In administering the plan, the officers and employees of the system shall discharge their duties with respect to the plan solely in the interest of the participants and beneficiaries:
(a)
In accordance with the documents and instruments governing the plan insofar as those documents and instruments are consistent with this part.(b)
For the exclusive purpose of both of the following:(1)
Providing benefits to participants and their beneficiaries.(2)
Defraying reasonable expenses of administering the plan.(c)
By investing with the care, skill, prudence, and diligency under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.
Source:
Section 22960.37, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=22960.37.
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