A fiduciary of a covered pension plan owes a fiduciary duty to:
(1) the active, deferred, and retired members of the plan, who are its beneficiaries;
(2) the taxpayers of the state or political subdivision, who help to finance the plan; and
(3) the state of Minnesota, which established the plan.
A fiduciary identified in section 356A.02 shall act in good faith and shall exercise that degree of judgment and care, under the circumstances then prevailing, that persons of prudence, discretion, and intelligence would exercise in the management of their own affairs, not for speculation, considering the probable safety of the plan capital as well as the probable investment return to be derived from the assets.