N.Y. General Business Law § 1312: Duty and liability of the state

§ 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.