Fiduciary Duties

(a)The members of the Board of Trustees stand in a fiduciary relationship to the beneficiaries of the Retirement Fund in regard to the management of the Fund.

(b)The members of the Board of Trustees shall discharge their duties with respect to management of the Retirement Fund:

(1)solely in the interest of the members and beneficiaries of the Fund, and for the exclusive purpose of providing benefits to members and beneficiaries and defraying reasonable expenses of administering the Fund;

(2)with the care, skill, and 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 Fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and

(4)in accordance with the documents and instruments governing the Fund.

(c)Unless otherwise provided in this Chapter, investment and management decisions respecting individual assets shall be evaluated not in isolation, but in the context of the Fund’s portfolio as a whole, and as a part of an overall investment strategy having risk and return objectives reasonably suited to the Fund. CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(d)A Trustee’s decision or action in discharging his or her fiduciary duties shall be reviewed in light of the facts and circumstances existing at the time of such decision or action, and not by hindsight.