Sec. 152.22. Standards for selecting service providers

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

(1) the entity's experience with defined benefit plans and/or service award programs;

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

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

(b) When selecting an administrative service agency or financial organization to serve as program trustee or 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 investment expertise;

(3) the capitalization of the entity; and

(4) the entity's creditworthiness.

(c) When selecting the program actuary, the following standards shall apply:

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

(2) the professional credentials of the person applying to be retained as the program actuary.