Executive Director/Chief Investment Officer

Montgomery County Employee Retirement Plans (Retirement Plans), located in Rockville, MD, is searching for an experienced investment executive to lead the County’s retirement investment programs with assets of nearly $10 billion.

The Retirement Plans are offered to County employees, as well as participating agencies, and provide retirement, disability, and death benefits to eligible participants. The Retirement Plans include Employees’ Retirement System, a defined benefit pension plan; Guaranteed Retirement Income Plan, a cash balance plan that is part of the ERS; Retirement Savings Plan, a defined contribution plan; Deferred Compensation Plan, a section 457 plan; and Deferred Retirement Options Plans.

The ED/CIO, leading a team of nine, is responsible and accountable for overseeing the above County’s retirement investment programs as well as the Consolidated Retiree Health Benefits Trust (Health Benefits Trust) investment program.

The ED/CIO reports to and is appointed by the County’s Chief Administrative Officer (CAO). The Montgomery County Board of Investment Trustees (MCBIT or Retirement Board) has the fiduciary responsibility over the Retirement Plans assets and oversight of the investment program. The Retirement Board comprises 13 trustees appointed by the County Executive and confirmed by the County Council.

The Health Benefits Trust, $1.8 billion in net assets at June 30, 2024, provides funding for health benefits for retirees and their dependents. The Health Benefits Trust Board has the fiduciary responsibility over the trust assets and oversight of the investment program. The plan covers retirees from the Montgomery County Government, Montgomery County Public Schools, and Montgomery College. The Health Benefits Trust Board consists of 19 members appointed by the County Executive and confirmed by the County Council. All members of the Retirement Board are also members of the Health Benefits Trust Board.

The ED/CIO regularly presents to the two Boards, which provide strategic direction and guidance on investment related matters. Both Boards have delegated authority to the ED/CIO to hire and terminate investment managers. .

The Boards overseeing the trust funds approve the asset allocation and investment policies and oversee performance. NEPC, the general investment consultant; Franklin Park, the private equity consultant; and Albourne, the private real assets consultant, work for the Boards and with the ED/CIO and investment staff. Northern Trust Company is the custodian.

The ED/CIO must be an accomplished investor with broad asset class knowledge and a strong track record of achieving the best risk adjusted returns. An investment leader with an in-depth understanding of global economics and capital markets, investment strategies and vehicles, the principles and practices of institutional investing, investment operations, and investment policy development is desired.

Requirements

• Bachelor’s degree in finance, accounting, economics, or other related fields; an equivalent combination of education and experience may be substituted.
• Minimum seven years of relevant institutional investment experience.
• Minimum of three years of supervisory experience.
• Experience managing a diverse workforce and effectively coaching/mentoring employees.

Preferences

• Advanced degree.
• Understanding of ESG and DEI factors within an institutional investment program.
• Understanding of defined benefits and defined contribution plans.
• CFA or CAIA.
• Experience negotiating complex investment manager contracts.
• Knowledge of or experience in private market asset classes.
• Experience managing endowment, trust funds, or retirement plan assets.

The ED/CIO must be a leader who embraces public service and has the interpersonal skills to engage and build positive relationships with key constituents and stakeholders.

The ED/CIO participates in the County’s Management Leadership Service (MLS) program, which is for executives occupying certain high-level merit positions. Major components of the program include a broadband classification system, performance accountability with performance-based pay, professional development opportunities, and a County-wide focus on program and policy development. Employees entering this program from outside the County government must serve a 12-month probationary period before attaining merit system status.

Montgomery County offers a comprehensive Total Rewards package that is designed to attract highly-qualified applicants. The base salary range for this position is $200,000 to $223,880. The position is eligible for annual cost-of-living adjustments as well as annual pay-for-performance bonuses of up to 25 percent of their base salary.

Employees may elect to participate in either the 401(a) Defined Contribution Plan or the cash balance defined benefit plan. In addition, the employee will be auto-enrolled in the 457 Plan with the option to elect out of the plan.

The County offers an outstanding benefits package, which includes 35 days of PTO each year, three personal days, and 10 paid holidays. Leave policies adhere to the Family Medical Leave Act, and the County provides six weeks of paid parental leave to new parents. Employees can participate in health insurance plans, flexible spending accounts, and an award-winning wellness program. County employees are eligible to participate in the Federal Public Service Loan Forgiveness Program.

The ED/CIO position is not a remote position. The office is in Rockville, MD, and the ED/CIO is required to reside in the general area or within a reasonable commuting distance of the office. Relocation assistance is available for those relocating.

The County’s Telework Policy requires that senior managers be present in the office as needed to ensure employee engagement, collaboration, learning and growth, and address various tasks, issues, hearings, and meetings. In general, senior managers are expected to be in the office for a minimum of three days a week.

For additional information or to apply, please contact Hudepohl & Associates, info@hudepohl.com or (614) 854-7300.