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3362 LAWS OF MARYLAND Ch. 871
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FUNDING POLICY AND METHOD CONSISTENT WITH THE OBJECTIVES
OF THE PLAN AND THE REQUIREMENTS OF THIS SUBTITLE.
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(C) ANY PERSON OR GROUP OF PERSONS MAY SERVE IN
MORE THAN ONE FIDUCIARY CAPACITY WITH RESPECT TO A PLAN.
(D) THE TRUSTEES OR A FIDUCIARY DESIGNATED BY THE
TRUSTEES MAY EMPLOYE ONE OR MORE PERSONS TO RENDER ADVICE
WITH REGARD TO ANY RESPONSIBILITY WHICH THE FIDUCIARY HAS
UNDER A PLAN.
75.
(A) THE TRUSTEES OF EACH PLAN SHALL HAVE EXCLUSIVE
AUTHORITY AND DISCRETION TO MANAGE AND CONTROL THE ASSETS
OF THE PLAN.
(B) THE REQUIREMENT OF SUBSECTION (A) OF THIS
SECTION SHALL NOT APPLY:
(1) TO ANY ASSETS OF A PLAN WHICH CONSIST OF
INSURANCE CONTRACTS OR POLICIES ISSUED BY AN INSURANCE
COMPANY QUALIFIED TO DO BUSINESS IN THE STATE OF
MARYLAND; AND
(2) TO ANY ASSETS OF SUCH AN INSURANCE
COMPANY OR ANY ASSETS OF A PLAN WHICH ARE HELD BY SUCH AN
INSURANCE COMPANY.
(C) 73. THE ASSETS OF A PLAN SHALL NEVER INURE
TO THE BENEFIT OF ANY EMPLOYER AND SHALL BE HELD FOR THE
EXCLUSIVE PURPOSES OF PROVIDING BENEFITS TO PARTICIPANTS
IN THE PLAN AND THEIR BENEFICIARIES AND DEFRAYING FOR
REASONABLE EXPENSES OF ADMINISTERING THE PLAN.
76 74.
(A) A FIDUCIARY SHALL DISCHARGE HIS DUTIES WITH
RESPECT TO A PLAN SOLELY IN THE INTEREST OF THE
PARTICIPANTS AND BENEFICIARIES AND AS FOLLOWS:
(1) FOR THE EXCLUSIVE PURPOSES OF PROVIDING
BENEFITS TO PARTICIPANTS AND THEIR BENEFICIARIES; AND
DEFRAYING FOR REASONABLE EXPENSES OF ADMINISTERING THE
PLAN;
(2) WITH THE CARE, SKILL, PRUDENCE, AND
DILIGENCE UNDER THE CIRCUMSTANCES THEN PREVAILING THAT A
PRUDENT MAN 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
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 LAWS, DOCUMENTS
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