MSRPS Maryland State Retirement and Pension System

Nancy K. Kopp, Chairman

State Treasurer
Ex Officio since February 14, 2002

• Member, Investment Committee
• Member, Administrative Committee
• Member, Corporate Governance Committee

Nancy K. Kopp was elected State Treasurer by the State Legislature on February 14, 2002. As a result of this position, she serves ex-officio on the Board of Trustees.

From 1975 until her election to Treasurer, Ms. Kopp served as a member of the House of Delegates. During her distinguished legislative career in the House, Ms. Kopp served on numerous committees, subcommittees and task forces dealing with fiscal, education and human resource issues. For her commitment to these concerns, Ms. Kopp has received many awards of recognition.

Ms. Kopp was born in Coral Gables, Florida. She graduated from Wellesley College with a B.A. and received an M.A. from the University of Chicago.

Peter Franchot, Vice Chairman

State Comptroller
Ex Officio Since January 22, 2007

• Member, Investment Committee
• Member, Corporate Governance Committee

Peter Franchot was elected Maryland's 33rd Comptroller on Tuesday, Nov. 8, 2006. Prior to his election to statewide office, he served for 20 years in the Maryland General Assembly House of Delegates representing the residents of Silver Spring and Takoma Park. During this time Mr. Franchot was a member of the Appropriations Committee and served as Chairman of the Transportation & the Environment Subcommittee.

Throughout his career Mr. Franchot has been a strong advocate for education, health care, transportation and environmental protection initiatives. He attended Amherst College (B.A., 1973) and Northeastern School of Law (J.D., 1978), and served in the United States Army from 1968 to 1970. Mr. Franchot resides in Takoma Park, Maryland with his wife and children.

David S. Blitzstein

Term: August 1, 2012 - July 31, 2016
Trustee since April 2008

• Member, Investment Committee
• Member, Corporate Governance Committee

As Special Assistant for Multiemployer Plans for the United Food & Commercial Workers International Union (UFCW), Mr. Blitzstein currently serves as a trustee on five Taft-Hartley pension funds and two health funds representing a quarter of a million plan participants. He is a presidential appointee to the Advisory Committee of the Pension Benefit Guaranty Corporation. In addition, Mr. Blitzstein advises the UFCW International leadership on employee benefit policy issues.

Between 1990 and 2006, Mr. Blitzstein served as the Director of the Negotiated Benefits Department of the UFCW, and was responsible for providing collective bargaining advice on health insurance and pension issues. He represents the UFCW as a member of the Steering Committee of the NCCMP, a lobbying group for multiemployer plans. He is also a member of the EBRI and the NASI, and is a Director of the Pension Research Council of the Wharton School - University of Pennsylvania.

Mr. Blitzstein is a graduate of the University of Pennsylvania and holds a Master of Science in labor studies from the University of Massachusetts in Amherst. He is a frequent speaker at policy forums on retirement and health care.

John W. Douglass

Term: August 1, 2011 - July 31, 2015
Trustee since May 2004

• Member, Administrative Committee
• Vice Chairman, Audit Committee

John W. Douglass was chosen in a special election to be an Employee Systems representative by state employees to fill an un-expired term that ended in 2007. He was subsequently reelected.

Most recently, Mr. Douglass was Deputy Director of the Maryland Department of Assessments and Taxation from 1995 to 2003. He was a member of the Maryland House of Delegates from 1971 to 1994 where he served as Chairman of the Joint Budget and Audit Committee from 1975 to 1988. Mr. Douglass authored the State's Constitutional Amendment mandating a Balanced Budget and is a highly respected expert on State Finances. He also authored the State Constitutional Amendment giving the State emergency borrowing power to meet revenue shortages in the State Treasury.

A 1964 Cum Laude graduate of Lincoln University, Mr. Douglass earned a master's degree from Johns Hopkins University in 1966.

T. Eloise Foster

Secretary of Budget and Management
Ex Officio since January 17, 2007

• Member, Administrative Committee
• Member, Investment Committee

T. Eloise Foster, appointed Secretary of the Maryland Department of Budget and Management by Governor Martin O'Malley effective January 17, 2007, serves as an ex officio member of the Board. Prior to this appointment, Ms. Foster served as the lead principal in Foster & Associates, a government relations consulting firm serving public and private sector organizations throughout Maryland.

Ms. Foster previously served as Budget Secretary under Governor Parris N. Glendening. Upon her appointment in 2000, she became the first African-American woman to serve as chief budget officer of a state. Ms. Foster also served as both Deputy and Assistant Secretary at the Maryland Department of Budget and Management and held senior positions in higher education.

Considered one of Maryland's leading experts in State budgeting and government operations, she has served on a number of key boards and commissions. Ms. Foster holds a bachelor's degree from Howard University, an M.B.A. from American University, and completed the Senior Executives in State and Local Government Program at Harvard University.

Robert R. Hagans, Jr.

Term: August 1, 2011 - July 31, 2015
Trustee since November 2011

• Member, Investment Committee
• Member, Audit Committee

Robert R. Hagans, Jr., is a gubernatorial appointee to the Board. Since 2001, Mr. Hagans has served as chief financial officer for the American Association of Retired Persons (AARP). In this position he provides strategic guidance and expertise in all areas of AARP's financial management, strategy implementation and policy formulation, in addition to AARP's environmental and physical resources.

Mr. Hagans also has over 30 years of work experience in nonprofits and financial management. Prior to joining AARP, he served as director of finance for Prince George's County Government, where he was responsible for the management of the $1.7 billion in cash flow of county funds and the $780 million debt management program. Mr. Hagans also served as assistant vice president for Asset Management and Treasury Operations at Howard University and served on the Prince George's County Police and Fire Service Pension Plans Board of Trustees and the Prince George's County Risk Management Committee.

He currently serves as treasurer and trustee on the Board of Directors of Industrial Bank and chairs the Finance Committee of the Board of the Boys and Girls Club of Greater Washington. Mr. Hagans is a member of the Executive Leadership Council and a member and mentor of the 100 Black Men of Greater Washington, DC. He is a resident of Mitchellville, MD.

Kenneth B. Haines

Term: January 1, 2012 - July 31, 2013
Trustee since January 2012

• Member, Administrative Committee
• Member, Audit Committee

Kenneth B. Haines, formerly a foreign language instructor at Northwestern High School in Hyattsville, serves now as president of the Prince George's County Educators' Association (PGCEA), the bargaining unit for the county's 9,000 professional educators.

Mr. Haines was elected by active and retired teachers to complete the term of a retiring trustee.

As a member of the PGCEA negotiating team, Mr. Haines has performed cost-analysis of salary and benefit proposals valued at up to $850 million for school system faculty. Before being elected union president, Mr. Haines served a term as vice-president and two as treasurer, where he chaired the committee charged with oversight and analysis of the association's budget.

James M. Harkins

Term: July 1, 2010—June 30, 2014
Trustee since October 2004
Director of Maryland Environmental Service

• Chairman, Administrative Committee
• Member, Audit Committee

James M. Harkins is former Harford County Executive and a two-term member of the Maryland House of Delegates. A gubernatorial appointee to the Board, he is the local government representative. As Director of MES, Mr. Harkins oversees an independent State agency with over 700 employees involved in more than 510 environmental projects located in three states.

Before his election as County Executive in 1998, Mr. Harkins served with the Harford County Sheriff's Office for 25 years. In the Maryland House of Delegates he was ranking minority member of the House Judiciary Committee, and served one year on the House Appropriations Committee. He currently serves on the Shock Trauma Board of Visitors. A graduate of Harford Community College, Mr. Harkins and his family live in Whiteford, Maryland.

Sheila Hill

Term: August 1, 2009—July 31, 2013
Trustee since October 2004

• Member, Administrative Committee
• Member, Investment Committee
• Chairman, Corporate Governance Committee

Sheila Hill was first elected by state employees in October 2004. She has served as president of AFSCME Local 1319 at the Patuxent Institution since 1997. As a 16 year state employee and corrections officer, Ms. Hill serves on the executive board of Council 92 and chairs the Maryland AFSCME Corrections Steering Committee.

She has been a lobbyist at the Maryland legislature promoting employee concerns about compensation, staffing and benefits. Born in Frankfurt Germany, daughter of a career Army non-commissioned officer, she moved to Columbia in 1970 when her father retired. Ms. Hill now resides in Catonsville, Baltimore County.

F. Patrick Hughes

Term: July 1, 2009—June 30, 2013
Trustee since April 2004

• Vice Chairman, Investment Committee
• Chairman, Audit Committee
• Member, Securities Litigation Subcommittee

F. Patrick Hughes is a gubernatorial appointee to the Board of Trustees. Mr. Hughes was President and Chief Executive Officer of Mid-Atlantic Realty Trust (MART), a New York Stock Exchange listed company headquartered in Baltimore. In October 2003, MART was merged into Kimco Realty Trust of which Mr. Hughes is a director. A real estate investment trust (REIT), Mid-Atlantic Realty was involved in shopping center development and ownership.

Prior to this position, Mr. Hughes held similar positions with BTR Realty, Inc. since 1974. Active in many professional, civic and educational associations, Mr. Hughes earned a B.A. and M.B.A. from Loyola University Maryland and is a Certified Public Accountant.

Major Morris L. Krome

Term: August 1, 2010 - July 31, 2014
Trustee since August 1998

• Vice Chairman, Administrative Committee
• Member, Investment Committee
• Member, Audit Committee

Major Morris L. Krome was first elected to the Board by members of the Maryland State Police Retirement System in 1998. A career officer with the State Police, Major Krome was born and raised in Baltimore City, graduating in 1958 from the Baltimore Polytechnic Institute. He attended the University of Maryland, College Park and later worked as a civilian employee of the State Police before entering the Police Academy. He received an A.A. degree from Catonsville Community College and is a graduate of Northwestern University Traffic Institute's Police Administration Training Program. Major Krome is also a graduate of the Police Executive Research Forum's Executive Training Program.

Over the years, Major Krome held broadening supervisory and administrative positions. As a Lieutenant, he commanded the Rockville Barracks. As a Captain he served as assistant commander of the State Police Planning and Research Division. He was promoted to Major in 1986 and assigned as Commander of the Personnel Management Division and later, as Assistant Chief of the State Police Administrative Bureau. Here he began his interest in retirement issues and in 1991, following his retirement, served on the Department of Legislative Reference's Pension Code Revision Sub-Committee. He additionally represented State Police employee organizations on various retirement issues before the legislature prior to his election to the Board.

Major Krome lives in Carroll County with his wife, who manages a show horse farm.

Theresa Lochte

Term: August 1, 2011 - July 31, 2015
Trustee since August 2007

• Member, Administrative Committee
• Member, Audit Committee
• Member, Investment Committee

Theresa M. Lochte was elected to the Board of Trustees by active and retired members of the Teachers' Retirement and Pension System in 2007. She is a member of the Administrative Committee and the Audit Committee. Ms. Lochte has been active in the Teachers Association of Baltimore County (TABCO) and the Maryland State Education Association (MSEA). She serves on MSEA's Pension Protection Coordinating Committee. She is a member of the Board of Directors of the Maryland Retired School Personnel Association. Ms. Lochte has served on the Trustee Education Committee of the National Council on Teacher Retirement (NCTR).

Ms. Lochte earned a BA from Mt. St. Agnes College and a Master of Liberal Arts degree from Johns Hopkins University. Since joining the Board, Ms. Lochte has attended NCTR Trustee Institutes, Trustee Workshops, and Annual Conventions. She has attended NEA Retirement and Benefits Forums and Trustee Workshops. Ms. Lochte earned a certificate in “Investment Strategies and Portfolio Management” from The Wharton School. She recently attended the “Pensions, Retirement Security and Strategies for Investment” conference at the Labor and Worklife Program at Harvard Law School.

Ms. Lochte worked as a speech language pathologist in Baltimore County Public Schools from 1965 until her retirement in 2003. She lives in Ellicott City, Maryland.

Harold Zirkin

Term: September 10, 2011 - June 30, 2015
Trustee since September 2007

• Chairman, Investment Committee
• Member, Corporate Governance Committee
• Vice Chairman, Securities Litigation Subcommittee

Harold Zirkin is a gubernatorial appointee to the Board. Mr. Zirkin is President of Zirkin-Cutler Investments, Inc., a firm which provides investment management services for individuals, pensions, retirement accounts, foundations and charitable organizations. Mr. Zirkin founded H. Zirkin Investments, Inc., in 1973. A partner joined the firm in 1985 and the company name was changed to Zirkin-Cutler Investments, Inc. The company was sold to First National Bank of Maryland (now M&T Bank) in 1996. In 2010, the company was sold to United Capital of Newport Beach, CA.

Mr. Zirkin serves as trustee for more than 50 trusts and foundations and is investment counsel for more than 50 pension and retirement accounts. He earned a B.S. degree in business administration from Syracuse University and an M.B.A. in investment analysis and portfolio management from American University. He also holds the designation of Chartered Financial Analyst. He resides in Chevy Chase.

Thurman W. Zollicoffer, Jr.

Term: September 2011 - July 31, 2015
Trustee since September 2007

• Member, Investment Committee
• Vice Chairman, Corporate Governance Committee
• Chairman, Securities Litigation Subcommittee

Thurman W. Zollicoffer, Jr., a partner in the Baltimore-based law firm Whiteford, Taylor & Preston, is a gubernatorial appointee to the Board.

Previously, Mr. Zollicoffer served as City Solicitor and Counsel for the City of Baltimore Mayor and City Council, a position in which he managed a staff of 110 and a budget of $14 million. During his tenure with the City, he also served as a member of and counsel to the Board of Estimates, the body that deliberates all city contracts and financial operations.

Mr. Zollicoffer is a trustee of the Baltimore City Employee Retirement System and is a member of the Governor's Blue Ribbon Commission to Study Retiree Health Care Options. He holds a bachelor's degree from Towson University and a J.D. degree from the University of Maryland.

Wayne H. Shaner

Term: July 1, 2011 - June 30, 2014
Public Advisor since 1991

Wayne H. Shaner is one of three public members of the Board selected on the basis of his professional experience and education in the financial industry. Mr. Shaner is managing partner of Rockledge Partners, LLC located in Bethesda, Maryland.

In his prior position, Mr. Shaner was managing director of the Lockheed Martin Investment Management Company, a wholly owned subsidiary of the Lockheed Martin Company where he managed the Bethesda based parent corporation's consolidated employees retirement and saving plan assets. He was appointed to this position upon the merger of the Lockheed and Martin Marietta Corporations in 1995. He had joined Martin Marietta in 1976 and by 1993 had been elected Vice-President.

Mr. Shaner received his B.A. in liberal arts and a master's degree in biochemistry from Johns Hopkins University. After service in the U. S. Navy, he earned an M.B.A. from the Wharton School, University of Pennsylvania and was awarded a C.F.A. in 1983.

Brian B. Topping

Term: July 1, 2010 - June 30, 2013
Public Advisor since 2003

Brian B. Topping is one of three public members of the Investment Committee chosen by the Board on the basis of his professional education and credentials in the investment industry. Since 1997, Mr. Topping has served as Vice-Chairman of Mercantile Safe Deposit and Trust Company (MSDT). In addition, he is a consultant to the Wealth and Investment Management Division and co-manager of the Mercantile Growth and Income Fund. From 1976-1996 he served as MSDT Vice-Chairman and head of the Trust & Investment Division.

After receiving a B.A. degree from the University of Pennsylvania, he was awarded an M.B.A. from the Wharton Graduate Division in 1965. Mr. Topping was President and Trustee of the Maryland Historical Society from 1983 - 1990 and is a current trustee of the Sheppard & Enoch Pratt Hospital.

Larry E. Jennings, Jr.

Term: July 1, 2012 - June 30, 2015
Public Advisor since 2008

Larry E. Jennings, Jr. is one of three public members of the Investment Committee chosen by the Board of Trustees for his professional education and investment experience. Mr. Jennings is a Senior Managing Director and one of the founders of TouchStone Partners, was formerly a principal of Carnegie Morgan Partners ("CMP"), a financial advisory firm to state and local governments. Prior to forming CMP in 1994, Mr. Jennings spent over seven years as an investment banker at Legg Mason Wood Walker, Inc. rising to Managing Director. Mr. Jennings' investment banking experience includes real estate workouts, restructuring distressed municipal credits, sale/leaseback of public real estate assets, and negotiating energy contracts on behalf of public and private entities. In prior years, Mr. Jennings also worked as a Senior Financial Analyst with Maryland National Bank.

Mr. Jennings received a B.S. in Mathematics and Economics M.B.A. at Carnegie Mellon University, where he concentrated in Finance and Strategy. Mr. Jennings is a member of the board of trustees of Carnegie Mellon University and sits on the Investment and Library Committees, and has co-chaired the Math Curriculum Advisory Board. Mr. Jennings is Chairman and a member of the Investment Committee of Morgan State University Foundation.

R. Dean Kenderdine

Executive Director of the Maryland State Retirement and Pension System
January 17, 2007 - Present

R. Dean Kenderdine is chief executive officer of SRPS. Working with the Chief Investment Officer, Mr. Kenderdine is also responsible for ensuring that the System's assets are invested and managed properly and prudently.

Mr. Kenderdine has dedicated his 29 year career to public service. Prior to this appointment, Mr. Kenderdine served as Chief of Staff for the Comptroller of Maryland, Assistant Secretary of Tourism, Film and the Arts for the Maryland Department of Business and Economic Development, State Director for United States Senator Barbara A. Mikulski, and director and consultant to several non-profit organizations.

Mr. Kenderdine is a member of the Board of Directors for Goodwill Industries of Chesapeake, First Vice President of the Board of Directors for the Londontown Public House and Gardens, mentor for the Big Brother/Big Sisters Program of Maryland and member of the Volvo Ocean Race of the Chesapeake, Inc.

Mr. Kenderdine holds a master's degree from the University of Maryland and a bachelor's degree from Arizona State University. He is a member of Leadership Maryland, a thriving network of informed, engaged leaders who are helping shape the future of Maryland.