(1) 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: (a) 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. (b) The plan shall allow the member to change investments regularly. (c) 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. (2) The association and employers shall not have the responsibility to pay for any financial losses experienced by members of the defined contribution plan.
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