Sec. 70. Duty and liability of the State.
123 words·~1 min read·
/il/chapter-820/act-80/70A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 70. Duty and liability of the State.
(a)The State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the Program shall be borne solely by the entities with whom the Board contracts to provide insurance to protect the value of the Program.
(b)No State board, commission, or agency, or any officer, employee, or member thereof is liable for any loss or deficiency resulting from particular investments selected under this Act, except for any liability that arises out of a breach of fiduciary duty under Section 25 of this Act.