IRI Posthumously Honors Jim Mumford
November 24, 2015 by Insured Retirement Institute
Former Iowa Regulator Recognized for Efforts to Advance Retirement Security Initiatives
JIM MUMFORD
The award recognizes Mr. Mumford’s efforts, during his 10-year career as a regulator, to advance retirement security efforts and promote retirement planning.
“Jim’s passion for helping consumers prepare for retirement extended far beyond the borders of Iowa,” IRI President and CEO Cathy Weatherford said. “Jim served as a valuable resource for regulators nationwide. He clearly understood the challenges facing Americans, and worked closely with those in the regulatory community – at the state and federal levels – to help ensure consumers could enjoy a financially secure retirement after a lifetime of hard work. Jim will be dearly missed, but through his endeavors and accomplishments, his legacy will carry on.”
Helped educate regulators on retirement income planning
Mr. Mumford took a leading role in helping to educate federal regulators about the oversight of annuities at the state level, in an ongoing effort to facilitate the adoption of lifetime income options in workplace retirement plans. This initiative aims to increase workers’ access to guaranteed lifetime income to help reduce their risk of outliving savings in retirement. Mr. Mumford also led efforts to enhance and improve the National Association of Insurance Commissioners annuity suitability and disclosure models. IRI worked closely with Mr. Mumford on the development of these consumer protection rules and supports their uniform adoption, which will help ensure consumers nationwide better understand their options – leading to more informed financial decision making.
During the past several years, with the support of Mr. Mumford and Iowa Insurance Commissioner Nick Gerhart, the Iowa Insurance Division has supported National Retirement Planning Week®, a national consumer education campaign to encourage Americans to plan for their financial needs in retirement. The campaign is organized each year by the IRI-led National Retirement Planning Coalition. Through its involvement in National Retirement Planning Week®, the Iowa Insurance Division has spearheaded consumer education efforts in Iowa to encourage retirement planning and promote the availability of planning resources.
IRI established the IRI Champion of Retirement Security Award in 2013 to honor Members of Congress who support and advance policies that enhance retirement security in the United States. In 2014, IRI expanded the scope of the award to also recognize state leaders who encourage retirement savings in their home states, and lead efforts to educate their constituents on retirement planning issues. The award was presented in Mr. Mumford’s honor to Commissioner Gerhart during IRI’s Retirement Readiness Forum, which was held during the National Association of Insurance Commissioners Fall National Meeting.
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.
