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Board of Trustees

Board Members

Nancy K. KoppNancy K. Kopp, Chairman

State Treasurer
Ex Officio since February 14, 2002

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

Nancy K. Kopp was elected State Treasurer in 2002, and subsequently re-elected in 2006 and 2010. As Treasurer, she serves ex-officio on the Board of Trustees, as well as on the Board of Trustees of the Maryland State Employees' Supplemental Retirement Plans.

From 1975 until her election as 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., economic development and human resource issues, as well as on the Joint Pension Committee. 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 FranchotPeter Franchot, Vice Chairman

State Comptroller
Ex Officio Since January 22, 2007

  • Member, Investment Committee

Peter Franchot was elected Maryland's 33rd Comptroller on Tuesday, Nov. 7, 2006. As Comptroller, he has been an independent voice and fiscal watchdog for the taxpayers of Maryland. Under his leadership, the Comptroller's Office has made the tax filing process easier and more user-friendly for Maryland taxpayers, recaptured more than $3 billion in delinquent taxes, and led the effort to protect Maryland consumers from unscrupulous tax preparers.

As a member of the powerful Board of Public Works, Comptroller Franchot has also worked to ensure that taxpayer dollars are being spent carefully and appropriately. Comptroller Franchot attended Amherst College (B.A., 1973) and Northeastern School of Law (J.D., 1978). He served in the United States Army, from 1968 to 1970. Peter is married to Anne Maher, a lawyer, and they have two children, Abigail and Nick. Peter and Anne live in Takoma Park, Maryland.

David BlitzsteinDavid S. Blitzstein

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

  • Chairman, Corporate Governance Committee
  • Member, Investment Committee

Mr. Blitzstein established a consultancy in 2014 that provides professional trustee services and strategic advice to labor unions and employee benefit trust funds. Between 2006 and 2013 Mr. Blitzstein served as the Special Assistant for Multiemployer Plans for the United Food & Commercial Workers International Union (UFCW). In that capacity, Mr. Blitzstein was a trustee/fiduciary on six Taft-Hartley pension funds and one health fund representing half a million plan participants. In addition, Mr. Blitzstein advised the UFCW International leadership on public policy issues related to retirement and health insurance.

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 to the UFCW's 600 local unions and 150 trust funds. Mr. Blitzstein was employed by the United Mine Workers of America as Director of Special Projects from 1984 to 1989. Between 1978 and 1983 Mr. Blitzstein was an economist for the UFCW.

Mr. Blitzstein has been a director of the Pension Research Council of the Wharton School—University of Pennsylvania since 1997. In 2011, Mr. Blitzstein was appointed by President Obama to the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC). In 2013, Mr. Blitzstein was elected to the Board of Directors of CareFirst of Maryland, Inc. Mr. Blitzstein was named by Institutional Investor Magazine to its "Pension Forty" most influential leaders list in November 2013.

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.

James A. Bush, Jr.James A. Bush, Jr.

Term: August 1, 2013—July 31, 2017
Trustee since August 2013

  • Member, Audit Committee
  • Member, Investment Committee

James A. Bush, Jr., was elected by members and retirees of the Employees' Systems. He is employed as a Senior Financial Analyst with the Maryland Transit Administration. Previously, Mr. Bush served as a trustee of the Baltimore City Employees Retirement System and the Baltimore City Elected Official Retirement System for 10 years, the last three as board chairman. He also was employed as a Financial Advisor with Merrill Lynch, a position in which his clients included fortune 500 corporations and state pension funds.

Mr. Bush holds degrees in business/ finance and chemistry from the University of Baltimore and Loyola University, respectively.

John W. DouglassJohn W. Douglass

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

  • Vice Chairman, Audit Committee
  • Member, Administrative Committee
  • Member, Investment 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 FosterT. Eloise Foster

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

  • Member, Administrative Committee
  • Member, Corporate Governance 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.Robert R. Hagans, Jr.

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

  • Member, Audit Committee
  • Member, Investment Committee

Robert R. Hagans, Jr., is a gubernatorial appointee to the Board. Mr. Hagans currently serves as Executive Vice President and Chief Financial Officer for AARP, a nonprofit, nonpartisan organization, with a membership of more than 37 million. In this position he directs a range of AARP’s financial, administrative and support services, and provides strategic guidance and expertise in all areas of the Association’s fiscal management, strategy implementation and policy formulation.

Mr. Hagans has over 35 years of experience in nonprofits and financial management. Prior to joining AARP in 2001, he had served as director of finance for Prince George's County Government, serving on the County’s Police and Fire Service Pension Plans Board of Trustees and Risk Management Committee. He had also served as assistant vice president for Asset Management and Treasury Operations at Howard University.

Mr. Hagans currently serves on the board of directors for Industrial Bank as treasurer and trustee, and as a member of the board of the Greater Washington Board of Trade, of the Joint Center for Political and Economic Studies, of the Malcolm Baldrige National Quality Award, and of the Dorothy I. Height Community Academy Public Charter Schools. He is also a member of the Executive Leadership Council. He and his wife Andrea reside in Mitchellville, MD.

Kenneth B. HainesKenneth B. Haines

Term: August 1, 2013—July 31, 2017
Trustee since January 2012

  • Member, Administrative Committee
  • Member, Audit Committee
  • Member, Investment 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 endorsed and re-elected by active teachers in the Maryland State Education Association (MSEA) to serve his first full term as a 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. HarkinsJames M. Harkins

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

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

James M. Harkins is a former Harford County Executive and a two-term member of the Maryland House of Delegates. A gubernatorial appointee, he is one of the two local government representatives to serve on the board. As Director of the Maryland Environmental Service, Mr. Harkins oversees an independent state agency with over 750 employees involved in more than 510 environmental projects located in three states.

Before his election as County Executive in 1998, Mr. Harkins was a sworn member of the Harford County Sheriff's Office for 25 years. He also served in the Maryland House of Delegate on the Judiciary Committee, the House Appropriations Committee and the Joint Committee on Pensions. 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.

Linda A. HermanLinda A. Herman

Term: August 1, 2013—July 31, 2017
Trustee since July 2013

  • Member, Audit Committee
  • Member, Corporate Governance Committee
  • Member, Investment Committee

Linda A. Herman is a gubernatorial appointee to the board. She was selected by Governor Martin O'Malley in July 2013 to fill a new 15th board seat created by the Maryland General Assembly to represent the interests of county governments.

Trustee Herman has served since 2004 as executive director of the Montgomery County Employee Retirement Plans. She previously served the MCERP for five years as senior investment officer. In this position, Ms. Herman managed the investment programs for the county's defined benefit, defined contribution and deferred compensation plans.

Prior to joining Montgomery County, Trustee Herman worked for 26 years for the Washington Suburban Sanitary Commission. Her tenure at WSSC included seven years as manager of retirement and investments, a role in which she oversaw the administration and investment programs for the commission's pension plan and its $1.5 billion short-term cash investment portfolio.

Ms. Herman holds a Bachelor of Science degree in accounting from the University of Maryland. She is a resident of Bethesda.

F. Patrick HughesF. Patrick Hughes

Term: July 1, 2013—June 30, 2017
Trustee since April 2004

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

F. Patrick Hughes is a gubernatorial appointee to the Board of Trustees. He is the owner and principal of Hughes & Associates, LLC, a firm engaged in real estate and corporate investments and business consulting. 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 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.

Theresa LochteTheresa Lochte

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

  • Vice Chairman, Administrative Committee
  • Member, Corporate Governance 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 of Maryland in 2007 and reelected in 2011. She has served on the Investment Committee, the Administrative Committee, and the Audit Committee.

While serving as a trustee, Ms. Lochte has attended trustee training programs sponsored by the National Education Association, the Labor and Worklife Program at Harvard Law School, and The Wharton School. She has attended National Council on Teacher Retirement (NCTR) trustee institutes and annual meetings. Ms. Lochte is currently chair of the Trustee Education Committee of NCTR. She is a member of the Board of Directors of the Maryland Retired School Personnel Association.

Ms. Lochte earned a B.A. degree from Mt. St. Agnes College and a Master of Liberal Arts degree from Johns Hopkins University. Ms. Lochte worked as a speech language pathologist in Baltimore County Public Schools for over 40 years. She lives in Ellicott City, Maryland.

Richard E. NormanRichard E. Norman

Term: August 1, 2014—July 31, 2018
Trustee since August 2014

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

Richard E. Norman retired at the rank of Captain from the Maryland State Police after 28 years of service. Mr. Norman joined the Maryland State Police in January 1977 and after graduation worked as a uniformed road patrol officer for two years. He then worked as a criminal investigator for the next 18 years specializing in narcotics, white collar crime and child abuse investigations. Mr. Norman also served as the Assistant Commander of the Rockville Barrack for three years. In 1994 he became a licensed Certified Public Accountant and was assigned to the Budget and Finance Section, overseeing the department's budget. Mr. Norman spent approximately six years as the Commander of the Budget and Finance Section of the Maryland State Police.

After retiring from the State Police in 2005, Mr. Norman became the Director of Administration for the Office of Administrative Hearings, overseeing the budget, all financial operations, procurement, human resources, building security, and fleet management, a position he held for eight years. He is currently the Director of Administration and Finance for the Comptroller of Maryland.

Mr. Norman holds a Bachelor of Arts Degree from Loyola College, is a Certified Public Accountant, and is an associate member of the Association of Certified Fraud Examiners. He served as Treasurer for the Maryland Troopers Association and has been an active community volunteer. Mr. Norman resides with his wife and daughter in Carroll County and has two adult sons.

Harold ZirkinHarold Zirkin

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

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

Harold Zirkin is a gubernatorial appointee to the Board. Mr. Zirkin is Managing Director of United Capital, 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.Thurman W. Zollicoffer, Jr.

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

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

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, a former trustee of the Baltimore City Employee Retirement System, also serves as a member of the Governor's Blue Ribbon Commission to Study Retiree Health Care Options. He also sits on the Board of Directors of the East Baltimore Development, Inc. and Total Health Care, a nonprofit serving the health needs of Baltimore's most at risk population. Mr. Zollicoffer holds a bachelor's degree from Towson University and a J.D. degree from the University of Maryland.

Public Advisors to the Investment Committee

Selected for a 3-year term by the Board, based on their professional education and credentials in the investment industry, and with the approval of the Board of Public Works

Larry E. Jennings, Jr.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 Valstone Partners and 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 a board member and a member of the Investment Committee of Morgan State University Foundation. He also sits on the boards of Sinai Hospital, Roland Park Country School, and the Baltimore Municipal Golf Corporation.

Stefan StreinStefan Strein

Term: July 1, 2014—June 30, 2017
Public Advisor since 2014

Stefan Strein, Vice President and Chief Investment Officer of The Annie E. Casey Foundation, has over 20 years of experience managing investment portfolios, with a specific focus on private capital strategies.

For the first 13 years of his career, Mr. Strein co-managed three venture capital portfolios that made direct investments in early stage technology companies. During that time, the companies his firm financed participated in IPOs, reverse mergers, acquisitions, and bankruptcies. The earliest of the funds, Tritech Partners, received capital from the Maryland Venture Capital Trust, an early effort by the State to fund local early stage venture firms.

For the past nine years, Mr. Strein has been employed at the Casey Foundation, where he came in 2005 to assist with the creation and build-out of its private capital and hedge fund portfolios. As the head of alternative investments for seven years, he built two fully diversified portfolios and was responsible for identification, due diligence and ongoing monitoring on all funds. The private capital portfolio grew to include investments in partnerships focused on buyout, venture capital, real estate, natural resources and credit strategies and has over 115 funds. He was promoted to the position of CIO on January 1, 2013.

Mr. Strein represents the Casey Foundation on the advisory boards of several prominent investment partnerships and works with the board of directors for the East Baltimore Community School, a charter school initiative co-founded by the Foundation. He serves on the Global Client Advisory Board for BNYMellon, is a member of the Investment SubCommittee for the Planned Parenthood Federation of America, and serves on the Investment Committee of the Baltimore Community Foundation.

He holds an undergraduate degree from Washington College and a graduate degree from Johns Hopkins University.

Brian B. ToppingBrian B. Topping

Term: July 1, 2013—June 30, 2016
Public Advisor since 2003

Brian Topping has had a 46-year career in investment management. He began in 1958 as a security analyst at the Philadelphia National Bank, moved to the management of large tax exempt accounts and became the Chief Investment Officer. In 1976, he joined the Mercantile Safe Deposit and Trust Company as Executive Vice President and Chief Investment Officer, where he was responsible for the research, economics and portfolio management departments. In 1978, he was named Vice Chairman and head of the Trust and Investment Management Division, then the largest unit of its kind in Maryland.

Mr. Topping retired from full time service in 1997 and began an eight year period as consultant to the then Wealth Management and Investment Division and Co-Manager of the bank's MSD&T Growth and Income Fund. In his last year at the bank, the national fund was awarded five stars by the Morningstar Group.

Mr. Topping was a member of several boards of directors: Mercantile Bancshares, Mercantile Safe Deposit and Trust Company, The Fidelity and Deposit Insurance Company of Maryland (a subsidiary of Zurich Insurance) and the Harford Mutual Insurance Companies of Bel Air, Maryland.

He is a graduate of the University of Pennsylvania and holds an MBA (Finance) from the University's Wharton Graduate Division.

His community service includes President and Trustee of the Maryland Historical Society and Trustee of the Baltimore Museum of Art.

Agency Director

R. Dean KenderdineR. 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 as well as secretary to its Board of Trustees. 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 34 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 of a state child welfare advocacy organization.

Mr. Kenderdine is a member of the Board of Directors for Goodwill Industries of Chesapeake, and has previously served on several other non-profit organization boards.

Mr. Kenderdine holds a master's degree from the University of Maryland and a bachelor's degree from Arizona State University.