UNSPSC 64102004: Individual retirement account IRA, personal

A type of individual retirement account IRA established by individuals. Contributions made can be either tax deductible or not. Distributions can be either taxable or tax free --called a Roth IRA in the United States. Similar to other retirement plan accounts, non-qualified distributions may be subject to a penalty upon withdrawal.

UNSPSC 64102004 Individual retirement account IRA, personal, a Commodity code, does not align with the state and local procurement activity currently posted under this classification. The recent opportunities tagged to this code instead predominantly solicit investment management, advisory, consulting, and administrative services for public employee retirement plans, deferred compensation programs, municipal investment portfolios, and institutional endowments—activities that fall under investment advisory and fiduciary services rather than personal IRA products or accounts. The Texas Comptroller's TexPool Investment Management and Related Services solicitation (due September 2, 2026) and the City of Sarasota's OPEB Trust Fund Investment Consulting Services (RFP, due August 19, 2026) exemplify the actual scope: portfolio and cash management, fund accounting, financial reporting, and custodial services for collective public-sector investment pools and benefit funds with tens of billions of assets under management. This code shows no recent state and local solicitations for individual retirement account setup, administration, or related personal financial products.

The mismatch between the commodity code's nominal scope and the actual opportunities posted reflects either a classification error in how jurisdictions have tagged these procurements or a significant divergence between the UNSPSC taxonomy and current state and local investment services procurement. Soliciting entities include state treasuries and comptroller offices (Texas, Oregon), municipal finance departments (Sarasota, Charlotte, Dallas, Salem), water districts (West Basin), housing authorities (San Antonio), school districts and community colleges (Conejo Valley USD, Collin County Community College, Texas Southmost College), public employee retirement systems (Teacher Retirement System of Texas), and county finance offices (Hillsborough County, Okaloosa County, Crisp County). The geographic spread spans Texas, Florida, California, Oregon, North Carolina, Georgia, and Arizona, with Texas showing the highest concentration of activity. If pursuing opportunities under this code, firms should recognize that state and local buyers are seeking discretionary and non-discretionary investment portfolio management, custodial safekeeping, fund accounting, performance reporting, and fiduciary advisory services—not personal IRA products—and should evaluate whether their service capabilities align with institutional investment management rather than retail retirement account administration.