2 CRR-NY 150.14NY-CRR
2 CRR-NY 150.14
2 CRR-NY 150.14
150.14 Standards for selecting service providers.
(a) When selecting an administrative service agency or a financial organization to serve as administrator, the following standards shall be utilized:
(1) the entity's experience with defined contribution programs and defined benefit programs;
(2) the capitalization of the entity;
(3) the entity's creditworthiness;
(4) the entity's ability to perform the required duties; and
(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) the standards set forth in subdivision (a) of this section;
(2) the entity's investments expertise;
(3) the entity's investment sophistication and flexibility;
(4) the entity's familiarity with similar plans;
(5) the entity's ability to procure or provide suitable investments; and
(6) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.
2 CRR-NY 150.14
Current through August 31, 2022
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