Board of Trustees

The Maryland Supplemental Retirement Plans are administered by a nine-member Board of Trustees appointed by the Governor of Maryland to staggered four-year terms. The governor selects three members from any of the following departments, agencies or boards: the Department of Budget and Management, the Department of Education, the Comptroller of the Treasury, the State Treasurer's Office, the Maryland State Retirement and Pension Systems or the Maryland Higher Education Commission.

Three other members must be eligible to participate in one or more of the plans, provided that at least one is eligible for the 403(b) plan. Three additional members must represent the general public and must not be eligible to participate in the plans. One of these members must have experience with deferred compensation and salary reduction plans. Each board member serves on at least one committee. The committees include the Investment Committee and the Audit Committee.

The MSRP Board of Trustees meets at least quarterly, typically on the fourth Monday of the month at 9:30 a.m. unless otherwise indicated by notice on this website prior to a meeting, the location of all Board Meetings is the Board's offices at the William Donald Schaefer Tower, 6 Saint Paul Street, Suite 200, Baltimore, Maryland 21202-1608.  These meetings are open to the public. Interested parties should contact Ms. Andrea Hill at 410-767-8731 or send an email to to register as a guest and receive the dial-in number for the meeting. The agenda to any upcoming meeting can be accessed below. Portions of any Board meeting may be held in closed session. .

Board Meeting Schedule

May 24, 2021
August 30, 2021
*September 13, 2021
*October 25, 2021
November 22, 2021
*December 9, 2021  
January 24, 2022  
February 28, 2022
May 23, 2022    
August 22, 2022    
November 21, 2022    

* Special Meeting

Minutes are posted after approval
Board Meeting Minutes

Calendar Year 2021
October 25, 2021 Special Board Meeting Minutes
September 13, 2021 Special Board Meeting Minutes
August 30, 2021 Board Meeting Minutes
May 24, 2021 Board Meeting Minutes
March 01, 2021 Board Meeting Minutes
January 25, 2021 Board Meeting Minutes

Calendar Year 2020
November 23, 2020 Board Meeting Minutes
August 7, 2020 Special Board Meeting Minutes
July 20,2020 Board Meeting Minutes
June 1, 2020 Board Meeting Minsute
May 8, 2020 Board Meeting Minutes
March 31, 2020 Board Meeting Minutes
March 02, 2020 Board Meeting Minutes
January 27, 2020 Board Meeting Minutes

Calendar Year 2019
November 25, 2019 Board Meeting Minutes
August 26, 2019 Board Meeting Minutes

June 3, 2019 Board Meeting Minutes
March 4, 2019 Board Meeting Minutes
January 28, 2019 Board Meeting Minutes

Archived Board Meeting Minutes



The Honorable T. Eloise Foster, Board Chair
State Agency Member

Thomas M. Brandt, Jr.
Public Member

The Honorable Dereck E. Davis
Maryland State Treasurer
State Agency Member

Lynne M. Durbin, Esq.
Public Member

Thomas P. Hickey

403(b) Eligible Member

John D. Lewis
Public Member

Johnathan R. West
Director of Finance and Administration, Department of Budget and Management
Eligible Member


Public Information Act Requests

To request information from The Maryland Teachers and State Employees Supplemental Retirement Plans under the Public Information Act please click here.

MSRP Board Staff

Executive Management

Ronda Butler Bell
Executive Director & Secretary to the Board

Debra Roberts, Ph.D., CPA
Deputy Executive Director & Chief Financial Officer

Board Counsel

Assistant Attorney General
Maryland Office of the Attorney General

Administration, Operations and Technology
Richard A. Arthur, MBA, CPM
Director of Operations and Technology
Andrea L. Hill
Assistant to the Executive Director
EEO Officer/HR Liaison

Finance and Compliance
Nakeia Smith
Finance & Compliance Administrator
Lillie Jones
Accounting Assistant
Sharlene Matthews
Finance & Compliance Administrative Assistant

Member Services

Tonya Toler, CRC
®, CPM
Director of Member Services

Angela Anderson, CRC
Member Services Education Specialist
Camella Davenport
Member Services Administrative Assistant

Anne O'Neill, CRC
Member Services Education Specialist
Jeannie Sutton, CRC
®, ChFC®
Member Services Education Specialist
Ronald E. Pringle, MA
Member Services Administrator


MSRP Organizational Chart (Revised 12/30/2021)

History of the Plans

The Maryland Deferred Compensation Program was established for Maryland state employees in 1974 by Executive Order 01.01.1974.19 and under Chapter 433 of the Acts of 1974. Subsequently, the U.S. Congress established the 457(b)Deferred Compensation Plan for public employees as part of the Internal Revenue Code in 1978. In 1975, enrollment began and a seven-member Board of Trustees administered the plan.

Chapter 741 of the Acts of 1985 brought the 457(b)Deferred Compensation Plan under the direction of a nine-member Board of Trustees. The acts also gave the board authority to administer a 403(b) Tax-Deferred Annuity Plan and a 401(k) Savings and Investment Plan. The Maryland 403(b) plan became operational in 1985, and the Maryland 401(k) plan began in 1990. These three plans came to be known as the Maryland Teachers and State Employees Supplemental Retirement Plans.

In 1998, one of the most significant changes in the plans took place. Chapter 530 of the Acts of 1998 was enacted, that in part provides for, a match to the State's 457(b), 403(b) and 401(k) supplemental retirement plans. Effective July 1, 1999, a dollar for dollar match became operational at the statutory maximum of up to $600 each fiscal year. Three years later, the maximum match was reduced to $500 per participant for the 2003 fiscal year, then was suspended for fiscal years 2004 and 2005 to reduce personnel expenses. As economic conditions improved, the match resumed for fiscal year 2006 at a $400 per eligible participant maximum, and then the full $600 Match for fiscal year 2007. According to the law, State employees who are members of the State EmployeesAlternate Contributory Pension Selection Plan are eligible for the match. The State's contributions are immediately vested.

In addition to implementing, maintaining and administering the plans, the board is responsible for submitting progress and status reports to participants; submitting an annual report to the governor and General Assembly; appointing employees; and hiring consultants, administrators and other professional assistance. Each board member serves on at least one committee. The committees include the Investment Committee and the Audit Committee.


Nationwide is the third-party administrator under contract with the Maryland Supplemental Retirement Plans' Board of Trustees to maintain the records for the plans and handle daily transactions. The company is one of the nation's largest administrators of deferred compensation programs for state and local government employees.  It administers more than 1.3 million individual deferred compensation accounts for more than 10,000 governmental units in 44 states. 

Nationwide is based in Columbus, Ohio, where it maintains a Customer Service Center for MSRP. Nationwide, known for its extensive local marketing efforts, houses an office in Hunt Valley, Maryland where State of Maryland employees can go for retirement and distribution counseling.  Financial services representatives are able to provide enrollment assistance and consultation.  For more information or to enroll, contact Nationwide at 1-800-545-4730, available regular business days Monday through Friday 8 a.m. to 11 p.m., or log on to

MSRP Annual Reports

On March 05, 2021, The Certificate of Achievement for Excellence in Financial Reporting was awarded to the Maryland Teachers & State Employees Supplemental Retirement Plans (MSRP), by the Government Finance Officers Association of the United States and Canada (GFOA).  This is the 10th consecutive year that MSRP has received this prestigious GFOA award!

The Board of Trustees and Staff of MSRP are proud of this high honor in financial reporting.  We strive to provide the most comprehensive and accurate information, in the spirit of full disclosure, for our participants and other interested parties and fully intend to continue pursuing this prestigious award every year. Click here to view the award.

2020 Comprehensive Annual Financial Report
2019 Comprehensive Annual Financial Report
2018 Comprehensive Annual Financial Report

2017 Comprehensive Annual Financial Report
2016 Comprehensive Annual Financial Report

2015 Comprehensive Annual Financial Report

Archived MSRP Annual Financial Reports

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