Board of Trustees

The Honorable T. Eloise Foster, Board Chair

Ms. Foster is Chair of the Board of Trustees of the Maryland Teachers & State Employees Supplemental Retirement Plans. She has more than three decades of experience in the public sector, where she developed an expertise in fiscal policy and management. For over a decade Ms. Foster served as Secretary of the Maryland Department of Budget and Management and was responsible for the development and management of Maryland’s $38 billion operating and $1.5 billion capital budgets, the Statewide Personnel System, and its employee and retiree benefits program. Previously, she worked as Assistant Dean for Business Affairs and Program Development at the University of Maryland School of Medicine. Earlier in her career Ms. Foster was a legislative officer for Governor William Donald Schaefer and a fiscal analyst for the Maryland General Assembly.

Thomas M. Brandt, Jr., Audit Committee Chair

Mr. Brandt is a retired corporate financial professional and investor. He was CFO and a board member of TeleCommunication Systems (TCS; NASDAQ:TSYS), an Annapolis-based wireless communications technology company and MBE, from 1997 until its sale in 2016. He has served on several public and private company boards. Prior to working for TCS, Mr. Brandt was a financial officer for several other companies. He began his career with Price Waterhouse, where he worked for 12 years. He is a Maryland CPA (inactive) with a Bachelor’s degree in Management Science from Duke University and an MBA from the Wharton School of the University of Pennsylvania.

The Honorable Dereck E. Davis, Treasurer of Maryland

Dereck E. Davis

Dereck E. Davis was elected and sworn in as the 24th Maryland State Treasurer in December,2021. In addition to Treasurer Davis’ responsibilities for managing the Office of the State Treasurer, he serves as the chief representative of the State dealing with financial rating agencies and investment banking firms. Additionally, as a constitutional officer and a representative of the General Assembly, the Treasurer serves on a number of key State boards and financial planning committees.

Lynne M. Durbin, Esq., Investment Committee Chair

Lynne M. Durbin

Ms. Durbin is President of InLine LLC, a business and risk consulting firm. She was Vice-President and General Counsel of Adhesives Research, Inc., an international specialty chemical manufacturing company, from 2001 through 2014, where, in addition to her legal and management duties, she sat on the defined benefit pension plan and 401(k) plan committees. She served on the Pension Advisory Committee of Girl Scouts of the USA from 2018 through 2020. In 2018, she was appointed by Governor Hogan to the Financial Education & Capability Commission. Ms. Durbin has chaired and served on the boards of numerous non-profit organizations in the greater Baltimore area.

Jaclyn Hartman

Jaclyn Hartman

Ms. Hartman currently serves as Assistant Secretary of Transportation Investments at the Maryland Department of Transportation.  Prior to this role, she served as Chief Financial Officer and Director of the Office of Public Private Partnerships for the Maryland Department of Transportation. Ms. Hartman served as the Chief Financial Officer of the Maryland Transportation Authority from 2012 through 2018 and also held the role of Senior Policy Analyst for the Department of Legislative Services from 2005 through 2012. She holds a Master of Public Policy from the University of Maryland College Park and a Bachelor of Arts in Political Science, magna cum laude, from Elon College.

Thomas P. Hickey

Thomas P. Hickey

Thomas Hickey (Tom) is currently the Associate Vice Chancellor for Procurement and Real Property Initiatives at the University System of Maryland. Prior to this, he served as Director of Procurement and Real Property Initiatives at the University System of Maryland, prior that he served as the Director of Procurement for the Maryland Department of Transportation. He has over 20 years of experience in State and local government, primarily in the areas of public policy and budget and fiscal matters.

Mr. Hickey holds a Master of Public Administration from the University of Baltimore and a Bachelor of Arts in Government and Politics from the University of Maryland, College Park. He previously served as the Secretary of Transportation’s designee to the Transportation Professional Services Selection Board. He served on the Task Force to Study State Office Locations in Prince George’s County, the Board of Directors of Greater Lauraville, the Baltimore City Tax Increment Financing Advisory Committee and the African American Heritage Festival Steering Committee. He also served as Vice President of the Dundalk Renaissance Corporation. He was the recipient of the William Donald Schaefer Fellowship at the University of Baltimore and was an American Marshall Fellow in 2002

Jonathan R. West

Jonathan R. West

Mr. West is currently the Director of the Division of Finance and Administration at the Maryland Department of Budget and Management. The Division of Finance and Administration administers the accounting, budgeting, payroll, purchasing and related functions for the Department. In addition, it has two other functions: it maintains a master position control file for all authorized State positions to enable position, classification, and salaries for the annual State budget; and it contracts for the preparation of the Statewide Central Services Cost Allocation Plan. Mr. West holds a Bachelor of Science degree from West Virginia University and an MBA from Strayer University. He currently serves as a member of the Maryland Correctional Enterprises Customer Council.

Ronda Butler Bell, Executive Director & Board Secretary

Ronda Butler Bell

The MSRP Board of Trustees appointed Ronda Butler Bell as Executive Director & Board Secretary in January 2021. As head of this independent State agency, Ms. Bell is responsible for the policy, direction, and operations of MSRP as well as general oversight of the Plan Administrator, Investment Advisor, and Stable Value Fund Manager.