Section 8-310 - Administrator's duties with respect to plan. - Maryland Statutes

§ 8-310. Administrator's duties with respect to plan.
 

An administrator shall discharge the administrator's duties with respect to a plan: 

(1) solely in the interest of providing to the plan's participants and beneficiaries the benefits to which they are entitled under the plan; 

(2) for the exclusive purpose of providing benefits to the plan's participants and beneficiaries and defraying reasonable expenses of administering the plan; 

(3) with the care, skill, prudence, and diligence that a prudent person acting in a similar capacity and under similar circumstances would use to conduct an enterprise of similar character and with similar aims; 

(4) if applicable, by diversifying the investments of the plan to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and 

(5) in accordance with the documents and instruments governing the plan to the extent that the documents and instruments are not inconsistent with this subtitle. 
 

[An. Code 1957, art. 48A, § 686; 1995, ch. 36.]