[§389-9] Protection from liability; employers.

235 words·~1 min read·/hi/chapter-389/389-9

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)No covered employer or other employer shall be liable for or bear responsibility for:

(1)An employee's decision to opt in or not participate in the program;

(2)Investment decisions made by the participants and the board;

(3)The administration, investment, investment returns, or investment performance of the program, including any interest rate or other rate of return earned on any contribution or account balance; provided that the employer played no role in the investment;

(4)The program design or the benefits paid to participants;

(5)Individuals' awareness of or compliance with the conditions and other provisions of the tax laws that determine:

(A)Which individuals are eligible to make tax-favored contributions to IRAs;

(B)The permissible amount of contributions; and

(C)The time frame and manner within which contributions are to be made;

(6)Any loss, failure to realize any gain, or any other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any person as a result of program participation; or

(7)Any loss, deficiency, or damages caused by or related to the action or inaction of the program manager.

(b)No covered employer or other employer shall be, or shall be considered to be, a fiduciary in relation to the program or any other arrangement under the program. [L 2022, c 296, pt of §2]