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

1. (1) the entity's experience with defined benefit plans and/or service award programs;
2. (2) the entity's ability to perform the required duties; and
3. (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. (1) the standards set forth in subdivision (a) of this section;
2. (2) the entity's investment expertise;
3. (3) the capitalization of the entity; and
4. (4) the entity's creditworthiness.

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

1. (1) the standards set forth in subdivision (a) of this section; and
2. (2) the professional credentials of the person applying to be retained as the program actuary.