The California Public Employees’ Retirement System (CalPERS) has named Marcie Frost as the pension fund’s new chief executive officer. Her career includes executive level positions in public pension administration, human resources, and information technology. CalPERS is the largest defined-benefit public pension in the US.
As the CEO, Ms. Frost will oversee the system’s operations which includes more than 2,800 employees; a budget of more than $1.7 billion; and programs spanning retirement benefits administration, health care delivery, investments, finance and risk management, actuarial services, supplemental retirement programs, legislative affairs, and stakeholder relations. She will start her new role with CalPERS on October 3, 2016, replacing Anne Stausboll who retired at the end of June. Doug Hoffner is serving as CalPERS interim CEO.
Ms. Frost is a 16-year veteran of the pension industry, having most recently served as director of the Washington State Department of Retirement Systems where she held senior positions in human resources, information services, and operations. She began her public service career as a benefits administrator with the Washington State Department of Labor and Industries managing compensation and benefit programs for public employees.
CalPERS is the largest public pension fund in the US with more than $300 billion in assets. CalPERS administers health and retirement benefits on behalf of more than 3,000 public school, local agency and state employers. There are more than 1.7 million members in the CalPERS retirement system and more than 1.4 million in its health plans. CalPERS is headquartered in Sacramento (www.calpers.ca.gov).
“Marcie is a seasoned public pension fund administrator and we couldn’t be happier that she will lead CalPERS,” said Rob Feckner, President of the CalPERS Board.
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