Executive OfficesBernadette T. Benik, Chief Deputy Treasurer
The Executive Division provides direct support to the Treasurer in the execution of her wide-ranging Constitutional responsibilities. The State Treasurer is responsible for receiving, depositing, investing and distributing State funds, anticipating the monetary needs of the State and, on behalf of the Board of Public Works, conducting bond sales twice a year to ensure the State's financial ability to meet its fiscal obligations. The State Treasurer also provides lease-purchase financing of capital equipment for State agencies and handles insurance needs for State government.
The Treasurer serves, along with the Governor and the Comptroller, on the Board of Public Works and as Chair of the State Retirement and Pension System's Board of Trustees, Chair of the Maryland College Savings programs and as a member of the Board of Trustees of the Maryland Supplemental Retirement System. The Treasurer sits on task forces as directed by the General Assembly.
The Executive Division coordinates legislation within the Office, reviewing bills, preparing fiscal notes and written testimony and following the course of bills through the legislative process. The Division is responsible for coordinating any draft legislation to be introduced to the General Assembly with the Legal and Division Directors of the State Treasurer's Office. Each proposed bill requires extensive preparation including a determination of the fiscal and economic impact to the Office, the State and private industry.
Chief Deputy Treasurer
The Chief Deputy Treasurer coordinates and leads the operations of the State Treasurer's Office, including the Banking Services, Debt Management, Insurance, Investment, Information Technology and Administration Divisions. The Chief Deputy Treasurer advises the Treasurer on matters regarding legislative policy, planning, new technologies and long-term operational challenges, opportunities and strategies. Coordination of the State Treasurer's operational functions with other agencies, such as the Comptroller and the Department of Budget and Management, is another responsibility of the Chief Deputy Treasurer.
The Chief Deputy Treasurer works closely with members of the General Assembly and its Standing Committees such as Senate Budget & Taxation and House Appropriations regarding the Office's budget. The Chief Deputy also prepares reports and updates of the Office's progress throughout the year for the Statutory Committees of the House and Senate. These Committees include Spending Affordability, Joint Committee on the Management of Public Funds, Legislative Policy Committee and the Joint Audit Committee; as well as serving as the Treasurer's designee on Task Forces, Commissions and other Committees of the General Assembly as required.
Deputy Treasurer for Public Policy
The Deputy Treasurer for Public Policy is the Treasurer's key advisor on issues of public policy in regards to the Treasurer's external duties and responsibilities. The Deputy addresses an increasingly broad range of policy issues the State Treasurer faces by extensive research and analysis. The Deputy then provides counsel, recommendations, authoritative data and/or briefings to the Treasurer. The Deputy also serves the Treasurer via representation on numerous boards, authorities and committees which the Treasurer leads or on which she serves or with which she collaborates, such as the Board of Public Works, the Procurement Advisory Council, the State Retirement Agency Board, the MD Small Business Development Finance Authority, the MD Health and Higher Education Finance Authority, the Hall of Records Commission, and the MD Agricultural Land Preservation Foundation.
As principal advisor to the Treasurer for the Board of Public Works, the Deputy not only investigates, analyzes and provides counsel for agenda items as well as attends briefings, but she also deals with broader policy issues, suggesting alternative approaches and advising the Treasurer on public policy concerns that arise. The Deputy prepares and presents honed critiques, advice and conclusions, on behalf of the Treasurer, to Legislature and committees as requested and, as necessary, communicates and/or negotiates with other interested parties, executives and non-governmental resources.
The Public Policy Deputy also deals with ongoing expansive issues such as pension and benefit regulation and disclosure; the effect on the states of federal initiatives (such as the Dodd-Frank Act or current municipal debt and finance management proposals); and on-going legislation and regulation or policy as they are developed, working with representatives of the organizations in which the Treasurer serves, the other members of those organizations, and other parties such as the National Governors' Association, the National Conference of State Legislatures, the Government Finance Officers Association, etc.
In addition, the Deputy Treasurer for Public Policy is the chief representative of the Treasurer at meetings throughout the State aimed at both enhancing understanding of the role of the Treasurer and the State Treasurer's Office. The Deputy serves as the chief spokesperson for media relations contact for the Treasurer and the Office, including preparing news releases, responding to media inquiries, responding to queries sent to the Office's website, and writing speeches.
Deputy Treasurer for Financial Policy
The Deputy Treasurer for Financial Policy provides analysis and advice to the Treasurer in the areas of economics and finance, including the development of best practices in retirement and other benefit financing, business development and analysis of regional and macroeconomic trends in financial markets. Analyses of investment portfolio holdings are completed regularly. The Deputy Treasurer for Financial Policy also analyzes and advises on emerging financial issues, such as clean energy investing, regional and macroeconomics, short- and long-term development in the financial markets and financial literacy and access.
The Deputy Treasurer for Financial Policy supports the Treasurer in her service on State boards and commissions, such as the State Retirement and Pension System Board, Supplemental Retirement Plans Board and their investment-related committees, the General Assembly's Blue Ribbon Commission to Study Health Care Funding (OPEB) and related issues, the Maryland College Savings Plan Board and the Small Business Development Financing Authority. The Deputy Treasurer for Financial Policy also represents the Treasurer at finance-related public events, as required, and on the Financial Literacy Task Force.
The Internal Auditor plans, controls, directs and implements a comprehensive annual audit designed to evaluate internal controls, add value, improve operations and minimize risk at the State Treasurer's Office. The Auditor reviews programs, operations, and conducts special projects in accordance with generally accepted auditing standards and all legal statutory requirements. The Auditor helps safeguard assets by minimizing risk and ensuring that the mission, objectives, and key goals of the Office are carried out. The Auditor directs systematic, periodic examinations of the accounts and records of the State Treasurer's Office to provide assurance that appropriate policies and procedures are in place and functioning as intended.
The Internal Auditor also serves as the focal point for all financial, productivity, and compliance audit activities and is the liaison between the State Treasurer's Office and the external auditors, legislative auditors, and federal auditors. The Internal Auditor is responsible for coordinating the response to all audit findings. The Auditor evaluates and monitors the corrective action plans taken to ensure that they are sufficient to resolve the findings and reviews potential problem areas to prevent future audit deficiencies.