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Maryland looking for executive director for private-sector retirement plan

Maryland is looking for an executive director for the Small Business Retirement Savings Board that is creating a retirement savings program for the private sector.

The executive director will start and manage a new financial institution that is still being designed. Board officials project it could receive and invest up to $10 billion for an estimated 500,000 people, out of 1 million state residents not now enrolled in a retirement savings program.

The 11-member Maryland Small Business Retirement Savings Board is chaired by Joshua Gotbaum, a senior fellow at the Brookings Institution and former director of the Pension Benefit Guaranty Corp. Other board members are state Treasurer Nancy Kopp; Maryland Department of Labor, Licensing and Regulation Secretary Kelly Schulz; Kathleen Kennedy Townsend, managing director of alternative investment manager The Rock Creek Group and founder of the Center for Retirement Initiatives at Georgetown University; ERISA lawyer Paul A. Green; Sarah Mysiewicz Gill, senior legislative representative at AARP; attorney and CPA Louis Hutt; Kathleen M. Davis, a CPA; financial adviser Marianne Mattran; and Maryland legislators Sen. Jim Rosapepe and Delegate Benjamin Brooks.

Ms. Kopp is chairwoman of the $45.5 billion Maryland State Retirement & Pension System, Baltimore.

Mr. Gotbaum said familiarity with financial services is an advantage. "What we're looking for most is the energy and drive to startup and build," he said.

The board will operate as a non-profit corporation, and will not be held to state hiring or procurement procedures.

Candidates should submit a cover letter and resume to admin@marylandsaves.org by Sept. 15.