A representative of Colton Insurance & Investments presented fixed indexed annuities (FIAs) to the Oktibbeha County Board of Supervisors as a possible investment vehicle for large, non‑operating county funds, including the $41 million the board holds from the sale of a hospital. The board took the presentation under advisement and asked staff to evaluate legal permissibility and implementation details.

Richie Colada, identified in the meeting as representing Colton Insurance & Investments, described FIAs as life‑insurance company accumulation products that credit index‑linked gains annually with protections against negative returns. He said insurers sometimes offer promotional upfront bonus credits (he repeatedly cited a limited promotional bonus of as much as 17% if funded by a certain date) that would be added to the contract on day one and thus increase the base for future index crediting. Colada framed FIAs as allowing annual penalty‑free withdrawals up to 10% of the accumulated value after the first year, with a 14‑year surrender schedule that reduces contractual charges over time.

Board members asked how county ownership would be structured, whether the required naming of an annuitant would create conflicts, and whether state law allows county money to be held in this type of product. County staff and supervisors explicitly noted "state law strongly prohibits" certain investment vehicles and that many county funds are legally restricted to U.S. treasuries, certificates of deposit and like instruments without enabling legislative authority.

Supervisor Frank moved and Supervisor Williams seconded a motion to take the presentation under advisement and authorize staff and administration to follow up. The motion passed unanimously. Supervisors and staff requested a legal review and advised the vendor that any implementation would require confirmation from county counsel and potentially legislative action before county funds could be committed to an insurance‑company product.

The vendor emphasized that insurer fees would be paid out of the contract (i.e., the insurer pays agent commissions) and that some legal structuring options exist, such as use of trusts or grant structures, but the board did not approve any purchase or commitment at the meeting.