UNSPSC 64102005: Individual retirement account IRA, public sector

A type of retirement plan designed for public sector employees, tax-exempt organizations and religious organizations. These are called 403b plans in the United States.

UNSPSC 64102005 Individual retirement account IRA, public sector (Commodity) encompasses state and local government administration and advisory services for public-sector retirement savings and investment programs, including recordkeeping, participant services, investment management, fiduciary consulting, and compliance support. State and local governments are procuring these services to manage employee deferred compensation plans, municipal investment pools, endowments, and state-facilitated auto-IRA programs, with recent solicitations showing activity concentrated among state agencies, county governments, and transit authorities. The Washington Student Achievement Council, Illinois Department of Commerce & Economic Opportunity, Teacher Retirement System of Texas, and various county and municipal treasurers and comptroller offices are among recent issuers. Geographic spread includes Texas, Florida, Washington, Illinois, Georgia, California, and Oregon, with standout repeat buying from Texas state agencies and pension systems. Representative recent opportunities include the Washington Saves Governing Board's solicitation for integrated program administration and investment management services for a state auto-IRA program with proposals due October 9, 2026 (RFP 202701); the Texas Comptroller of Public Accounts seeking investment advisor services for TexPool and TexPool Prime local government investment pools with combined assets of $58.4 billion and proposals due September 2, 2026 (RFP 240L); the Orange County Transportation Authority requesting investment advisory services for its Deferred Compensation Plan with an estimated contract value of $225,000 over five years and proposals due September 15, 2026 (RFP 250382); and the Illinois Department of Commerce & Economic Opportunity soliciting an investment advisor for the $114 million Illinois Innovation Venture Fund with proposals due October 21, 2026 (RFP 27420DCEOSTRTCB54021).

The code shows sustained demand from public pension systems, county employee benefit programs, and state investment authorities managing assets ranging from $11 million endowments to multi-billion-dollar pools. Contracts typically run three to seven years, with evaluation weighted toward qualifications and experience rather than lowest cost, and require SEC registration, fiduciary credentials, professional liability insurance, and compliance with state investment statutes. Set-asides and diversity goals vary by jurisdiction; some solicitations include diversity spending commitments and subcontracting plans while others specify open competition. Recent activity reflects both new program launches (Washington Saves auto-IRA, Texas Bitcoin custody) and recurring advisory refreshes for established portfolios. Pricing is typically structured as flat fees, basis points on assets under management, or hourly rates, with proposals remaining valid for 60 to 180 days. Incumbent vendors across multiple solicitations include SageView Advisory Services, Federated Hermes, OneDigital Investment Advisors, and various regional advisory firms, though repeat procurement cycles and jurisdictional transitions create regular opportunity flow.