Section 1.01 - Board Members' DutyA board member shall discharge all of his/her duties solely in the interest of members and their beneficiaries, and
(1) For the exclusive purpose of: (a) providing benefits to members and their beneficiaries; and(b) defraying reasonable expenses of administering the system.(2) With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.(3) By diversifying the investments of the system so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. (4) In accordance with the Massachusetts General Laws, the rules and regulations promulgated by the Commission, and rules and regulations adopted by the Board and approved by the Commission.