The board of trustees of this system shall select in accordance with selection criteria established by the board, no more than three companies from which investment products will be chosen. In establishing the criteria for this selection, the board shall include, among other things, the following:
(1) The effectiveness of the investments in the recruitment and retention of employees.
(2) The nature and extent of the rights and benefits to be provided by the investments for participating employees and their beneficiaries.
(3) The relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of this Subpart.
(4) The suitability of the rights and benefits to the needs and interests of participating employees.
(5) The ability of the designated company to provide the rights and benefits under such investments.
(6) The fees charged by the designated company for the services provided by the company.