N.Y. Comp. Codes R. & Regs. tit. 2 § 155.21

Current through Register Vol. 46, No. 50, December 11, 2024

Section 155.21 - Standards for selecting service providers

Service providers shall be selected after competitive proposals are solicited.

(a) When selecting an administrative service agency or 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 benefit programs;

(2) the entity's ability to perform the required duties; and

(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, 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; and

(5) the entity's ability to perform the required duties in recognition of the fiduciary nature of its responsibilities.

(c) When selecting the program actuary, the following standards shall apply, 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 professional credentials of the person applying to be appointed as the program actuary.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 155.21