N.Y. General Business Law Section 1313
Duty and liability of participating employers

1.

Participating employers shall not have any liability for an employee’s decision regarding whether to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee.

2.

A participating employer is not establishing or maintaining the program’s payroll deduction IRA. A participating employer shall not be a fiduciary, or considered to be a fiduciary, over the program. A participating employer shall not bear responsibility for the administration, investment, or investment performance of the program. A participating employer shall not be liable with regard to investment returns, program design, and benefits paid to program participants.

Source: Section 1313 — Duty and liability of participating employers, https://www.­nysenate.­gov/legislation/laws/GBS/1313 (updated Oct. 22, 2021; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Oct. 22, 2021

§ 1313’s source at nysenate​.gov

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