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Maryland State Retirement hires new executive director Maryland State Retirement hires new executive director Martin Noven Martin Noven has been named executive director of the $65.5 billion Maryland State Retirement & Pension System, Baltimore. Mr. Noven, who resigned as executive director of the $22.1 billion Illinois State Universities Retirement System in February, will take over July 1 for R. Dean Kenderdine, who will retire June 30, the system announced Wednesday. “I am excited to work with an exceptional team to deliver hard-earned retirement benefits to Maryland workers,” Mr. Noven in a news release. “The Maryland State Retirement Agency is nationally recognized as a well-run public pension plan and it is indeed an honor to be selected to take the helm of this fine organization.” ....
This content was republished with permission from WTOP’s news partners at Maryland Matters. Sign up for Maryland Matters’ free email subscription today. How long does it take to fax a three-page report from one agency to another during a pandemic? That question produced friction among members of the state’s influential Board of Public Works on Wednesday, as the panel’s Democrats Comptroller Peter V.R. Franchot and Treasurer Nancy K. Kopp vented anew about the Hogan administration’s unwillingness to forward contracts for approval in accordance with state law. Under Maryland procurement regulations, contracts even “emergency” contracts must be submitted to the BPW within 45 days of the date they are signed. ....
This content was republished with permission from WTOP’s news partners at Maryland Matters. Sign up for Maryland Matters’ free email subscription today. Comptroller Peter V.R. Franchot (D) urged the state to stop using emergency contracts for some COVID response efforts – blasting a Health Department agreement that ballooned by more than $10 million after the Board of Public Works refused to approve it last month. At issue is a consulting contract with Ernst and Young, which is advising the state on implementation of its COVID-19 program. Franchot and Treasurer Nancy K. Kopp (D), at a Board of Public Works meeting on March 24, refused to give retroactive approval to an $11.9 million contract with the New York-based firm, without knowing more about the scope of the work or why the Health Department was seeking approval well beyond the 45-day window for emergency procurement. ....
Credit: AP Images Despite Maryland spending vast sums from its rainy day fund to help address the coronavirus pandemic, the state retains its unanimous AAA bond rating, Treasurer Nancy K. Kopp said Wednesday. The three major rating agencies also gave stable outlooks on Maryland s finances ahead of a $475 million bond sale set for Feb. 24. Maryland is one of 13 states to have a AAA credit rating across the board, a distinction it has held since 1993. “We are pleased that even with the many challenges Maryland faces as a result of COVID-19, the rating agencies recognize that the State’s proactive response to the pandemic, its steady commitment to prudent fiscal management, and the reserves it has built up over the last decade have helped us to weather the crisis so far, Kopp said in a statement. Furthermore, Maryland’s dynamic economy, highly educated workforce, and ....