UNSPSC 64102003: Individual retirement account IRA, corporate

A qualified plan established by employers to which eligible employees may make salary deferral --salary reduction-- contributions on a post-tax and or pretax basis. Employers offering such plans --called 401k plans in the United States--may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.

UNSPSC 64102003 Individual retirement account IRA, corporate is a Commodity code that encompasses state and local procurement of retirement savings administration, investment advisory services, and fiduciary consulting for defined contribution plans, 457(b) deferred compensation arrangements, IRAs, and related employee benefit vehicles. State and local governments are actively soliciting these services to manage employee retirement programs, endowment funds, trust portfolios, and municipal investment pools. The issuing bodies span state treasuries (Texas Comptroller, Illinois Finance Authority, Washington Student Achievement Council), county governments (Douglas County Georgia, Galveston County, Okaloosa County Florida), cities (Dallas, Lubbock, Euless, Sarasota, Milpitas), transit authorities (Orange County Transportation Authority), special-purpose districts (Brushy Creek Municipal Utility District, Troup County Recreation Endowment Fund), public colleges (Wharton County Junior College, Texas Southern University), and retirement systems (Teacher Retirement System of Texas, Employees Retirement System of Texas). Investment advisory services, recordkeeping and plan administration, fiduciary consulting, and portfolio management dominate recent procurements, with dollar values ranging from $20,000 annually (small municipal pools) to $58.4 billion in assets under management for statewide programs.

Recent activity concentrates in Texas, Florida, California, Washington, Georgia, and Illinois. Representative solicitations include the Washington State Housing Finance Commission's $10 million Affordable Homeownership Revolving Construction Catalyst Fund Administrator (RFP 202609ADM, due November 2, 2026), the City of Milpitas's dual-track Investment Advisory Services for a $265.4 million General Fund portfolio plus a $46 million Section 115 Trust (RFP 26262, due September 24, 2026), the Illinois Department of Commerce & Economic Opportunity's $114 million SSBCI INVENT Investment Advisor procurement (due October 21, 2026), the Washington Saves Governing Board's integrated Program Administration and Investment Management services for a state auto-IRA program (due October 9, 2026), the Texas Comptroller's TexPool and TexPool Prime management services covering $58.4 billion across approximately 3,700 local government participants (due September 2, 2026), and the Teacher Retirement System of Texas's secondary market broker services and private markets advisory roles. Evaluation typically weighs technical qualifications and experience heavily (40–50 points), with cost proposals scoring 10–30 points, and many solicitations require SEC or state securities registration, professional liability insurance ($1–2 million minimum), compliance certifications, and references from comparable public clients. Set-asides and diversity preferences vary by issuing body—Texas emphasizes VetHUB subcontracting plans; California and Washington highlight small-business and veteran-owned business participation; some jurisdictions impose no formal restrictions. Compensation structures mix asset-based fees (basis points on assets under management), flat annual fees, hourly rates, and transaction-based pricing; many solicitations mandate competitive bidding with best-value evaluation rather than lowest-price awards.