A. The Commonwealth 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, if applicable.
B. No Commonwealth board, commission, political subdivision, or agency, or any officer, employee, or member thereof, is liable for any loss or deficiency resulting from particular investments selected under this chapter, except for any liability that arises out of a breach of fiduciary duty.
2021, Sp. Sess. I, c. 556.
Structure Code of Virginia
Title 2.2 - Administration of Government
Chapter 27.1 - State-Facilitated Ira Savings Program
§ 2.2-2745. Program authorized
§ 2.2-2746. Program Advisory Committee; membership; qualifications; duties
§ 2.2-2747. Powers and duties of the Board
§ 2.2-2748. Cooperation of other agencies
§ 2.2-2749. Board actions not a debt of the Commonwealth
§ 2.2-2750. Standard of care; investment and administration of the Program
§ 2.2-2751. Program enrollment; participating employer liability and status under the Program
§ 2.2-2752. Program Trust Fund
§ 2.2-2753. Audit and annual reports
§ 2.2-2754. Virginia Freedom of Information Act
§ 2.2-2755. Coverage limitations