N.Y. GBS Law § 1312
This is the official text of N.Y. GBS Law § 1312, part of New York’s GBS Law — part of the compiled statutory law of New York, published by the state as "GBS Law." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Duty and liability of the state
Official statutory text
§ 1312. Duty and liability of the state. 1. The state shall have no\nduty or liability to any party for the payment of any retirement savings\nbenefits accrued by any enrollee under the program. Any financial\nliability for the payment of retirement savings benefits in excess of\nfunds available under the program shall be borne solely by the entities\nwith whom the board contracts to provide insurance to protect the value\nof the program.\n 2. No state board, commission, or agency, or any officer, employee, or\nmember thereof is liable for any loss or deficiency resulting from\nparticular investments selected under this article, except for any\nliability that arises out of a breach of fiduciary duty.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.