An employer may not be held liable for: an employee’s decision to participate in or opt out of the Program; the investment decisions of employees whose assets are deposited in the Program; the administration, investment, or investment performance of the Trust or the Program; or the Program design or the benefits paid to Program participants. An employer is not a fiduciary, and may not be considered to be a fiduciary, of the Trust or the Program.

The State may not be held liable for the payment of the retirement savings benefit earned by Program participants in accordance with this title. The debts, contracts, and obligations of the Board, Trust, or the Program are not the debts, contracts, and obligations of the State and neither the faith and credit nor the taxing power of the State is pledged directly or indirectly to the payment of the debts, contracts, and obligations.