(1) A fiduciary shall discharge his or her duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan.
(2) Each retirement system or plan shall have one or more named fiduciaries with authority to control and manage the administration and operation of the retirement system or plan. However, the plan administrator, and any officer, trustee, and custodian, and any counsel, accountant, and actuary of the retirement system or plan who is employed on a full-time basis, shall be included as fiduciaries of such system or plan.
(3) A retirement system or plan may purchase insurance for its named fiduciary to cover liability or losses incurred by reason of act or omission of the fiduciary.
History.—s. 18, ch. 79-183; s. 724, ch. 95-147.
Structure Florida Statutes
Title X - Public Officers, Employees, and Records
Chapter 112 - Public Officers and Employees: General Provisions
Part VII - Actuarial Soundness of Retirement Systems (Ss. 112.60-112.67)
112.63 - Actuarial reports and statements of actuarial impact; review.
112.64 - Administration of funds; amortization of unfunded liability.
112.65 - Limitation of benefits.
112.656 - Fiduciary duties; certain officials included as fiduciaries.
112.661 - Investment policies.
112.664 - Reporting standards for defined benefit retirement plans or systems.