Section 16. Trustees shall invest the funds of their pension plans and profit-sharing retirement plans and manage said affairs in accordance with the provisions contained in the instruments under which they are acting, or, in the absence of any such provisions shall invest the funds and manage fund affairs with the care 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 and with like aims.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XXI - Labor and Industries
Chapter 151d - Health, Welfare and Retirement Funds
Section 3a - Periodic Review of Registered Pension Plans; Exceptions; Report
Section 4 - Reimbursement for Visual Services
Section 5 - Fees; Registration of Trust or Fund; Filing Annual Reports
Section 6 - Embezzlement or Misappropriation of Trust Funds; Fraud; Penalties
Section 7 - Application of Chapter; Exceptions
Section 9 - Waiver of Requirement for Statutory Vested Benefits; Procedures
Section 10 - Compliance With Other Applicable Laws by Trustees or Plan Administrators
Section 11 - Additional Penalties for Failure to Pay Contributions or Benefits; Venue for Complaints
Section 13 - Statutory Vested Benefits; Requirement; Standards
Section 15 - Violations by Trustee or Plan Administrator; Injunctive Relief