South Carolina Code 9-16-60. Evaluation of fiduciary’s compliance with law not to be hindsight; decision-making evaluated in context of whole portfolio
Current as of: 2023 | Check for updates
|
Other versions
(A) Compliance by the trustee, commission, or other fiduciary with Sections 9-16-30, 9-16-40, and 9-16-50 must be determined in light of the facts and circumstances existing at the time of the trustee‘s, commission’s, or fiduciary‘s decision or action and not by hindsight.
(B) The commission’s investment and management decisions must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the retirement system.
Terms Used In South Carolina Code 9-16-60
- Commission: means the Retirement System Investment Commission. See South Carolina Code 9-16-10
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a person who:
(a) exercises any authority to invest or manage assets of a system;
(b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so;
(c) is a member of the commission;
(d) is the commission's chief investment officer; or
(e) is the commission's chief executive officer. See South Carolina Code 9-16-10 - Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. See South Carolina Code 9-16-10
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-16-10