Marcie Frost is chief executive officer of the $355 billion California Public Employees Retirement System, the largest defined-benefit pension fund in the U.S. She is the second woman and ninth CEO to head the fund, which administers benefits for more than 1.9 million members in the CalPERS retirement system and purchases health care for more than 1.5 million members and their families. Since joining CalPERS in 2016, her focus has been on improving the funded status and long-term sustainability of the system. Frost represents the United States on the International Centre for Pension Management Board of Directors.