N.Y. Gen. Bus. Law § 1312

§ 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