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Board of Trustees

Board Members

Nancy K. KoppNancy K. Kopp, Chairman

State Treasurer
Ex Officio member of the board since February 14, 2002

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

Nancy K. Kopp, was elected Maryland State Treasurer in 2002, and re-elected in 2003, 2007, 2011, and 2015. Prior to that she served in the Maryland House of Delegates for 27 years. In addition to chairing the Board of Trustees of the Maryland State Retirement and Pension System, Treasurer Kopp serves as the Chair of the Capital Debt Affordability Committee, the Maryland 529 Plans, and the Commission on State Debt. The Treasurer is a member of the Maryland Board of Public Works, along with the Governor and the Comptroller. Treasurer Kopp is also a member of the Board of Trustees of the Maryland Teachers & State Employees Supplemental Retirement Plans and the Board of Revenue Estimates, among others.

In addition to her activities in Maryland, Treasurer Kopp is a member of the Financial Accounting Foundation (FAF) Board of Trustees, serving on the FAF Board’s Executive Committee and as Co-Chair the FAF Standard-Setting Process Oversight Committee.

Treasurer Kopp’s numerous public service and career recognition awards include election to the National Association of State Auditors, Comptrollers, and Treasurers (NASACT) Hall of Fame and the Maryland Women’s Hall of Fame. 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 member of the board 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 R. BrinkleyDavid R. Brinkley

Secretary of Budget and Management
Ex Officio member of the board since January 21, 2015

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

Mr. Brinkley was born and raised in Frederick County, where he attended public school. He attended Gettysburg College and graduated from the University of Maryland, College Park, in 1981. He has two adult children and resides on a small farm in Frederick County.

He began his career in the Financial Services profession with a life insurance company in Montgomery County, and later opened his own office in Frederick. He earned his professional designations in 1984 and maintains securities registrations with FINRA and insurance licenses in twelve states. His practice is focused on Estate and Retirement planning.

He was elected to the House of Delegates in 1994 and served two terms.

In 2002 he was elected to the first of three terms in the Maryland Senate. Senator Brinkley served 11 years on the Budget and Taxation Committee, and his last year on the Finance Committee. Twice he served as Minority Leader of the Senate.

Over his 20 year legislative career, his pro-job creating voting record placed him in the 97th percentile of Maryland Senators, according to Maryland Business for Responsive Government ( 2014 Roll Call).

After Governor Hogan's election in 2014, Mr. Brinkley served on the transition team formulating the FY2016 Budget, and on February 13, 2015 he was confirmed by the Senate as the Secretary of Budget and Management.

Eric D. BrotmanEric D. Brotman

Term: July 1, 2015—June 30, 2019
Trustee since January 19, 2016

  • Member, Corporate Governance Committee
  • Member, Investment Committee

Eric D. Brotman is a gubernatorial appointee to the Board.

Eric D. Brotman, CFP®, AEP®, MSFS is President and Managing Principal of Brotman Financial Group, Inc., an independent firm assisting clients with wealth creation, preservation, and distribution. Mr. Brotman began his financial planning practice in Baltimore in 1994, and founded Brotman Financial Group in 2003.

He is a 2006 alumnus of Leadership-Baltimore County and a 2009 alumnus of Leadership Maryland, where he is serving as Chairman on the Board of Directors. Mr. Brotman serves on the Board of Trustees and is the chairman of the University Advancement Committee at Stevenson University. He is a Past-President and Chairman of the Board of the Financial Planning Association of Maryland.

Mr. Brotman appears regularly on television on 11 News Sunday Morning on WBAL in Baltimore, and his 2nd book, “Retire Wealthy: The Tools You Need to Help Build Lasting Wealth – On Your Own or With Your Financial Advisor,” was published in 2014. Mr. Brotman was recognized as one of the “Maryland Power Players” by The Gazette of Politics and Business in 2010 and was named one of the “Very Important Professionals” by The Daily Record in 2011.

Mr. Brotman holds a Bachelor of Arts degree from the University of Pennsylvania. He earned his CERTIFIED FINANCIAL PLANNERTM (CFP®) certification in 1998, and completed his Master's Degree in Financial Services (MSFS) at the American College in 2003. He is a Registered Representative of Kestra Investment Services, LLC and Investment Advisor Representative with Kestra Advisory Services, LLC.

Jamaal R. A. CraddockJamaal R. A. Craddock

Term: August 1, 2017—July 31, 2021
Trustee since June 2018

  • Member, Investment Committee

Jamaal R. A. Craddock, a ten-year veteran of the Department of Juvenile Services, was elected by active and retired members of the Employees’ Systems to represent their interests on the Board of Trustees.

Trustee Craddock is a member of the Maryland chapter of AFSCME and has represented the organization on retirement matters before the Maryland General Assembly. Most recently, Mr. Craddock led AFSCME’s effort to bring DJS employees into the Correctional Officers’ Retirement System.

He holds a bachelor’s degree in business management from Morgan State University.

David B. HamiltonDavid B. Hamilton

Term: August 1, 2016—July 31, 2020
Trustee since August 2016

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

David B. Hamilton is the Managing Partner of the Baltimore office of Womble Carlyle Sandridge & Rice, LLP. He helped establish the office in 2007, expanding Womble Carlyle’s footprint into Maryland

Mr. Hamilton previously served on the SRPS Board from 2003 to 2007. Recently, Gov. Hogan appointed Mr. Hamilton to the Appellate Judicial Nominating Commission.

Mr. Hamilton practices in the firm’s Antitrust and Business Litigation Practice Groups, with experience in antitrust, class action, trade secrets, RICO, mergers and acquisitions, shareholder and partnerships disputes, franchise and other business competition claims. He has vast experience working on complex disputes with many of the cases arising from health care, technology, banking and real estate matters. He has handled numerous cases involving multiple parties in large complex matters and has litigated cases in state and federal courts throughout the United States.

Prior to joining Womble Carlyle, Mr. Hamilton was a Principal at Ober Kaler in Baltimore and co-chaired the litigation department and chaired the government relations practice group. He focused on business litigation and complex commercial disputes. Mr. Hamilton has been named as a Maryland Super Lawyer in civil litigation/defense since 2007 also in antitrust and in business litigation. He was recently selected by his peers for inclusion in The Best Lawyers in America© 2017 as the Baltimore Government Relations Practice Lawyer of the Year. He was also nominated in the fields of Commercial Litigation, Litigation – Antitrust and Litigation – Mergers and Acquisitions.

Mr. Hamilton received his J.D. from the University of Maryland School of Law and holds Bachelor’s and Master’s degrees in political science from Duquesne University.

Linda A. HermanLinda A. Herman

Term: August 1, 2013—Present
Trustee since August 1, 2013

  • Vice Chairman, Investment Committee

Linda A. Herman is a gubernatorial appointee to the board. Her trustee position serves the purpose of representing 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.

Sheila HillSheila Hill

Term: August 1, 2015—July 31, 2019
Trustee since August 2015

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

Sheila Hill started her career as a state employee in 1987 with the Department of Public Safety and Correctional Services as a Correctional Officer. She served as president of AFSCME Local 1319 at the Patuxent Institution from 1997 until her retirement in 2012. Ms. Hill also served on the Executive Board of AFSCME Maryland and chaired the Maryland AFSCME Corrections Steering Committee. Throughout her career she represented employee concerns about compensation, staffing and benefits before the General Assembly.

Ms. Hill was first elected to the Maryland State Retirement and Pension System as a Trustee representing active employees in 2004, serving on the Administrative and Investment Committees and as chair of the Corporate Governance Committee until her retirement in 2012. Three years later, Ms. Hill was elected as the retirees’ representative in the 2015 Employees’ Systems Trustee Election. Her four-year term began on August 1, 2015.

The youngest of five children and daughter of a career Army non-commissioned officer, Ms. Hill was born in Frankfurt, Germany. She moved to Columbia in 1970 when her father retired. Ms. Hill now resides in Catonsville, Baltimore County.

F. Patrick HughesF. Patrick Hughes

Term: July 1, 2017—June 30, 2021
Trustee since April 2004

  • Member, Audit Committee
  • 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 as well as 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 2003, MART merged into Kimco Realty Trust, of which Mr. Hughes was a director until 2014. Mid-Atlantic Realty Trust, a real estate investment trust (REIT), was involved in shopping center development and ownership. Mr. Hughes also was Executive Chairman of the Board of the Nottingham Companies (developer of the new town of White Marsh, Baltimore County) until the merger of their interests into Federal Realty Trust and Corporate Office Properties Trust in 2007.

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.

Charles W. JohnsonCharles W. Johnson

Term: August 1, 2015—July 31, 2019
Trustee since January 14, 2016

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

Charles W. Johnson is a gubernatorial appointee to the Board.

Mr. Johnson has been an Equity Trader since 1972 and has worked at a number of renowned and boutique investment firms, including Allen & Company; Kidder, Peabody & Co.; Brean Murray Foster Securities; and Blaylock & Partners. Currently, he is affiliated with Greentree Brokerage Services, Inc. in Philadelphia.

With most of these firms, Johnson has been the Managing Director of Equity Sales, Trading and Syndicate activities. For Blaylock and Partners, he was responsible for the development of the company’s equity group, which included trading, sales and syndications for domestic and international stocks. While a Vice President at Kidder Peabody and Co. Inc. in New York, Johnson established the firm’s NASDAQ Block Trading Department. He was a frequent stock market commentator on CNBC.

With a commitment to active involvement and contributions to his community, Johnson has a particular interest in the financial well-being of his church’s affairs. He is a member of the Investment Committee of the Episcopal Diocese of Maryland; a past Director of the Episcopal Church Foundation; and a past Trustee of Berkeley Divinity School at Yale University. He was also a Trustee of the Walters Art Museum. Johnson is a member of the Old Blue Rugby Football Club and was inducted into its Hall of Fame in 2009.

Johnson received his MBA in Finance from Columbia University’s Graduate School of Business and his Bachelor of Arts from Columbia College of Columbia University. He holds Series 7, 24, 55 and 63 licenses. He resides in Baltimore City.

Theresa LochteTheresa Lochte

Term: August 1, 2015—July 31, 2019
Trustee since August 2007

  • Vice Chairman, 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 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, 2018—July 31, 2022
Trustee since August 2014

  • Member, Administrative Committee
  • Acting Chairman, 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.

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.

Douglas ProutyDouglas Prouty

Term: August 1, 2017—July 31, 2021
Trustee since August 2017

Douglas Prouty was elected by members and retirees of the Teachers’ Systems. An English teacher at Richard Montgomery High School in Rockville, Mr. Prouty has taught in Montgomery County Public Schools for more than two decades. In addition to serving as the county’s Career Lattice Coordinator he is an at-large member of the Board of Directors for the Maryland State Education Association. He also served as President of the Montgomery County Education Association from 2009 to 2015.

The Silver Spring resident received an A.B. from Dartmouth College and an M.A. and B.A. from the University of Maryland.

Michael J. StaffordMichael J. Stafford, Jr., CFA

Term: October 26, 2017—July 31, 2019
Trustee since October 26, 2017

Michael J. Stafford, Jr., is a gubernatorial appointee to the Board.

Mr. Stafford is Managing Director and Director of Fixed Income Investments for ASB Investment Management and is a member of the ASB Fixed Income Council. He has 30 years of experience in the institutional fixed income business, and previously served as Chief Investment Officer of The St. Paul’s (now Travelers) life insurance subsidiary, and Portfolio Manager with Bank of America, Legg Mason, and First National Bank of Maryland.

Mr. Stafford is a past president and director of The Baltimore Security Analysts Society, and has taught investment analysis in the MBA program at Johns Hopkins University.

He is a graduate of Georgetown University and earned an MBA from Loyola College of Baltimore. Mr. Stafford is a CFA charterholder.


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

Stephen M. KitsoulisStephen M. Kitsoulis

Term: July 1, 2017—June 30, 2020
Public Advisor since 2017

Stephen M. Kitsoulis is Managing Director of Trading, Fixed Income and Currencies for the Howard Hughes Medical Institute, a science philanthropy whose mission is to advance biomedical research and science education. Mr. Kitsoulis has direct responsibility for the Institute’s bond portfolio, currency management and hedging, and oversight of internal trading activity across all asset classes. He also works closely with the management team in constructing derivative overlays to manage fund risk. As a senior member of the department’s management team he sits on the internal Investment Committee.

Prior to joining the Institute in 1987 he was the Manager of Mortgage Pricing and Securities Analysis at Freddie Mac in Washington, DC. In that position, he was responsible for establishing pricing methodologies for all mortgage product lines and evaluating and structuring corporate securitization and debt funding programs. This included working on the first Collateralized Mortgage Obligation ever issued in 1983. He joined Freddie Mac in 1980 and held various positions in financial planning and asset/liability management before moving into the mortgage finance area.

Mr. Kitsoulis is a past President and Secretary of the Washington Association of Money Managers and previously served on the Investment Advisory Committee of the American Institutes for Research, one of the world’s largest behavioral and social science research and evaluation organizations.

He holds an MBA in Finance and Investments from the George Washington University School of Business and a BS in Finance cum laude from the University of Maryland.

Michael K. BarryMichael K. Barry

Term: July 1, 2016—June 30, 2019
Public Advisor since 2016

Michael K. Barry, CFA, is Chief Investment Officer for Georgetown University. In this position, he oversees the University's management of investment portfolios, including the endowment and retirement plan. Mr. Barry manages an investment office with an experienced team of investment and operational support professionals.

Mr. Barry previously served as Chief Investment Officer at the University System of Maryland Foundation, where he started their Investment Office in 2003. At USMF, he was responsible for the investment of endowment and operating funds on behalf of the eleven member universities that invest with the USM Foundation Investment Office and six external nonprofit institutions. Prior to his arrival at the Foundation, he served as a Senior Research Associate at Cambridge Associates, one of the nation's leading investment consulting firms.

Mr. Barry serves on the investment committees of the France-Merrick Foundation and the Council for Advancement and Support of Education. He previously served as a board member for the CFA Society of Washington and an advisory board member for No Greater Sacrifice, a charity providing college scholarships for children of the fallen and wounded in the U.S. Military.

He holds a B.A. in Philosophy from Fairfield University in Fairfield, Connecticut and is also a Chartered Financial Analyst. He earned a Master's in International Public Policy at the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University.

Monte TarboxMonte Tarbox

Term: July 1, 2018—June 30, 2021
Public Advisor since 2018

Monte Tarbox is the Executive Director, Investments for the National Electrical Benefit Fund (NEBF) which provides pension benefits to IBEW members and the electrical industry nation-wide. NEBF has over 500,000 participants, over 9,000 contributing employers and assets of $14 billion. At NEBF, he is responsible for the investment program, including asset allocation, investment policy and oversight of external investment managers. Mr. Tarbox has over 27 years of experience as an investment officer and advisor serving multi-employer pension funds and other institutional investors in the United States and Australia.

Prior to joining NEBF, Mr. Tarbox was CIO at the IAM National Pension Fund in Washington. Previous experience included five years with IFM Investors, a global investment firm that is wholly owned by over 30 Australian superannuation (pension) funds. He was responsible for working with North American institutional clients in the IFM Global Infrastructure Fund. He has held senior positions with investment consulting firms in Chicago, Washington, and Melbourne, Australia. During his consulting career, Mr. Tarbox did extensive work in capital markets research, asset allocation, investment policy, manager structure and research, brokerage analysis, corporate governance and performance evaluation. He also spent two years as the Executive Director of the AFL-CIO Center for Working Capital where he developed a trustee training and education program and created a trustee curriculum on fiduciary duty and investment responsibilities.

Mr. Tarbox has a BA from Carleton College (Magna cum laude) and an MBA from the University of Chicago with a specialization in finance. He also holds the Certified Employee Benefits Specialist designation awarded by the International Foundation of Employee Benefits Plans and Wharton School of the University of Pennsylvania. He has also served for 16 years as a Board Member on the Board of Investments for the Montgomery County Public Schools Retirement System in Rockville, Md.

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. Mr. Kenderdine was named Executive Director of the Maryland State Retirement and Pension System effective January 17, 2007. Mr. Kenderdine is chief executive officer of a system that administers retirement, disability, and death benefits on behalf of more than 394,000 active, vested, and retired State employees, teachers, state police, correctional officers, other law enforcement officers, judges and legislators. He is an active member of the National Association of State Retirement Administrators (NASRA) and the National Council on Teacher Retirement (NCTR). Mr. Kenderdine has served on the Executive Committee for NASRA and serves on the Legislative Committee for NCTR.

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.