UNSPSC 64111906: Variable annuity

An annuity is a contract between an individual and an insurance company that is designed to meet retirement and other long-range goals, under which the individual makes a lump-sum purchase payment or series of payments. In return, the insurer agrees to make periodic payments to the annuitant beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay a beneficiary a specified minimum amount, such as the total purchase payments.

In a variable annuity, the annuitant can choose to invest his/her purchase payments from among a range of different investment options, typically mutual funds. The rate of return on the purchase payments, and the amount of the periodic payments the annuitant eventually receives, will vary depending on the performance of the investment options selected.

UNSPSC 64111906 Variable annuity, Commodity tier, does not align with current state and local procurement activity. The recent opportunities dataset contains no solicitations for variable annuities or related retirement savings products. Instead, the code appears to have been applied incorrectly or opportunistically to a diverse set of state and local financial services procurements—including underwriting pools, banking services, audit contracts, enrollment broker operations, tax collection services, compensation studies, and development impact fee nexus studies—that bear no substantive connection to variable annuity products or services.

State and local governments do not procure variable annuities as a line item or service category through open competitive solicitation. The code's nominal scope (retirement savings vehicles) does not match any recent contract notice in the source material. This code should be deprioritized unless and until documentation surfaces showing actual variable annuity procurement activity by state treasuries, pension funds, or employee benefit programs. Business development professionals should skip this code and focus effort on financial services codes that reflect genuine state and local buying patterns—such as those covering audit services, banking and treasury management, investment advisory services, and actuarial consulting—where the recent-opportunities data confirms active, recurring demand.