Members’ Corner: Glenn Simmons

 

Name, Title, Organization:

Glenn Simmons Executive Director/CEO MarylandSaves

Explain your background in economic development:

Launching MarylandSaves as a free retirement program for Maryland business owners is really my first experience working for an organization that would be considered a driver for economic development.

What are your key priorities within your current position?

MarylandSaves was the fifth state-sponsored retirement program to launch in the US, but the first one to offer employers a financial incentive for offering their employees access to a payroll-deducted retirement program. Every year that an employer participates in MarylandSaves or offers another qualified plan, they will be entitles to a waiver of their SDAT Annual Report Filing Fee which is $300/ year for most businesses.

Does one particular project spark your excitement? If so, describe it below.

We are working hard to get the word out to all Maryland business owners that MarylandSaves is FREE for businesses and very easy to administer. There is no IRS reporting required and businesses that participate in MarylandSaves have no fiduciary or legal responsibilities for the program.

What professional pressures keep you up at night?

Some scary economic statistics: 1) There are more than 1 million Maryland workers that do not have access to a retirement plan at their place of work. 2) 48% of Americans over the age of 50 have $0 saved for retirement. 3) Taxpayers pick up the bill when people can no longer work and have not adequately prepared for retirement. 4) Workers are 15 times more likely to save for retirement if they can participate in a retirement program at their work.

What attributes are unique to your community?

Easy access to transportation hubs and other infrastructure.

What are your locality’s top three “selling points” for future growth?

Highly educated workforce. Great health care systems. Low crime rate.

If you could wave a magic wand, what would you want to work with MEDA on to move Maryland forward?

Expanding access to retirement savings programs for Maryland’s workforce.

Is there anything else you’d like to share with MEDA and your fellow members?

I would love to be able to partner with MEDA to get the word out to Maryland Employers and their employees about how MarylandSaves was built to help business owners attract and retain the talent they need.

Please include any personal background information that you’d like to share (Alma mater, Military Service, hobbies, etc):

I graduated from West Virginia University with a degree in journalism. In my free time I enjoy working on home improvement projects, sports and traveling.