The South Carolina Retirement System shall provide for the administration of the optional retirement program under this chapter. The director of the South Carolina Retirement System shall designate no fewer than four companies to provide annuity contracts, mutual fund accounts, or similar investment products offered through state or national banking institutions, or a combination of them, under the program. In making the designation the director shall consider:

1. (1) the nature and extent of the rights and benefits to be provided by the contracts or accounts, or both, of participants and their beneficiaries;
2. (2) the relation of the rights and benefits to the amount of contributions to be made;
3. (3) the suitability of these rights and benefits to the needs of the participants;
4. (4) the ability and experience of the designated companies in providing suitable rights and benefits under the contracts or accounts, or both;
5. (5) the ability and experience of the designated companies to provide suitable education and investment options.