Each administrative service agency or financial organization selected to provide services in connection with State-administered volunteer firefighter defined contribution service award programs shall contractually agree to discharge its duties as a fiduciary solely in the interest of the participants and beneficiaries of the State-administered defined contribution volunteer firefighter service award programs. The fiduciary standard of care, which shall be an express provision of any contract with an administrative service agency or financial organization, shall permit the fiduciary to accept, hold, invest in and retain only such investments as would be made 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 a like character and with like aims.