Marcie Frost, CEO of CalPERS, at the regional office in Sacramento on June 26, 2023. Photo by Rahul Lal for CalMatters
CalPERS Chief Executive Marcie Frost snared her first seven-figure bonus, a milestone that follows a period of leadership stability and high investment returns at the nation’s largest state pension fund.
The California Public Employees’ Retirement System board awarded a $1.15 million performance incentive to Frost, who has led CalPERS since 2016. Last year, her bonus was $766,000.
The money is in addition to her base salary of $601,000. The board gave her a raise, too, bringing her salary to $641,000.
Frost joined the pension fund at a low point, when its assets were worth 65% of what it owed to members following its losses in the Great Recession. Since then, CalPERS began requiring employers to pay more toward their workers’ retirement plans, and it recently hit a three-year run of beating its investment earnings target.
The fund last year notched a 14.8% investment return, more than doubling its goal. Its portfolio, valued on June 30 at $637.1 billion, now is worth 85% of what it owes over time to members.
“Marcie Frost is a CEO on top of her…
