ANNAPOLIS, MD – Continuing his efforts to strengthen and grow Maryland’s middle class, Governor O’Malley today announced the names of appointees to the Governor’s Task Force to Ensure Retirement Security for All Marylanders.
Established by executive order in May, and chaired by former Lt. Governor Kathleen Kennedy Townsend, the Task Force brings together representatives from key sectors across the State to find ways to better secure retirement savings for private sector employees in Maryland.
“This Task Force convenes some of the brightest minds in Maryland to tackle one of the toughest challenges facing our State: ensuring that Marylanders are able to enjoy a stable and secure retirement,” said Governor O’Malley. “Far too many of our citizens are anxious about how they’re going to be able to afford to retire — I brought this group together to help address that.”
The group will begin meeting immediately and work to develop recommendations, present a report to the Governor by December 4, 2014, and will terminate on February 15, 2014. The report will include actionable steps to implement strategies that will address threats to retirement security in Maryland and devise a path toward retirement solvency for Maryland’s private sector workforce.
Chairwoman and former Lieutenant Governor Kathleen Kennedy Townsend added, “The Governor has identified lifelong financial security as a critical challenge facing Maryland families. I look forward to working with the members of the Task Force and hearing from the public to develop solutions which are cost effective and sustainable.
A recent Boston College study found that over one half of Americans stand to outlive their retirement savings, with American households facing a current retirement shortfall of $6.6 billion. Currently, 49 percent of private-sector workers participate in a retirement plan, and only 16 percent participate in a defined benefit plan, leaving the remaining 36 percent without vital retirement income. The Task Force will look for ways to support stable, secure retirements for private sector employees in the State, which will in turn prevent dependency on government programs, create more consumers and inject more money into the State’s economy.
The Task Force is comprised of members of the General Assembly, the State Treasurer, labor unions, along with members of the financial services industry and small business community (full membership list below).
Appointees to the Task Force to Ensure Retirement Security for All Marylanders
Kathleen Kennedy Townsend, Chair – Ms. Townsend currently serves as a Managing Director of The Rock Creek Group and she is the founder of the Center for Retirement Initiatives at Georgetown University. Ms. Townsend served as Lieutenant Governor of Maryland from 1995 to 2003 and previously held the positions of Assistant Attorney General for Maryland, Executive Director of the Maryland Student Service Alliance for the State Department of Education and Presidential Deputy Assistant Attorney General for the U.S. Department of Justice. She received her Bachelor of Arts degree in History and Literature, cum laude, from Harvard University and her law degree from the University of New Mexico School of Law.
Donna S. Edwards, Labor Union Member – Ms. Edwards currently serves as Secretary/Treasurer for the Maryland State and DC AFL-CIO. She is currently President of the Maryland Social Services Employees Union, AFSCME Local 112 and Vice-President of Central Maryland Community Services. She received her Bachelor of Social Work Degree from the University of West Virginia and her Master of Social Work Administration degree from the University of Maryland, Baltimore. She also studied Labor Studies at the Harvard Trade Union Program.
Steven Hill, Labor Union Member – Mr. Hill currently serves as Policy Director for Public Services for the Service Employees International Union (SEIU). He was the Founding Director of the Maryland Budget and Tax Policy Institute and served as Senior Economist for the U.S. Department of Health and Human Services. Mr. Hill received his Bachelor of Arts degree from St. Olaf College and his Master of Public Affairs degree from North Carolina State University.
Edward C. Bernard, Financial Services Industry Member – Mr. Bernard currently serves as Vice Chairman of the T. Rowe Price Group, Inc., Chairman of the T. Rowe Price Mutual Funds and as a member of the T. Rowe Price Board of Directors and Management Committee. Mr. Bernard is also a member of the Board of Governors for the Investment Company Institute, a member of the Board of Trustees for CenterStage and a member of the Board of Directors for the Economic Alliance of Greater Baltimore. He received his Bachelor of Arts degree in Religious Studies and Asian History from Brown University and his M.B.A. degree in International Finance from New York University.
Nailah Gobern Lee, Small Business Community Member – Ms. Lee currently serves as Co-owner and Chief Operating Officer of Breasia Productions, an event production company. She is also a bilingual Licensed Graduate Social Worker. Ms. Lee is a volunteer for the Health Care for All Coalition and is a board member of the University of Maryland School of Social Work Alumni Association. She received her Bachelor of Science degree in Psychology from Florida State University and her Master of Social Work degree from the University of Maryland School of Social Work.
Sarah E. Mysiewicz, Retiree Representative – Ms. Mysiewicz currently serves as Senior Legislative Representative for AARP, Inc. She received her Bachelor of Arts degree, cum laude, in Political Science from Illinois Wesleyan University and her Master of Arts degree in Political Studies from the University of Illinois. She also studied abroad at St. Petersburg University, IES London and Peking University.
Diane Oakley, Member – Ms. Oakley currently serves as Executive Director of the National Institute on Retirement Security. She is a member of the National Academy of Social Insurance and a member and former Public Sector Co-Chair of The Tax Coalition. She received her Bachelor of Science degree, cum laude, in Mathematics from Fairfield University and her M.B.A. degree in Finance from Fordham University. Ms. Oakley is also a graduate of the Aspen Institute Leadership Development Program.
Gary Kleinschmidt, Member – Mr. Kleinschmidt currently serves as Director of Retirement Sales for Legg Mason Global Investment Management. He is a member of the National Association of Plan Advisors and the American Society of Pension and Professionals and Actuaries. Mr. Kleinschmidt received his Bachelor of Science degree in Business Administration from the Pennsylvania State University.
Valerie Ervin, Member – Ms. Ervin currently serves as Executive Director of the Center for Working Families. She previously served as a Council Member and President of the Montgomery County Council and as a member of the Montgomery County Board of Education. She received her Bachelor’s degree from the National Labor College and her Master of Public Administration degree from the University of Baltimore.
Howard S. Freedlander, Member – Mr. Freedlander currently serves as a Senior Consultant for The Artemis Group. He previously served as Deputy Treasurer for External Affairs for the Maryland State Treasurer’s Office and as Executive Director and Director of Public Affairs and Legislative Liaison for the Maryland National Guard. Mr. Freedlander is an emeritus board member for the Chesapeake Bay Maritime Museum, board member and secretary for Leadership Maryland and board member for the Eastern Shore Land Conservancy. He served 34 years in the U.S. Army Reserve and Maryland Army National Guard, retiring as a Colonel. Mr. Freedlander received his Bachelor of Arts degree in Journalism and Political Science from the University of Pennsylvania and his Master of Science degree in Military Strategic Intelligence from the Joint Military Intelligence College.
The President of the Senate appointed Sen. James Rosapepe and Sen. Joe Getty and the Speaker of the House appointed Del. Dana Stein and Del. Sandy Rosenberg.