(a) The Board of Administration of the Public Employees’ Retirement System shall not be liable for any action or failure to act by the board of the California State Fire Employees Welfare Benefit Corporation. Upon transfer of the award system, the board of the California State Fire Employees Welfare Benefit Corporation shall assume all responsibilities and liabilities related to the award system.
(b) As of the date of the transfer or termination of the award system, the Board of Administration of the Public Employees’ Retirement System shall have no liability or responsibility for the administration of the award system.