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Three candidates interview for Board of Investment Trustees; council hears about plan sizes and fiduciary duties
Summary
Three nominees — Adam Downs, Beryl Feinberg, and Paul Madden — interviewed for the council's Board of Investment Trustees and the Consolidated Retiree Health Benefits Trust; candidates discussed fiduciary duties, ESG integration and plan governance but no appointment was made during the hearing.
The Montgomery County Council interviewed three candidates for nomination to the Board of Investment Trustees and the consolidated retiree health benefits trust board: Adam Downs, Beryl Feinberg and Paul Madden.
Council members asked candidates about their experience with defined benefit and defined contribution plans, fiduciary duties, and how to integrate environmental, social and governance (ESG) factors while pursuing long-term financial returns. The board oversees roughly $5.5 billion in retirement plan assets and approximately $1.4 billion in the consolidated retiree health benefits trust, figures cited during the hearing.
Adam Downs described 46 years managing or consulting to defined benefit plans, including experience with a $3.5 billion subcommittee at LiUNA (Laborers' International Union of North America). Beryl Feinberg cited her MBA from the University of Maryland, a decade on Rockville's city retirement board and 28 years as a Montgomery County employee including roles in the Office of Management and Budget. Paul Madden, senior counsel at Whiteford Taylor & Preston, described his long experience advising public retirement systems and serving as counsel to Howard County and other large plans.
On fiduciary duty, candidates stressed prudence, loyalty to participants and beneficiaries, diversification, compliance with plan documents and avoiding prohibited transactions. On ESG, candidates said incorporation should be careful and aligned with fiduciary duties; several noted ESG approaches can be compatible with, and sometimes enhance, long-term returns when applied prudently.
No vote or appointment was taken at the session. Councilmembers thanked the candidates and said they would be in touch.
