§ 536. Protection from liability

(a) Employer protection from liability.

(1) A covered employer shall not be considered a fiduciary in relation to the Program.

(2) A covered employer or other employer shall not be liable for and shall not bear responsibility for:

(A) any employee's decision to participate in or opt out of the Program;

(B) any investment decisions of any participant;

(C) the administration, investment, investment returns, or investment performance of the Program, including any interest rate or other rate of return on any contribution or account balance;

(D) the Program design or the benefits paid to participants;

(E) an individual's awareness of or compliance with the conditions and other provisions of the tax laws that determine which individuals are eligible to make tax-favored contributions to an IRA, in what amount and in what time frame and manner; or

(F) any loss, deficiency, 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 participating in the Program.

(b) Protection for the State and others. The Treasurer and Program:

(1) have no responsibility for compliance by individuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner;

(2) have no duty, responsibility, or liability to any party for the payment of any benefits under the Program, regardless of whether sufficient funds are available under the Program to pay such benefits;

(3) shall not guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance; and

(4) shall not be liable or responsible for any loss, deficiency, 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 participating in the Program.