Standard of care — Sole interest and prudent person.
Ark. Code Ann. § 24-2-803
in effect(a) A fiduciary shall discharge his or her duties with respect to a pension benefit plan:
(1) Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of:
(A) Providing pecuniary benefits to participants and their beneficiaries; and
(B) Defraying reasonable expenses of administering the plan;
(2) With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims;
(3) By diversifying the investments of the pension benefit plan 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 pension benefit plan insofar as the documents and instruments are consistent with the provisions of this subchapter.
Source: Arkansas General Assembly, Acts of 2021-2026 (arkleg.state.ar.us)URL: https://arkleg.state.ar.us/Acts/FTPDocument?path=%2FACTS%2F2023R%2FPublic%2F&file=498.pdf&ddBienniumSession=2023%2F2023RFetched: 11/8/2026