1. (a) When selecting an administrative service agency or a financial organization to serve as administrator, the following standards shall be utilized, with each standard to be weighted at the discretion of the Comptroller:

   1. (1) the entity's experience with defined contribution 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.

2. (b) When selecting an administrative service agency or financial organization to serve as trustee or a financial organization to invest program funds the following standards shall be utilized, with each standard to be weighted at the discretion of the Comptroller:

   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;
   4. (4) the entity's creditworthiness;
   5. (5) the entity's investment sophistication and flexibility;
   6. (6) the entity's familiarity with similar programs;
   7. (7) the entity's ability to procure or provide suitable investments; and
   8. (8) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.

Service providers shall be selected after competitive proposals are solicited.