105.688. The assets of a system may be invested, reinvestedand managed by an investment fiduciary subject to the terms,conditions and limitations provided in sections 105.687 to105.689. An investment fiduciary shall discharge his or herduties in the interest of the participants in the system andtheir beneficiaries and shall:
(1) Act with the same care, skill, prudence, and diligenceunder the circumstances then prevailing that a prudent personacting in a similar capacity and familiar with those matterswould use in the conduct of a similar enterprise with similaraims;
(2) Act with due regard for the management, reputation, andstability of the issuer and the character of the particularinvestments being considered;
(3) Make investments for the purposes of providing benefitsto participants and participants' beneficiaries, and ofdefraying reasonable expenses of investing the assets of thesystem;
(4) Give appropriate consideration to those facts andcircumstances that the investment fiduciary knows or should knoware relevant to the particular investment or investment courseof action involved, including the role of the investment orinvestment course of action plays in that portion of thesystem's investments for which the investment fiduciary hasresponsibility. For purposes of this subdivision, "appropriateconsideration" shall include, but is not necessarily limited toa determination by the investment fiduciary that a particularinvestment or investment course of action is reasonablydesigned, as part of the investments of the system, to furtherthe purposes of the system, taking into consideration the riskof loss and the opportunity for gain or other return associatedwith the investment or investment course of action; andconsideration of the following factors as they relate to theinvestment or investment course of action:
(a) The diversification of the investments of the system;
(b) The liquidity and current return of the investments ofthe system relative to the anticipated cash flow requirements ofthe system; and
(c) The projected return of the investments of the systemrelative to the funding objectives of the system;
(5) Give appropriate consideration to investments whichwould enhance the general welfare of this state and its citizensif those investments offer the safety and rate of returncomparable to other investments available to the investmentfiduciary at the time the investment decision is made.
105.688. The assets of a system may be invested, reinvestedand managed by an investment fiduciary subject to the terms,conditions and limitations provided in sections 105.687 to105.689. An investment fiduciary shall discharge his or herduties in the interest of the participants in the system andtheir beneficiaries and shall:
(1) Act with the same care, skill, prudence, and diligenceunder the circumstances then prevailing that a prudent personacting in a similar capacity and familiar with those matterswould use in the conduct of a similar enterprise with similaraims;
(2) Act with due regard for the management, reputation, andstability of the issuer and the character of the particularinvestments being considered;
(3) Make investments for the purposes of providing benefitsto participants and participants' beneficiaries, and ofdefraying reasonable expenses of investing the assets of thesystem;
(4) Give appropriate consideration to those facts andcircumstances that the investment fiduciary knows or should knoware relevant to the particular investment or investment courseof action involved, including the role of the investment orinvestment course of action plays in that portion of thesystem's investments for which the investment fiduciary hasresponsibility. For purposes of this subdivision, "appropriateconsideration" shall include, but is not necessarily limited toa determination by the investment fiduciary that a particularinvestment or investment course of action is reasonablydesigned, as part of the investments of the system, to furtherthe purposes of the system, taking into consideration the riskof loss and the opportunity for gain or other return associatedwith the investment or investment course of action; andconsideration of the following factors as they relate to theinvestment or investment course of action:
(a) The diversification of the investments of the system;
(b) The liquidity and current return of the investments ofthe system relative to the anticipated cash flow requirements ofthe system; and
(c) The projected return of the investments of the systemrelative to the funding objectives of the system;
(5) Give appropriate consideration to investments whichwould enhance the general welfare of this state and its citizensif those investments offer the safety and rate of returncomparable to other investments available to the investmentfiduciary at the time the investment decision is made.
105.688. The assets of a system may be invested, reinvestedand managed by an investment fiduciary subject to the terms,conditions and limitations provided in sections 105.687 to105.689. An investment fiduciary shall discharge his or herduties in the interest of the participants in the system andtheir beneficiaries and shall:
(1) Act with the same care, skill, prudence, and diligenceunder the circumstances then prevailing that a prudent personacting in a similar capacity and familiar with those matterswould use in the conduct of a similar enterprise with similaraims;
(2) Act with due regard for the management, reputation, andstability of the issuer and the character of the particularinvestments being considered;
(3) Make investments for the purposes of providing benefitsto participants and participants' beneficiaries, and ofdefraying reasonable expenses of investing the assets of thesystem;
(4) Give appropriate consideration to those facts andcircumstances that the investment fiduciary knows or should knoware relevant to the particular investment or investment courseof action involved, including the role of the investment orinvestment course of action plays in that portion of thesystem's investments for which the investment fiduciary hasresponsibility. For purposes of this subdivision, "appropriateconsideration" shall include, but is not necessarily limited toa determination by the investment fiduciary that a particularinvestment or investment course of action is reasonablydesigned, as part of the investments of the system, to furtherthe purposes of the system, taking into consideration the riskof loss and the opportunity for gain or other return associatedwith the investment or investment course of action; andconsideration of the following factors as they relate to theinvestment or investment course of action:
(a) The diversification of the investments of the system;
(b) The liquidity and current return of the investments ofthe system relative to the anticipated cash flow requirements ofthe system; and
(c) The projected return of the investments of the systemrelative to the funding objectives of the system;
(5) Give appropriate consideration to investments whichwould enhance the general welfare of this state and its citizensif those investments offer the safety and rate of returncomparable to other investments available to the investmentfiduciary at the time the investment decision is made.
