Virginia Code 2.2-2756: Duty and liability of the Commonwealth
Current as of: 2023 | Check for updates
|
Other versions
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.
Terms Used In Virginia Code 2.2-2756
- Board: means the governing board of the Virginia College Savings Plan. See Virginia Code 2.2-2744
- Fiduciary: A trustee, executor, or administrator.
- Program: means the state-facilitated IRA savings program established in this chapter and administered by the Plan. See Virginia Code 2.2-2744
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.