We’re looking for a Finance Director

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Job Description

Finance Director, Maryland Small Business Retirement Savings Program, Inc.

Salary range: $80,000 –  $125,000 based upon qualifications and experience plus benefits


Job Summary

The Maryland Small Business Retirement Savings Program, Inc. (Maryland$aves Inc.) is a non-profit corporation that assists with the implementation and management of the state-sponsored auto-IRA retirement program. The program is designed for Maryland small businesses. Maryland employees of employers that do not offer workplace retirement savings are eligible to enroll in an Individual Retirement Account (IRA) through an employee payroll deduction plan. The program will launch in September 2022 and is expected to manage more than 100,000 accounts with savings of over $1 billion. ”

Most of the program’s activities are being contracted out to third-party financial firms with long experience in savings and retirement,-the Finance Director  (FD) will not have direct responsibility for recordkeeping individual savings accounts.  The FD will be responsible for the financial activities, including budgeting and accounting oversight, and financial reporting, of MarylandSaves, Inc.  Maryland Saves, Inc. is expected to have a staff of about five employees and an annual operating budget of $900,000.

The FD reports to the Executive Director and will work closely with the Audit and Finance Committee of the Maryland Small Business Retirement Savings Program Board. In addition, the FD will work directly with members of the state government, and outside vendors including investment consultants, attorneys, brokers, communications and marketing professionals, and investment professionals.

The Finance Director will be responsible for the complete accounting system and financial functions of the Program. This includes A/P, payroll, general ledger, forecasting, budgeting, internal controls, and audits. The FD will be responsible for developing and managing the program’s overall budget, performing regular financial reviews, and managing all accounting and financial reporting transactions and payments, serving as the program’s point person for all audits and for fiscal year-end closeouts. The FD directs, manages, and performs all accounting and administrative financial functions for the agency that impact the agency’s budget and financial position.


  • Manage the formulation, justification, submission, and execution of the program’s annual budget.
  • Serves as liaison on behalf of the agency in working with the Maryland Department of Budget Management and legislative analysts to answer questions related to program goals and objectives in relation to budgetary and legislative issues. Support the Executive Director, the Board, and vendors in developing an investment policy statement for the MarylandSaves Program.
  • Manage monthly financial reports as prepared by a contracted accountant (Century Accounting), ensuring that expenditures are charged as appropriated, analyzes year-to-date activity, and prepares monthly budget-to-actual reports.
  • Make recommendations to the Executive Director on ways to reduce costs or shift resources to better meet the varying needs within the organization. Provides monthly reports and analyses to the Executive Director and Audit & Finance Committee Chair.
  • Evaluate vendor recommendations with the Executive Director to bring to the Board for final approval.
  • Coordinate annual audit with external auditors, ensuring documents are provided timely to the auditors for testing and validation, addressing new accounting or actuarial assumptions affecting the financial statements and/or Trust Fund soundness, and ensuring proper recordation of closing accrual entries in line with GASB and statewide CAFR requirements.
  • Work directly with the Executive Director and the Audit & Budget Committee to ensure Board involvement in the audit process, apprizing them of issues or concerns that arise during the audit, and to coordinate Board review and approval of the audited Financial Statements.
  • Prepare responses to audit findings and ensures that audit recommendations are properly executed as agreed upon and appropriate procedures and safeguards are in place to ensure no repeat findings and to prevent future findings.
  • Conduct research as requested by the Board of Directors and/or Executive Director regarding policy changes or market conditions and support for final recommendations.
  • Work with the Executive Director, the Board, and vendors to evaluate Program data, and provide performance reports, including copies of annual financial audit reports to the Governor and the Maryland General Assembly.
  • Ensure the collections of revenues related to account holder contributions, management fees, and other fees by the Program Manager are recorded in the General Ledger.
  • Review the Program Manager’s reconciliation of all financial activities including bank reconciliations (monthly) and daily cash flow activity, and reconciliations of investments (monthly) held with the custodial agent.
  • Manage agency processing of bi-monthly regular payroll and prepares timely payroll inputs for adjustments as needed. Verifies calculations with Executive Director for exception reporting, including bonus calculations, retro calculations, etc. Prepares annual position inventory to be used to generate personnel budget figures.
  • Oversee processing of invoices and interagency accounting entries, ensuring proper coding and fiscal year are applied for payments against accruals, ensuring employee reimbursements are processed and calculated correctly, and that all invoices are properly approved and processed timely and accurately in accordance with state requirements.
  • Coordinate meetings, agenda items, and materials with the Committee Chair and Executive Director.
  • Provide general program support as needed.

Job Requirements

  • Bachelor’s degree in business administration, finance, accounting, or a related field
  • CPA preferred
  • A minimum of five years of experience managing budgets and business finances
  • Experience supporting public program design and implementation recommended
  • Excellent communication skills, including writing, and presentation
  • General understanding of investment funds and target-date investment strategies is helpful
  • Strong financial analysis foundation with an aptitude for learning and leveraging systems and data sets as well as experience creating forecasts and developing financial models
  • Experience conducting quantitative program evaluation preferred


  • Generous retirement benefits includingemployer contributions
  • Medical, dental, and vision insurance
  • 14 paid holidays per year in addition to vacation and sick leave
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