To determine whether the administrator's decision was reasonable and based on substantial evidence, the Fourth Circuit has formulated a nonexhaustive list of eight factors that a court may consider. Booth v. Wal Mart Stores, Inc., 201 F.3d 335 (4th Cir. 2000). Those factors are:
- The language of the plan;
- The purpose and goals of the plan;
- The adequacy of the materials considered to make the decision and the degree to which they support it;
- Whether the decision-making process was recent and principled;
- Whether the decision comports with other provisions in the plan and with earlier interpretations of the plan;
- Whether the decision was consistent with the procedural and substantive requirements of ERISA;
- Any external standard relevant to the exercise of discretion; and
- The administrator's motives or any conflicts of interest it may have.
