing interests of participants and beneficiaries;
5. (5) incurring only costs that are appropriate and reasonable; and
6. (6) in accordance with a good faith interpretation of this chapter.

HISTORY: 1998 Act No. 371, Section 2, eff May 26, 1998; 2005 Act No. 153, Pt IV, Section 2, eff July 1, 2005.