Md. Code, State Personnel and Pensions § 21-203
Md. Code, State Personnel and Pensions § 21-203
in effectA fiduciary shall discharge the fiduciary's duties with respect to the several systems solely in the interest of the participants and as follows:
(1) for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;
(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 a like character and with like aims;
(3) by diversifying the investments of the several systems 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 laws governing the several systems; and
(5) in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gsp§ion=21-203&enactments=falseFetched: 10/17/2026