[§389-10]  Protection from liability; State.  (a)  The State, department of labor and industrial relations, Hawaii retirement savings board, Hawaii retirement savings program, and other departments, agencies, boards, commissions, and programs of the State and any officers or employees thereof:

     (1)  Shall not be responsible for compliance by covered employers or other individuals with the conditions and other provisions of the Internal Revenue Code that determine:

          (A)  Which covered employees or other individuals are eligible to make tax-favored contributions to IRAs;

          (B)  The permissible amount of contributions; and

          (C)  The time frame and manner within which contributions are to be made;

     (2)  Shall have no duty, responsibility, or liability to any party for the payment of any benefits under the program, regardless of whether sufficient funds are available under the program to pay those benefits;

     (3)  Shall not guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance; and

     (4)  Shall not be liable or responsible for any loss, deficiency, failure to realize any gain, or any other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any covered employees or other person as a result of participating in the program.

     (b)  The debts, contracts, and obligations of the program or the board 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 of the program or the board. [L 2022, c 296, pt of §2]