A trustee or other fiduciary shall discharge duties with respect to an endowment fund:
(1) solely in the interest of the endowment fund and beneficiaries;
(2) for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system;
(3) with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;
(4) impartially, taking into account any differing interests of beneficiaries;
(5) incurring only those costs that are appropriate and reasonable; and
(6) in accordance with a good faith interpretation of this chapter.
HISTORY: 1999 Act No. 122, Section 2.
Structure South Carolina Code of Laws
Section 59-153-10. Definitions.
Section 59-153-20. Funds and assets held in trust; trustee; investments.
Section 59-153-30. Delegation of functions by trustee.
Section 59-153-40. Standards for discharge of duties by trustee or other fiduciary.
Section 59-153-50. Investing and managing assets; objectives and policies.
Section 59-153-60. Compliance by trustee or fiduciary.
Section 59-153-70. Breach of duty; liability; insurance.
Section 59-153-80. Meetings in executive session, records exempt from disclosure where necessary.
Section 59-153-90. Investment reports.
Section 59-153-310. State Retirement Systems Investment Panel.
Section 59-153-320. Proposal for annual investment plan.
Section 59-153-330. Statement of policy and objectives.
Section 59-153-340. Duties of trustee; State Treasurer as agent; adoption of annual investment plan.