Sec. 150.14. Standards for selecting service providers

(a) When selecting an administrative service agency or a financial organization to serve as administrator, the following standards shall be utilized:

(1) the entity's experience with defined contribution programs and defined benefit programs;

(2) the capitalization of the entity;

(3) the entity's creditworthiness;

(4) the entity's ability to perform the required duties; and

(5) the cost of services to be provided by the entity.

(b) When selecting a financial organization to invest program funds the following standards shall be utilized:

(1) the standards set forth in subdivision (a) of this section;

(2) the entity's investments expertise;

(3) the entity's investment sophistication and flexibility;

(4) the entity's familiarity with similar plans;

(5) the entity's ability to procure or provide suitable investments; and

(6) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.