22970.31. (a) The board shall adopt a plan instrument embodying the material terms and conditions of the plan consistent with this part and the applicable provisions of Title 26 of the United States Code.
(b) The board may, as it deems necessary or appropriate, amend the plan consistent with this part and the applicable provisions of Title 26 of the United States Code.
(c) A fiduciary of the plan shall not be liable for any loss that results from the individual investment fund option selected by a participant or the plan’s designated default option for investment of contributions by participants who do not provide affirmative instruction on how to invest their contributions.
(Amended by Stats. 2013, Ch. 755, Sec. 6. (SB 277) Effective January 1, 2014.)