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

1. (1) the entity's experience with defined contribution programs and defined benefit programs;
2. (2) the capitalization of the entity;
3. (3) the entity's creditworthiness;
4. (4) the entity's ability to perform the required duties; and
5. (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. (1) the standards set forth in subdivision (a) of this section;
2. (2) the entity's investments expertise;
3. (3) the entity's investment sophistication and flexibility;
4. (4) the entity's familiarity with similar plans;
5. (5) the entity's ability to procure or provide suitable investments; and
6. (6) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.