§ 1312. Duty and liability of the state. 1. The state shall have no
duty or liability to any party for the payment of any retirement savings
benefits accrued by any enrollee 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.

2. No state board, commission, or agency, or any officer, employee, or
member thereof is liable for any loss or deficiency resulting from
particular investments selected under this article, except for any
liability that arises out of a breach of fiduciary duty.