Marcie Frost

As CalPERS CEO, Marcie Frost oversees an annual budget of $3.45 billion, 2,800 professionals, and three lines of business: pensions, health benefits, and investments. With an investment portfolio of more than $600 billion dollars, CalPERS administers the largest defined benefit retirement system in the U.S. for 2.4 million California public employees and their families. CalPERS also is the second-largest purchaser of public health care in the U.S., covering more than 1.5 million lives. CalPERS delivers on its fiduciary duty to California’s public employees by maximizing long-term investment returns, identifying global opportunities, leveraging the fund's strength to drive sustainable markets, and minimizing risk in its portfolio. Under Marcie’s leadership, CalPERS has improved its funded status from 68.3 % when she arrived to 84 % for the 2025 calendar year.

In Nov. 2025, the board voted to make CalPERS the first major public pension fund in the United States to embrace the Total Portfolio Approach, giving the team more flexibility to pick investments based on their potential benefit to the entire portfolio. The fund also integrated climate change risks into its investment decision making process across all asset classes and launched a $100 billion sustainable investment strategy designed to reduce the carbon emissions intensity of CalPERS’ investments by 50% by the end of 2030.

Prior to CalPERS, Marcie spent 30 years as a public servant in Washington State, where she was named executive director of the Washington State Dept. of Retirement Systems.