2 CRR-NY 154.14NY-CRR
2 CRR-NY 154.14
2 CRR-NY 154.14
154.14 Standards for selecting service providers.
Service providers shall be selected after competitive proposals are solicited.
(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) the entity's experience with defined contribution 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 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) the standards set forth in subdivision (a) of this section;
(2) the entity's investment expertise;
(3) the capitalization of the entity;
(4) the entity's creditworthiness;
(5) the entity's investment sophistication and flexibility;
(6) the entity's familiarity with similar programs;
(7) the entity's ability to procure or provide suitable investments; and
(8) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.
2 CRR-NY 154.14
Current through August 31, 2022
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