Section 3-13-52 - Liability of plan or employer--Liability of board member or administrator for actiontaken in bad faith. - South Dakota Statutes

3-13-52. Liability of plan or employer--Liability of board member or administrator for action taken in bad faith. Neither the plan nor any participating employer may have any liability to any participant for losses arising out of any decrease in the value of any investments held by the plan. The liability of the plan to any participant is limited to the value of the participant's account on the date the account is made available to the participant pursuant to the provisions of the plan. In no event may any member of the board, the administrator or any member of the administrator's staff have any liability for any action taken with respect to the plan unless such action be taken in bad faith.

Source: SL 1987, ch 38, § 4.