(a) Employers shall not have any liability for an employee’s decision to participate in, or opt out of, the program, or for the investment decisions of employees whose assets are deposited in the program.
(b) Employers shall not be a fiduciary, or considered to be a fiduciary, over the trust or the program. The program is a state-administered program, not an employer-sponsored program. If the program is subsequently found to be preempted by any federal law or regulation, employers shall not be liable as plan sponsors. An employer shall not bear responsibility for the administration, investment, or investment performance of the program. An employer shall not be liable with regard to investment returns, program design, and benefits paid to program participants.
(c) An employer’s voluntary contribution under subdivision (j) of Section 100012 shall not in any way contradict the provisions of this section or change the employer’s relationship to the program or an employer’s obligations to employees.
(d) An employer shall not have civil liability, and no cause of action shall arise against an employer, for acting pursuant to the regulations prescribed by the board defining the roles and responsibilities of employers that have a payroll deposit retirement savings arrangement to allow employee participation in the program.
(Amended by Stats. 2020, Ch. 21, Sec. 12. (AB 102) Effective June 29, 2020.)