Alabama Administrative Code
Title 800 - RETIREMENT SYSTEMS OF ALABAMA
Chapter 800-2-3 - BOARD OF CONTROL
Section 800-2-3-.09 - Fiduciary Standards
Universal Citation: AL Admin Code R 800-2-3-.09
Current through Register Vol. 42, No. 11, August 30, 2024
(1) The fiduciary standards of staff and Board of Control members is to be of the highest degree.
(a) All investments are to be made within the "prudent man" concept of fiduciary trusteeship;
(b) The fiduciary standards are governed by any federal law, Securities and Exchange Commission rulings, and general laws of the State of Alabama, in addition to any specific rulings of the Alabama Ethics Commission such as "Advisory Opinion No. 230."
(2) Members of the Board of Control should be covered with fiduciary liability insurance in the amount and type necessary to cover the carrying out of responsibilities of the Board. Such bond coverage shall be reviewed annually.
Author William T. Stephens, General Counsel, RSA.
Statutory Authority: Code of Ala. 1975, § 36-27-23(g).
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