IRIC adds two retirement industry leaders to its board

By AI, Created 10:04 AM UTC, May 20, 2026, /AGP/ – The Institutional Retirement Income Council named Suzanne Raffaele and Mikaylee O’Connor to its Board of Directors on May 5, 2026, as the nonprofit pushes to expand in-plan retirement income solutions in defined contribution plans. The appointments replace two long-serving board members and add expertise in retirement research, consulting and plan design.

Why it matters: - IRIC is trying to accelerate adoption of in-plan retirement income solutions inside defined contribution plans. - The new board members add experience in retirement research, consulting, investment strategy and plan design. - The move comes as retirement income remains a key industry focus for plan sponsors, consultants, recordkeepers, asset managers and insurers.

What happened: - The Institutional Retirement Income Council elected Suzanne Raffaele and Mikaylee O’Connor to its Board of Directors on May 5, 2026. - Raffaele is co-founder and partner at Retirement Leadership Forum. - O’Connor is partner and head of the Defined Contribution Practice at NEPC. - The two succeed Martha Tejera and Martin Schmidt, both long-serving IRIC board members. - Tejera previously served as chair of the IRIC Board. - Schmidt also served as chair and has been involved with IRIC since its early years.

The details: - Raffaele leads retirement research initiatives at Retirement Leadership Forum. - Raffaele has also worked at Bank of America Merrill Lynch in defined contribution investment product development, sales and consultant relations. - Raffaele previously led the Corporate Executive Board’s Retirement Services Leadership Forum. - O’Connor leads NEPC’s DC strategy, research and client solutions. - O’Connor oversees target date funds, managed accounts, retirement income solutions and broader investment strategies. - O’Connor previously held senior leadership roles at PGIM and RVK Inc. - O’Connor advises defined contribution plan sponsors and speaks and writes on DC plan trends and innovation. - Kevin Crain, executive director of IRIC, said the two appointments bring complementary perspectives to the board. - Michael Kreps, chair of the IRIC Board, said the new directors understand both the complexity and opportunity in the defined contribution system. - Crain and Kreps both thanked Tejera and Schmidt for their service.

Between the lines: - IRIC is signaling that the next phase of retirement income work will require both industry research and practical plan-level execution. - Adding board members with consulting and research backgrounds may help IRIC connect product innovation with plan sponsor adoption. - The board turnover also suggests IRIC is balancing continuity with fresh expertise as the retirement income market matures.

What’s next: - IRIC will continue working with retirement industry stakeholders to educate, collaborate and drive innovation around in-plan retirement income. - The organization will likely lean on the new directors as it tries to move the market from interest to broader adoption. - Raffaele and O’Connor are expected to help guide IRIC’s strategy as defined contribution retirement income solutions evolve.

The bottom line: - IRIC is reinforcing its board with two executives who bring deep, complementary experience in retirement income and defined contribution plans.