(a) The activities of a fiduciary of a covered pension plan must be carried out solely for the following purposes:
(1) to provide authorized benefits to plan participants and beneficiaries;
(2) to incur and pay reasonable and necessary administrative expenses; or
(3) to manage a covered pension plan in accordance with the purposes and intent of the plan document.
(b) The activities of fiduciaries identified in section 356A.02 must be carried out faithfully, without prejudice, and in a manner consistent with law and the plan document.