Maryland State Retirement Hires New Executive Director

May 19, 2021 – 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.”

Prior to his role at Illinois SURS, Mr. Noven was senior director for government markets at TIAA-CREF, and worked in various management positions at the Illinois State Treasurer’s Office from 1993 to 2007, Maryland noted in the news release.

State Treasurer Nancy K. Kopp, who chairs the system’s board of trustees, said in the news release that Mr. Noven “comes to Maryland with an exceptional depth of experience, much needed at this critical time, and we are confident he will serve our members well.”

Mr. Kenderdine, who has served as the pension fund’s executive director since 2007, announced his retirement plans in October.

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