§ 1303. Fiduciary duty. The board, the individual members of the
board, the trustees, any other agents appointed or engaged by the board,
and all persons serving as program staff shall discharge their duties
with respect to the program solely in the interest of the program's
enrollees and beneficiaries as follows:

1. for the exclusive purposes of providing benefits to enrollees and
beneficiaries and defraying reasonable expenses of administering the
program;

2. by investing with the care, skill, prudence, and diligence under
the prevailing circumstances 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; and

3. by using any contributions paid by employees, and employers
remitting employees' own contributions into the fund exclusively for the
purpose of paying benefits to the enrollees of the program, for the cost
of administration of the program, and for investments made for the
benefit of the program.