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Retirement Plans

Maryland Small Business Retirement Savings Program seeks executive director

A help wanted sign hangs on the window of Gino’s Pizza in Miami Beach, Florida, Friday, August 5, 2005. U.S. employers added 207,000 workers in July, a bigger increase than forecast, and wages grew at the fastest pace in a year, suggesting companies are gaining confidence as the economy picks up speed. Photographer: Mike Fuentes/Bloomberg News

Maryland Small Business Retirement Savings Program, Hunt Valley, is searching for an executive director, the organization announced.

The board selected David Belnick as its executive director in April, but Mr. Belnick returned to his previous employer at Nationwide Retirement Solutions managing the relationships and retirement programs.

"Dave established our office and hired a staff. Now we're looking for an executive director to start the program that will enable some 1 million Marylanders to save for retirement automatically, safely and at low cost," board Chairman Joshua Gotbaum said in the announcement.

Mr. Gotbaum could not be immediately reached for additional information.

Glenn Simmons, marketing director of the program, will assume the executive director's responsibilities while the board seeks a permanent replacement.

Created by bipartisan legislation enacted in 2016, the program is expected to start in 2019 and will require employers not offering some form of workplace retirement savings to automatically enroll employees in a payroll-deduction individual retirement account. An estimated 1 million Maryland residents work full time but do not have retirement plans available at work.

The program was approved for $900,000 in startup funds from the state, but it is intended to be self-financed from fees collected on the assets in the IRAs. It will offer several privately managed investment options, with a default option if an employee doesn't want to choose. Participants can adjust their contribution rates or opt out of the program.

Those interested in the position should contact senior executive administrator Stephanie Davis.