Board of Trustees

The Honorable T. Eloise Foster, Board Chair

Ms. Foster is Chair of the Board of Trustees of the Maryland 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.

Raquel M. Coombs

Raquel M. Coombs currently serves as Chief of Staff at the Maryland Department of Budget and Management. She previously served as Communications Director and Policy Advisor with the Office of the Attorney General and has held senior leadership roles in communications and policy across Maryland state government, including in the Office of the Governor and the national office of the NAACP.

She has deep expertise in strategic planning, policy development, communications, and stakeholder engagement, and a proven track record of improving operational efficiency, fostering collaboration, and delivering measurable impact. Ms. Coombs holds a B.S. in Communications from the University of Maryland.

The Honorable Dereck E. Davis, Treasurer of Maryland

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

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, Audit Committee Chair

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 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.

Scott A. Nicewarner

Scott A. Nicewarner has been with the City of Hagerstown since 2004 and City Administrator since 2019. Scott also served as the Director of Information Technology, Communications and Support Services since 2008. His 30-year career has seen positions in the public and private sector including stints at Shepherd College, Norwest Mortgage, and Dynamark Security Centers in areas including technology, business development and sales. Scott holds a Bachelor’s Degree in Management Information Systems from Alderson-Broaddus University in Philippi, WV and a Masters of Business Administration from Mount Saint Mary’s University. He also serves on several community boards, including University System of Maryland – Hagerstown Board of Trustees, Maryland Theatre Board of Directors, and Washington County Commission on Aging.

Zachary D. Shankman, Esq

Mr. Shankman is the General Counsel of Hord Coplan Macht, a national architecture firm and the largest of its kind in Maryland. As a member of the leadership team, in addition to serving as principal legal advisor, Mr. Shankman provides business advice to the board of directors and oversees the firm’s risk profile. He also acts as the Chair of the company’s 401(k) plan committee. From 2019-2023, Mr. Shankman served as a member of the Trial Courts Judicial Nominating Commission for Baltimore City, a position to which he was appointed by Governor Hogan. Mr. Shankman currently serves on the Board of Directors of Habitat for Humanity of the Chesapeake, and on the Board of Trustees of the Hippodrome Foundation. He holds a Juris Doctor from Georgetown University Law Center and a Bachelor of Arts from Washington University in St. Louis.

Ronda Butler Bell, Executive Director & Board Secretary

2021 - Present - 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. Her focus is on helping State employees retire with dignity.

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