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CEO Named for Maryland Small Business Retirement Savings Program

The Maryland Small Business Retirement Savings Program and Trust, which provides retirement plan coverage for employees in the Old Line State whose employers do not offer retirement plans, now has an executive director and CEO.

David Belnick, who had served as Program Director at Nationwide Retirement Solutions, was named to the positions with the Maryland program on April 16, Pensions & Investments reports. The program, created by legislation which went into effect on July 1, 2016, requires employers with 10 or more employees which use an automated payroll system or service and do not offer their own plan to either participate in the state program or pay an annual filing fee. It also creates a state-run auto-IRA program that businesses can offer and thereby fulfill the law’s requirements.

Belnick is no stranger to Maryland retirement savings plans. “For a decade, Dave Belnick served state of Maryland employees as a contractor working to improve the state’s supplemental retirement savings plan,” Maryland Small Business Retirement Savings Board Chairman Joshua Gotbaum — who heads the body which implements, maintains and administers the program — told P&I.