(40 ILCS 5/1-109) (from Ch. 108 1/2, par. 1-109)
Sec. 1-109.
Duties of Fiduciaries.
A fiduciary with
respect to a retirement system or pension fund established
under this Code shall discharge his or her duties with respect to the
retirement system or pension fund solely in the interest of the participants
and beneficiaries and:
(a) For the exclusive purpose of:
(1) Providing benefits to participants and their beneficiaries; and
(2) Defraying reasonable expenses of administering the retirement system
or pension fund;
(b) With the care, skill, prudence and diligence under the circumstances
then prevailing that a prudent man acting in a like capacity and familiar
with such matters would use in the conduct of an enterprise of a like character
with like aims;
(c) By diversifying the investments of the retirement system
or pension fund so as to minimize the risk of large losses, unless under
the circumstances
it is clearly prudent not to do so; and
(d) In accordance with the provisions of the Article of the Pension Code
governing the retirement system or pension fund.
(Source: P.A. 82-960.)
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