Board of Trustees
ABOUT THE BOARD
The Maryland Supplemental Retirement Plans are administered by a nine-member Board of Trustees appointed by the Governor of Maryland to staggered four-year terms. The governor selects three members from any of the following departments, agencies or boards: the Department of Budget and Management, the Department of Education, the Comptroller of the Treasury, the State Treasurer's Office, the Maryland State Retirement and Pension Systems or the Maryland Higher Education Commission.
Three other members must be eligible to participate in one or more of the plans, provided that at least one is eligible for the 403(b) plan. Three additional members must represent the general public and must not be eligible to participate in the plans. One of these members must have experience with deferred compensation and salary reduction plans. Each board member serves on at least one committee. The committees include the Investment Committee and the Audit Committee.
MEETINGS
The MSRP Board of Trustees meets at least quarterly, typically on the fourth Monday of the month at 9:30 a.m. at the Board's offices at the William Donald Schaefer Tower, 6 Saint Paul Street, Suite 200, Baltimore, Maryland 21202-1608. These meetings are open to the public. Anyone interested in attending, must call the Maryland Supplemental Retirement Plans at 410-767-8740 to sign up as a guest.
Board Meeting Schedule
October 12, 2016November 14, 2016 January 23, 2017 February 21, 2017 May 22, 2017 August 28, 2017 November 20, 2017 * Minutes are posted after approval
Special Off-Site Meeting slated for Wednesday October 12, 2016 at CCMIT
Conference Center Maritime Institute
692 Maritime Blvd.
Linthicum, Md 21090
Board Meeting Minutes
May 23, 2016 Board Meeting Minutes
February 22, 2016 Board Meeting Minutes
January 25, 2016 Board Meeting Minutes
November 16, 2015 Board Meeting Minutes
August 24, 2015 Board Meeting Minutes
May 18, 2015 Board Meeting Minutes
March 30, 2015 Board Meeting Minutes
January 26, 2015 Board Meeting Minutes
November 17, 2014 Board Meeting Minutes
September 8, 2014 Board Meeting Minutes
May 19, 2014 Board Meeting Minutes
March 24, 2014 Board Meeting Minutes
January 27, 2014 Board Meeting Minutes
November 18, 2013 Board Meeting Minutes
September 3, 2013 Board Meeting Minutes
May 20, 2013 Board Meeting Minutes
February 25, 2013 Board Meeting Minutes
January 28, 2013 Board Meeting Minutes
November 19, 2012 Board Meeting Minutes
August 28, 2012 Board Meeting Minutes
May 21, 2012 Board Meeting Minutes
February 27, 2012 Board Meeting Minutes
January 23, 2012 Board Meeting Minutes
November 21, 2011 Board Meeting Minutes
August 22, 2011 Board Meeting Minutes
May 31, 2011 Board Meeting Minutes
February 28, 2011 Board Meeting Minutes
January 24, 2011 Board Meeting Minutes
November 22, 2010 Board Meeting Minutes
August 23, 2010 Board Meeting Minutes
May 24, 2010 Board Meeting Minutes
February 22, 2010 Board Meeting Minutes
February 1, 2010 Board Meeting Minutes
November 23, 2009 Board Meeting Minutes
MEMBERS OF THE BOARD
T. Eloise Foster, Chairperson
State Agency Member
Thomas M. Brandt, Jr.
Public MemberMargaret A. Bury
Retirement Administrator, Md State Retirement & Pension System
State Agency Member
Lynne M. Durbin, Esq.
Public MemberThe Honorable Nancy K. Kopp
Maryland State Treasurer
State Agency Member
John D. Lewis
Public MemberWilson Parran
Eligible Member
Johnathan R. West
Director of Finance and Administration, Department of Budget and Management
Eligible Member
Public Information Act Requests
To request information from The Maryland Teachers and State Employees Supplemental Retirement Plans under the Public Information Act please click here.
Board Staff
Management
Michael T. Halpin, CRC, CRA
Executive Director
Richard A. Arthur, CPM
Director of Operations and Technology
Louis A. Holcomb, Jr., CRC
Director of Participant Services
Debra L. Roberts, CPA, CRC
Director of Finance
Staff
Angela Anderson, CRC
Financial Field Representative
Julia Graham, CRC
Financial Field Representative
Anne O'Neill, CRC
Financial Field Representative
Tonya Toler
Financial Field Representative
Lillie Jones
Accounting Assistant
Sharlene Matthews
Receptionist
Anna Marie Smith
Executive Assistant
Mirza Tumanon
Database Specialist
Janet Wilt
Office SecretaryHistory of the Plans
The Maryland Deferred Compensation Program was established for Maryland state employees in 1974 by Executive Order 01.01.1974.19 and under Chapter 433 of the Acts of 1974. Subsequently, the U.S. Congress established the 457 Deferred Compensation Plan for public employees as part of the Internal Revenue Code in 1978. In 1975, enrollment began and a seven-member Board of Trustees administered the plan.
Chapter 741 of the Acts of 1985 brought the 457 Deferred Compensation Plan under the direction of a nine-member Board of Trustees. The acts also gave the board authority to administer a 403(b) Tax-Deferred Annuity Plan and a 401(k) Savings and Investment Plan. The Maryland 403(b) plan became operational in 1985, and the Maryland 401(k) plan began in 1990. These three plans came to be known as the Maryland Teachers and State Employees Supplemental Retirement Plans.
In 1998, one of the most significant changes in the plans took place. Chapter 530 of the Acts of 1998 was enacted, that in part provides for, a match to the State's 457, 403(b) and 401(k) supplemental retirement plans. Effective July 1, 1999, a dollar for dollar match became operational at the statutory maximum of up to $600 each fiscal year. Three years later, the maximum match was reduced to $500 per participant for the 2003 fiscal year, then was suspended for fiscal years 2004 and 2005 to reduce personnel expenses. As economic conditions improved, the match resumed for fiscal year 2006 at a $400 per eligible participant maximum, and then the full $600 Match for fiscal year 2007. According to the law, State employees who are members of the State EmployeesAlternate Contributory Pension Selection Plan are eligible for the match. The State's contributions are immediately vested.
In addition to implementing, maintaining and administering the plans, the board is responsible for submitting progress and status reports to participants; submitting an annual report to the governor and General Assembly; appointing employees; and hiring consultants, administrators and other professional assistance. Each board member serves on at least one committee. The committees include the Investment Committee and the Audit Committee.
Nationwide
Nationwide is the third-party administrator under contract with the Maryland Supplemental Retirement Plans' Board of Trustees to maintain the records for the plans and handle daily transactions. The company is one of the nation's largest administrators of deferred compensation programs for state and local government employees. It administers more than 1.3 million individual deferred compensation accounts for more than 10,000 governmental units in 44 states.
Nationwide is based in Columbus, Ohio, where it maintains a Customer Service Center for MSRP. Nationwide, known for its extensive local marketing efforts, houses an office in Hunt Valley, Maryland where State of Maryland employees can go for retirement and distribution counseling. Financial services representatives are able to provide enrollment assistance and consultation. For more information or to enroll, contact Nationwide at 1-800-545-4730, available regular business days Monday through Friday 8 a.m. to 11 p.m., or log on to www.MarylandDC.com.
MSRP Annual Reports
The Board of Trustees and Staff of MSRP are proud of this high honor in financial reporting. We strive to provide the most comprehensive and accurate information, in the spirit of full disclosure, for our participants and other interested parties and fully intend to continue pursuing this prestigious award every year. Click here to view the award.
On December 7, 2011, The Certificate of Achievement for Excellence in Financial Reporting has been awarded to Maryland Teachers & State Employees Supplemental Retirement Plans (MSRP), by the Government Finance Officers Association of the United States and Canada (GFOA).
To view the MSRP Annual Reports, please click on the links below.2015 Comprehensive Annual Financial Report (CAFR)
2014 Comprehensive Annual Financial Report (CAFR)
2013 Comprehensive Annual Financial Report (CAFR)
2012 Comprehensive Annual Financial Report (CAFR)
2011 Comprehensive Annual Financial Report (CAFR)
2010 Comprehensive Annual Financial Report (CAFR)
2009 Comprehensive Annual Financial Report (CAFR)
2008 Comprehensive Annual Financial Report (CAFR)
2007 Annual Report
2006 Annual Report
2005 Annual Report
2004 Annual Report