By Mitchell J. Smilowitz, CPA
June 30th was my last official day as CEO of the Joint Retirement Board. In retirement, I am looking forward to travelling with my wife Audrey, hiking in the beautiful Berkshires, being more involved in my Minyan (where I recently was elected to the Board) and joining the Board of Directors of a not-for-profit cinema.
At the same time, I am sad to say goodbye to the JRB! I will sorely miss working with our Board of Trustees, our staff and the many of you to whom I’ve become attached, first in a professional capacity and, now, as friends.
My 20 years as CEO gave me the opportunity to pursue my two passions: encouraging people to plan and save for a financially secure retirement and supporting the Conservative/Masorti Movement.
A Retirement Crisis
I believe that many Americans are facing a financial crisis because they haven’t saved enough to support themselves in retirement. The statistics are harrowing: Half of older adults rely on Social Security for the majority of their income. With Social Security benefits averaging just over $24,000 a year, millions of Americans are one unexpected bill away from financial disaster.
I’m proud of the big strides the JRB has made to confront this crisis for those working in the Conservative Movement. During my tenure:
- Plan assets have quadrupled from $350 million to over $1.4 billion today.
- The total number of participants has nearly doubled from about 2,000 to almost 3,800.
- Annual participant contributions also nearly doubled from $15 million to $28 million.
A Life in the Conservative Movement
Along with my interest in extending retirement benefits to all, the Conservative/Masorti Movement is my other passion. I was a Bar Mitzvah at the Kew Garden Hills Jewish Center in Queens, NY. After moving to Long Island, the congregation to which my family belonged, Temple Sholom of Westbury, invited me to attend a USY Convention. When I arrived, I found about 300 boys and over 700 girls. It was a teenage boy’s dream and I was hooked! I joined our Temple’s Youth Group ultimately, becoming President.
My involvement in USY kindled my love for Israel and I wound up living on Kibbutz Heftziba for a year in between my freshman and sophomore years in college. Years later, my wife and I were married at Temple Beth Sholom in Roslyn, NY. I am a product of the Conservative Movement.
Fast forward more than 25 years and I’m working as a retirement benefits consultant at Cammack Retirement Group, a boutique retirement planning firm. The company was making a marketing presentation to The Joint Retirement Board for Conservative Judaism. As one of the token Jews on staff, Cammack’s President sent me on the sales call.
We arrived at the presentation early. While waiting, I was talking to Rabbi Matthew Simon, z’’l, and mentioned that I was raised a Conservative Jew, that I had been the President of my congregation’s USY Chapter, was married in a Conservative shul, and that I lived in Israel for a year. All of the traits I figured would enhance a Rabbi’s opinion when evaluating the expertise of a prospective investment consultant!
We won the engagement. At the time, I handled some of Cammack’s larger clients: the Metropolitan Museum of Art, the Guggenheim Museum, the NY Philharmonic, NYC Ballet and NPR. There was no room on my plate to work with the JRB.
CEO
Two years later. I’m on vacation and, being a diligent employee, I call in for voicemail messages. Lo-and-behold, there’s a message from Rabbi Simon. Would I be interested in working for the JRB?
My first reaction was “NO!” I really enjoyed being a benefits consultant. Why would I give up working with these premiere cultural institutions? I had free access to every museum in the US! I got free tickets to the Philharmonic and Ballet!
On the other hand, at my wife’s urging, what did I have to lose by going to the interview?
In the interview with the Executive Committee, I was overwhelmingly impressed with the leadership and the organization. As CEO of the JRB, I would work directly with a group of people to whom I was deeply committed. I could support participants’ ability to plan and save for retirement and to meet their financial goals. I would have an opportunity to expand participation among clergy, professionals and administrative staff working in the Movement. I could ensure that participants could choose among a wide variety of high-quality, low-cost investment offerings. Amidst market volatility, I could encourage participants to take a long-term perspective.
So, I gave up the free museum passes and concert and ballet tickets and went to work for the JRB!
It was Beshert – and the best decision of my professional life! For that, I am forever grateful.
It Takes a Team
The many accomplishments over my tenure could not have been achieved on my own. I have been guided by a wonderfully supportive Board of Trustees as well as a tremendously talented, intelligent and caring staff – and I thank the Board and staff from the bottom of my heart.
With Doug Spangler taking care of our technology, finance and operations, I could focus on consulting with our participants. Andrew Jabar has progressed as a financial consultant beyond all expectations! Fasia Jabar makes numbers dance; she ensures that the $28 million in annual participant contributions get correctly credited to participant accounts. And, Carmen Aviles, our Superwoman, is the glue that holds it all together.
I’ve always stressed the importance of personal service. This requires close listening to participants. We understand the unique challenges those working within the Movement face. We help you focus on the long-term. I know this proud tradition will continue with my successor, Elina D. Babadzhanova. Please join the Board and me in welcoming her.
Elina is certainly not a newcomer to the JRB. She has served as our trusted advisor for the past 15 years through her leadership at CAPTRUST and has worked closely with our Investment Review Committee, staff and Board through many important milestones. I first met Elina more than 20 years ago when we were both at Charles W. Cammack Associates — I was just beginning my role at JRB, and she was just beginning her career in the retirement plan industry. We had the opportunity to work together briefly then, and it’s been a pleasure to reconnect and collaborate more deeply in the years since.
Despite my retirement, you’re not getting rid of me completely! I have been named CEO, Emeritus, and have entered into a two-year consulting agreement with the JRB to ensure a successful transition to Elina and provide assistance to the Board, staff and you, our participants.
Again, I say a hearty and sincere TODA RABA to the JRB for giving me this fantastic opportunity to work with a brilliant Board, a supportive staff, remarkable participants and for the Jewish people.
July 2025