2005 Minnesota Statutes - 356A.04 — General standard of fiduciary conduct.

     356A.04 General standard of fiduciary conduct. 


    Subdivision 1.    Duty.  A fiduciary of a covered 
 pension plan owes a fiduciary duty to: 


    (1) the active, deferred, and retired members of the plan, 
 who are its beneficiaries; 


    (2) the taxpayers of the state or political subdivision, 
 who help to finance the plan; and 


    (3) the state of Minnesota, which established the plan. 


    Subd. 2.    Prudent person standard.  A fiduciary 
 identified in section 356A.02 shall act in good faith and shall 
 exercise that degree of judgment and care, under the 
 circumstances then prevailing, that persons of prudence, 
 discretion, and intelligence would exercise in the management of 
 their own affairs, not for speculation, considering the probable 
 safety of the plan capital as well as the probable investment 
 return to be derived from the assets. 


    HIST: 1989 c 319 art 7 s 4