Institutional Retirement Income Council Names New Executive Director

Kevin Crain, the former the head of retirement research at Bank of America, succeeds Michelle Richter-Gordon in the lead role for the council.

 

 

The Institutional Retirement Income Council, a nonprofit think tank for the retirement income planning community, announced Monday the appointment of Kevin Crain as executive director, effective May 16.

Crain succeeds Michelle Richter-Gordon, who has served as IRIC’s executive director since September 2021. Richter-Gordon is stepping down to devote more time to Axonic Insurance, a firm she founded in 2024, according to a press release.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

Richter-Gordon will remain with IRIC through June to help with the transition.

Crain, who retired from Bank of America in August 2023, brings more than four decades of retirement services industry experience, spending nearly 20 years in senior leadership positions with Bank of America, most recently as head of retirement research. He also was a leader of the institutional retirement and benefits services division, head of workplace financial solutions and head of workplace solutions integrations.

Kevin Crain

Crain worked closely with bankers, advisers and other financial professionals, delivering benefit plans and financial wellness solutions to employers and their employees. Previously, Crain held various positions with other financial services firms, including Chase Manhattan, Bankers Trust and Fidelity Investments.

“I am truly honored and excited to join the council as the new executive director,” Crain says. “This opportunity is the culmination of my 40+ years career in retirement services. I am deeply aligned with the council’s mission, recognizing 401(k)/defined contribution plans as a primary source for savings and retirement income.”

Crain says it is a “thrilling time” to be a part of the council, with the momentum for retirement income solutions significantly increasing. He adds that the council is actively collaborating with firms in the industry to enhance the suite of non-insured and insured retirement income solutions, as well as working closely with plan sponsors, advisers and service providers to accelerate adoption of these solutions in plans.

“My goals are to continue increasing the council’s visibility and impact in the industry by issuing research, engaging key stakeholders … being a strong voice in the industry with public events, and building partnerships with other associations and industry groups,” Crain says.

Martha Tejera, chair of IRIC’s board of directors, said in a press release, “Kevin’s extensive experience in the institutional retirement industry and his thought leadership make him the ideal candidate to support IRIC’s mission and values. We all look forward to Kevin’s leadership and contributions to our organization, mission, and members.”

Crain is also a member of the JASPER Forum and Defined Contribution Institutional Investment Association and remains engaged with advocacy for healthy longevity, individual financial well-being, retirement policy, Social Security solvency and retirement plan coverage/access.

“Kevin is an accomplished, highly-respected retirement services and financial wellness expert. I am thrilled to welcome him as our new executive director,” stated Michael Kreps, incoming IRIC Board chair, in a press release. “I am confident Kevin will bring immediate value to IRIC at a time when plan sponsors continue to implement solutions to help employees generate adequate retirement income from their defined contribution plans. On behalf of the Board, I want to thank Michelle for her contributions and wish her well in her future endeavors.”

Employees Falling Short of Retirement Objectives

Lack of retirement preparedness is prompting employee interest in financial wellness, Qualified Plan Advisors found in its annual wellness report.

Most employees are not on track to meet their retirement goals, motivating them to improve their understanding of retirement readiness, fundamental investment strategies and other financial wellness topics, according to Qualified Plan Advisors’ second annual Financial Wellness Report.

The statistics, while alarming, align with much of the retirement industry’s recent push to provide financial wellness programs and resources to employees alongside 401(k)s and other savings programs. Such resources and tools would also go toward overall mental wellness for employees who are stressed about financial topics ranging from budgeting to retirement security, according to the advisory.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

“Employees are actively looking to their employers for support to improve their financial well-being,” Makila Hennig, director of financial concierge at Prime Capital Investment Advisors, which provides product and advisory services for QPA, said in a statement. “Employers need to answer the call and take action to help minimize the financial stress felt by their employees. Financial wellness programs have shown to increase employee satisfaction and productivity, while creating a culture of support.”

Retirement Readiness

When surveying an employee pool across about 75 organizations, QPA found that 72% find themselves off course in achieving their retirement objectives, have yet to establish a retirement goal, or possess a goal but are uncertain about their progress.

Among respondents, just 19.04% feel they are on track to meet their retirement goals. This group represented individuals who have set objectives but are struggling to make progress.

Another 34.83% of employees admitted they have not set any retirement goals at all. Additionally, 18.42% of employees said they set a retirement goal, but do not know how to track their progress.

Meanwhile, just 27.71% of employees have well-defined retirement goals and are confident in their retirement futures, leaving plenty of room for support.

Overall, men fared slightly better than women when it came to planning, with 64% of men saying they are not on track for retirement, compared to 77% of women.

When it comes to age, younger workers were much more skeptical than those closer to retirement, with 80% of individuals under 30 saying they are not on track, followed closely by 82% of those aged 30 to 45. For the 45 to 60 age group, that percentage dropped to 66%, and for those over 60, it further decreased to 55%.

The consequences of financial stress also affect various other aspects of employees’ lives, perhaps exacerbating overall confidence levels, according to QPA.

Mental health issues and sleep problems top the list, each affecting 31% of workers. Debt is also a common burden, with 80% of employees carrying some form of it. The most prevalent types of debt include mortgages, credit cards, and student loans.

Financial Education Needs and Interests

Aligned with the statistics indicating deficiencies in retirement preparedness, investment acumen, and financial readiness, employees have pronounced interest to expand their knowledge concerning retirement readiness, foundational investment principles, and estate planning.

Employee’s interests vary, but include:

  • Budgeting: 31%
  • Retirement readiness: 22%
  • Investing basics: 20%
  • Estate planning: 16%
  • Debt management: 11%
  • Emergency savings: 8%
  • Insurance coverage: 7%
  • Credit score: 4%

When it comes to these areas of interest, there is a strong belief among employees that their employers should play a role in their financial well-being, with more than 70% of employees express agreement or strong agreement regarding the importance of employers assisting them in achieving financial well-being.

Furthermore, 70% of employees prioritize job opportunities that include a financial wellness program within their benefits package, while 65% of employees consider financial wellness programs an essential factor when choosing a job.

QPA’s survey was delivered to participating clients from March 4 to March 31, 2024. It tracks the financial IQ and wellness of 646 employees within 76 organizations.

«