Institutional Retirement Income Council Names New Executive Director

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.

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.”