The board of administration of the California Public Employees' Retirement System (CalPERS) has announced that Marcie Frost has been named as the pension fund's new chief executive officer.
Frost, 51, is a 16-year veteran of the pension industry. She most recently served as the executive director of the Washington State Department of Retirement Systems (DRS), which she joined in 2000 and where she has held numerous leadership roles. She also serves as an ex officio member of the Washington State Investment Board.
Frost replaces Anne Stausboll, who retired at the end of June, and will assume her new post on October 3. Currently Doug Hoffner is serving as interim CEO.
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Stausboll, who announced her planned retirement in January, served as CalPERS' chief investment operating officer since 2004, during which time she was twice tapped to be interim chief investment officer. She also worked in the pension fund's legal office for six years as a staff attorney and deputy general counsel.
During her tenure, Stausboll oversaw growth of CalPERS' investment assets from $170 billion to more than $275 billion. CalPERS' total fund market value currently stands at approximately $301 billion.
CalPERS is the largest U.S. state defined benefit pension fund, serving more than 1.7 million members in its retirement system. It administers benefits for nearly 1.4 million members and their families in its health program; has 2,870 employees; a budget of more than $1.7 billion; and programs that include retirement benefits administration, health care delivery, investments, finance and risk management, actuarial services, supplemental retirement programs, legislative affairs, stakeholder relations and numerous support functions.
The fund went toe-to-toe with Moody's and with Standard & Poor's over claims that the ratings agencies' assessments of residential mortgage-bond deals were inflated (Moody's) and with grades assigned to subprime mortgages (S&P). In both instances, the ratings agencies settled.
In addition, the pension fund has taken an active role in environmental, social and governance investing (EGS) and in 2014 dropped hedge funds from its investing strategy.
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