Ingram would have the trustees believe that TRS fiduciary responsibility requires them to neither champion or defend any particular benefit, but rather only have their eye on the overall health of the fund. In truth, their primary fiduciary responsibility is to insure that benefits promised and earned, per the state statues, are provided. The TRS trustees’ oath of office includes “will not knowingly violate or willingly permit to be violated any of the provisions of the law applicable to the retirement system.”
Moreover, Ingram has continued to reference the insolvency studies that he now admits utilize arbitrary assumptions, and he has disregarded or refutes potential state asset-raising legislation while continuing to entertain unconstitutional reduction of benefits.
(40 ILCS 5/1-109)
(from Ch. 108 1/2, par. 1-109)
Sec. 1-109. Duties of Fiduciaries. A fiduciary with respect to a retirement system or pension fund established under this Code shall discharge his or her duties with respect to the retirement system or pension fund solely in the interest of the participants and beneficiaries and1:
(a) For the exclusive purpose of:
(1) Providing benefits to participants and their beneficiaries;
(2) Defraying reasonable expenses of administering the retirement system or pension fund;
(b) 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 with like aims;
(c) By diversifying the investments of the retirement system or pension fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and
(d) In accordance with the provisions of the Article of the Pension Code governing the retirement system or pension fund.
(Source: P.A. 82-960.)