Code of Massachusetts Regulations
840 CMR - PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION
Title 840 CMR 1.00 - Protection Of Interests Of Retirement System Members And Their Beneficiaries
Section 1.01 - Board Members' Duty
Current through Register 1531, September 27, 2024
A board member shall discharge all of his/her duties solely in the interest of members and their beneficiaries, and
(1) For the exclusive purpose of:
(2) 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 like character and with like aims.
(3) By diversifying the investments of the system so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.
(4) In accordance with the Massachusetts General Laws, the rules and regulations promulgated by the Commission, and rules and regulations adopted by the Board and approved by the Commission.
