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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 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 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 BlitzsteinDavid S. Blitzstein

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

  • Chairman, Corporate Governance Committee
  • Member, Investment Committee

David S. Blitzstein is a gubernatorial appointee to the Board.

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.

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.

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.

James “Chip” DiPaulaJames “Chip” DiPaula

Term: August 1, 2015—July 31, 2019
Trustee since January 15, 2016

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

James “Chip” DiPaula is a gubernatorial appointee to the Board.

Mr. DiPaula brings more than three decades of hands-on budgeting and management experience to the Board of Trustees. He returns to the board, having last served twelve years ago as an ex-officio member in his role as Secretary of the Maryland Department of Budget & Management in the administration of Governor Robert L. Ehrlich, Jr. During his tenure as budget secretary, he was responsible for overseeing a $26 billion budget and 88,000 state employees. Subsequently, Mr. DiPaula served as the governor’s Chief of Staff. In these roles, Mr. DiPaula was the Governor’s chief fiscal advisor and Chief Operating Officer for state operations.

Mr. DiPaula is co-founder of Flywheel Digital, an ecommerce agency that manages brand campaigns for many of the world’s top consumer products companies.

An accomplished strategist, Mr. DiPaula has held many leadership positions including Chief Executive Officer, and Convention Manager for the 2000 Republican National Convention in Philadelphia.

Born and raised in Baltimore, Mr. DiPaula holds a Bachelor's degree in Business Administration from Towson University.

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 August 1, 2013

  • Member, 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
  • Member, 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, 2013—June 30, 2017
Trustee since April 2004

  • Chairman, Audit Committee
  • Chairman, Investment 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.

Charles W. JohnsonCharles W. Johnson

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

  • Member, Corporate Governance Committee
  • Member, Investment 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 Quoin Capital 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 of 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, 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.

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.

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, 2015—June 30, 2018
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.