2005 Idaho Code - 59-1301 — PUBLIC EMPLOYEE RETIREMENT SYSTEM CREATED -- PURPOSE -- DUTIES OF FIDUCIARIES OF RETIREMENT FUND

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1301.  PUBLIC EMPLOYEE RETIREMENT SYSTEM CREATED -- PURPOSE -- DUTIES
OF FIDUCIARIES OF RETIREMENT FUND. (1) A retirement and disability benefit
system is created and placed under the management of a retirement board for
the purpose of providing a retirement system and other benefits for public
employees in the state of Idaho under this chapter. The retirement system
shall be known as the "Public Employee Retirement System of Idaho."
    (2)  The purpose of such system is to provide an orderly means whereby
public employees in the state of Idaho who become superannuated or otherwise
incapacitated as the result of age or disability, may be retired from active
service without prejudice and without inflicting a hardship upon the employees
retired, and to enable such employees to accumulate pension credits to provide
for old-age, disability, death and termination of employment, thus effecting
economy and efficiency in the administration of the state, county and local
government. The legislature, therefore, declares that, in its considered
judgment, the public good, and the general welfare of the citizens of this
state required the enactment of this measure, under the police powers of the
state.
    With respect to the retirement fund created in this chapter, the
fiduciaries of the fund shall discharge their duties with respect to the fund
solely in the interest of the members and their beneficiaries
    (a)  for the exclusive purpose of:
         (i)  providing benefits to members and their beneficiaries; and
         (ii) defraying reasonable expenses of administering the system;
    (b)  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;
    (c)  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
    (d)  in accordance with the provisions of the Idaho Code governing the
    system.