N.J. Admin. Code § 5:30-14.30

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:30-14.30 - No personal liability

Neither the sponsoring agency nor local plan administrator shall be held personally liable for any returns on investment of plan funds which are less than any participant or group of participants expected. The sponsoring agency shall require a hold harmless provision in the plan with contractors which includes an indemnification of the sponsoring agency from any cause of action, together with the reasonable costs of litigation from acts or omissions by the contractor.