Maryland Statutes
Subtitle 2 - Fiduciary Responsibilities
Section 21-203 - Standards of Care

A fiduciary shall discharge the fiduciary's duties with respect to the several systems solely in the interest of the participants and as follows:
        (1)    for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;
        (2)    with the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;
        (3)    by diversifying the investments of the several systems so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;
        (4)    in accordance with the laws governing the several systems; and
        (5)    in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.

Structure Maryland Statutes