Section 24-2-803 - Standard of care - Sole interest and prudent personA fiduciary shall discharge his or her duties with respect to a pension benefit plan:
(1) Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of:(A) Providing pecuniary benefits to participants and their beneficiaries; and(B) Defraying reasonable expenses of administering the plan;(2) With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims;(3) By diversifying the investments of the pension benefit plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and(4) In accordance with the documents and instruments governing the pension benefit plan insofar as the documents and instruments are consistent with the provisions of this subchapter.Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.