Defined contribution

MarylandSaves names CEO

John Wasilisin was named executive director and CEO of the new Maryland Small Business Retirement Savings Program, Hunt Valley, the non-profit organization announced Friday.

Mr. Wasilisin resigned in late January as president and chief operating officer of TEDCO, Maryland's state technology development corporation. He previously was deputy secretary of the state's Department of Budget and Management and the Department of Labor, Licensing and Regulation.

Also known as MarylandSaves, the program is available to employees of businesses that do not offer retirement plans, with automatic enrollment and payroll deduction. Participants will be able to choose their investment options, the amount saved, or whether to opt out of the program. The program will offer employers a $300 state tax credit to participate in the program, which is designed to be paid for from investment commissions, not including start-up costs.

"The more we looked at candidates to build and run MarylandSaves, the more we became convinced that John's long and successful experience working both with businesses and government is what our program will need to succeed," Board Chairman Joshua Gotbaum said in a statement.