{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2756.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2756.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2756.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2756.html"}],"law_id":352758,"edition_id":2,"section_id":352758,"structure_id":50506,"section_number":"2.2-2756","catch_line":"Duty and liability of the Commonwealth","history":"2021, Sp. Sess. I, c. 556.","full_text":"A\n\nThe Commonwealth shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual 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, if applicable.\n\nB\n\nNo Commonwealth board, commission, political subdivision, or agency, or any officer, employee, or member thereof, is liable for any loss or deficiency resulting from particular investments selected under this chapter, except for any liability that arises out of a breach of fiduciary duty.\n\n","order_by":null,"text":{"0":{"id":1313324,"text":"The Commonwealth shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual 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, if applicable.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1313325,"text":"No Commonwealth board, commission, political subdivision, or agency, or any officer, employee, or member thereof, is liable for any loss or deficiency resulting from particular investments selected under this chapter, except for any liability that arises out of a breach of fiduciary duty.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":50506,"edition_id":2,"name":"State-Facilitated IRA Savings Program","identifier":"27.1","label":"chapter","depth":4,"order_by":7,"parent_id":50385,"metadata":{"child_laws":14,"child_structures":0},"date_created":"2026-08-02 02:28:33","date_modified":"2026-08-02 12:27:16","permalink":{"id":1402655,"object_type":"structure","relational_id":50506,"identifier":"27.1","token":"2.2\/I\/D\/27.1","url":"\/2.2\/I\/D\/27.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50385,"edition_id":2,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":4,"parent_id":50327,"metadata":{"child_laws":398,"child_structures":113},"date_created":"2026-08-02 02:27:36","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400915,"object_type":"structure","relational_id":50385,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50327,"edition_id":2,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":50326,"metadata":{"child_laws":1084,"child_structures":230},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398457,"object_type":"structure","relational_id":50327,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50326,"edition_id":2,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":3,"parent_id":null,"metadata":{"child_laws":1509,"child_structures":292},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398455,"object_type":"structure","relational_id":50326,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":352746,"structure_id":50506,"section_number":"2.2-2744","catch_line":"Definitions","url":"\/2.2-2744\/","token":"2.2\/I\/D\/27.1\/2.2-2744","metadata":false},{"id":352747,"structure_id":50506,"section_number":"2.2-2745","catch_line":"Program authorized","url":"\/2.2-2745\/","token":"2.2\/I\/D\/27.1\/2.2-2745","metadata":false},{"id":352748,"structure_id":50506,"section_number":"2.2-2746","catch_line":"Program Advisory Committee; membership; qualifications; duties","url":"\/2.2-2746\/","token":"2.2\/I\/D\/27.1\/2.2-2746","metadata":false},{"id":352749,"structure_id":50506,"section_number":"2.2-2747","catch_line":"Powers and duties of the Board","url":"\/2.2-2747\/","token":"2.2\/I\/D\/27.1\/2.2-2747","metadata":false},{"id":352750,"structure_id":50506,"section_number":"2.2-2748","catch_line":"Cooperation of other agencies","url":"\/2.2-2748\/","token":"2.2\/I\/D\/27.1\/2.2-2748","metadata":false},{"id":352751,"structure_id":50506,"section_number":"2.2-2749","catch_line":"Board actions not a debt of the Commonwealth","url":"\/2.2-2749\/","token":"2.2\/I\/D\/27.1\/2.2-2749","metadata":false},{"id":352752,"structure_id":50506,"section_number":"2.2-2750","catch_line":"Standard of care; investment and administration of the Program","url":"\/2.2-2750\/","token":"2.2\/I\/D\/27.1\/2.2-2750","metadata":false},{"id":352753,"structure_id":50506,"section_number":"2.2-2751","catch_line":"Program enrollment; participating employer liability and status under the Program","url":"\/2.2-2751\/","token":"2.2\/I\/D\/27.1\/2.2-2751","metadata":false},{"id":352754,"structure_id":50506,"section_number":"2.2-2752","catch_line":"Program Trust Fund","url":"\/2.2-2752\/","token":"2.2\/I\/D\/27.1\/2.2-2752","metadata":false},{"id":352755,"structure_id":50506,"section_number":"2.2-2753","catch_line":"Audit and annual reports","url":"\/2.2-2753\/","token":"2.2\/I\/D\/27.1\/2.2-2753","metadata":false},{"id":352756,"structure_id":50506,"section_number":"2.2-2754","catch_line":"Virginia Freedom of Information Act","url":"\/2.2-2754\/","token":"2.2\/I\/D\/27.1\/2.2-2754","metadata":false},{"id":352757,"structure_id":50506,"section_number":"2.2-2755","catch_line":"Coverage limitations","url":"\/2.2-2755\/","token":"2.2\/I\/D\/27.1\/2.2-2755","metadata":false},{"id":352758,"structure_id":50506,"section_number":"2.2-2756","catch_line":"Duty and liability of the Commonwealth","url":"\/2.2-2756\/","token":"2.2\/I\/D\/27.1\/2.2-2756","metadata":false},{"id":352759,"structure_id":50506,"section_number":"2.2-2757","catch_line":"Liberal construction of chapter","url":"\/2.2-2757\/","token":"2.2\/I\/D\/27.1\/2.2-2757","metadata":false}],"previous_section":{"id":352757,"structure_id":50506,"section_number":"2.2-2755","catch_line":"Coverage limitations","url":"\/2.2-2755\/","token":"2.2\/I\/D\/27.1\/2.2-2755","metadata":false},"next_section":{"id":352759,"structure_id":50506,"section_number":"2.2-2757","catch_line":"Liberal construction of chapter","url":"\/2.2-2757\/","token":"2.2\/I\/D\/27.1\/2.2-2757","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2756\/","history_text":false,"references":false,"refers_to":false,"permalink":{"id":1402705,"object_type":"law","relational_id":352758,"identifier":"2.2-2756","token":"2.2\/I\/D\/27.1\/2.2-2756","url":"\/2.2-2756\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2756\/","token":"2.2\/I\/D\/27.1\/2.2-2756","dublin_core":{"Title":"Duty and liability of the Commonwealth","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2756","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commonwealth shall have no duty or liability to any party<\/span> for the payment of any retirement savings benefits accrued by any individual under the Program<\/span>. Any financial liability for the payment of retirement savings benefits in excess of funds available under the Program<\/span> shall be borne solely by the entities with whom the Board<\/span> contracts<\/span> to provide insurance to protect the value of the Program<\/span>, if applicable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No Commonwealth board<\/span>, commission, political subdivision, or agency, or any officer, employee, or member thereof, is liable for any loss or deficiency resulting from particular investments selected under this chapter, except for any liability that arises out of a breach of fiduciary duty. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTY AND LIABILITY OF THE COMMONWEALTH (\u00a7 2.2-2756)\n\nA. The Commonwealth shall have no duty or liability to any party for the payment\nof any retirement savings benefits accrued by any individual under the Program.\nAny financial liability for the payment of retirement savings benefits in excess\nof funds available under the Program shall be borne solely by the entities with\nwhom the Board contracts to provide insurance to protect the value of the\nProgram, if applicable.\n\nB. No Commonwealth board, commission, political subdivision, or agency, or any\nofficer, employee, or member thereof, is liable for any loss or deficiency\nresulting from particular investments selected under this chapter, except for\nany liability that arises out of a breach of fiduciary duty.\n\nHISTORY: 2021, Sp. Sess. I, c. 556.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}