(a) The board of trustees, a state agency, a political subdivision, a plan administrator, or an employee of any of those persons is not liable to a participating employee for the diminution in value or loss of all or part of the participating employee's deferred amounts or investment income because of market conditions or the failure, insolvency, or bankruptcy of a qualified vendor.
(b) A participating employee is responsible for monitoring:
(1) the financial status of the qualified vendor in whose products the employee's deferred amounts and investment income are invested;
(2) market conditions; and
(3) the amount of the employee's deferred amounts and investment income that is invested in the qualified vendor's product.