N.Y. General Business Law 1312 – Duty and liability of the state
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§ 1312. Duty and liability of the state. 1. The state shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any enrollee 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.
Terms Used In N.Y. General Business Law 1312
- Board: shall mean the New York secure choice savings program board established under this article. See N.Y. General Business Law 1300
- Employee: shall mean any individual who is eighteen years of age or older, who is employed by an employer, and who earned wages working for an employer in New York state during a calendar year. See N.Y. General Business Law 1300
- Enrollee: shall mean any employee or individual who is enrolled in the program. See N.Y. General Business Law 1300
- Fiduciary: A trustee, executor, or administrator.
- Program: shall mean the New York state secure choice savings program. See N.Y. General Business Law 1300
2. 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 article, except for any liability that arises out of a breach of fiduciary duty.