Fiduciary Responsibility
A fiduciary is one who acts for the benefit of another in a relationship in which the beneficiary may rely on the fiduciary with great confidence and trust, and in which the fiduciary must act with scrupulous good faith, having always in mind the best interest of the beneficiary.
Fiduciary duties and responsibilities extend to all aspects of the retirement system's operation. Fiduciary status is established by a person's actions or responsibilities under the laws, rules and regulations of the system. In general, a fiduciary is a person who:
- Exercises discretionary authority or control over the management of the system, or any authority or control over the management or disposition of the system's assets.
- Renders investment advice to the system for a fee or other direct or indirect compensation, or has the authority or responsibility to do so.
- Has any discretionary authority or responsibility regarding the system's administration, whether or not it is exercised.