Neither the program nor any participating unit is liable to any participant for losses arising out of any decrease in the value of any investments held under the program. The liability of the program to any participant is limited to the value of the participant’s account on the date the participant chooses to begin payment pursuant to the provisions of the program. In no event may any member of the board, the executive director, or any member of the executive director’s staff have any liability for any action taken with respect to the program unless the action has been taken in bad faith.

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Source: SL 2004, ch 43, § 24; SDCL § 3-12-188; SL 2005, ch 28, § 1; SL 2016, ch 31, § 61.