- The plan shall allow a member of the defined contribution plan to exercise control of the investment of the member’s account under the plan, subject to the following provisions:
- The board shall select at least five investment alternatives that allow a member a meaningful choice between risk and return in the investment of the member’s account.
- The plan shall allow the member to change investments regularly.
- The plan shall provide the member with the information describing the investment alternatives, including information on the nature, investment performance, fees, and expenses of the investment alternatives.
- The association and employers shall not have the responsibility to pay for any financial losses experienced by members of the defined contribution plan.
Source: L. 2004: Entire part added, p. 1948, § 23, effective January 1, 2006.