22960.37. In administering the plan, the officers and employees of the system shall discharge their duties with respect to the plan solely in the interest of the participants and beneficiaries:(a) In accordance with the documents and instruments governing the plan insofar as those documents and instruments are consistent with this part.(b) For the exclusive purpose of both of the following:(1) Providing benefits to participants and their beneficiaries.(2) Defraying reasonable expenses of administering the plan.(c) By investing with the care, skill, prudence, and diligency under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.(Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.)
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