Marcie Frost, chief executive officer at the California Public Employees’ Retirement System, is receiving a significant bonus that will boost her compensation to more than US$1 million, according to a report from CalMatters.
The pay increase for the fiscal year is being attributed to a $667,320 bonus approved by the administrative board, which Frost will receive in addition to her US$578,000 salary, bringing her total compensation up to about US$1.2 million.
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This is the first time her compensation will surpass US$1 million since she joined the organization in 2016, said the report, noting public documents show Frost earned $752,000 in total compensation last year, including a $192,682 bonus.
As at June 30, 2024, the CalPERS achieved a net rate investment return of 9.3 per cent for its latest fiscal year, with assets under management reaching US$502.9 billion. Given the positive return, the overall estimated funded status of the fund was 75 per cent. In a press release, Frost said their investment strategy was well positioned to take advance of improving economic conditions during the last fiscal year.
All asset classes for the fund — public equities (17.5 per cent), fixed income (3.7 per cent), private equity (10.9 per cent) and private debt (17 per cent) — offered positive returns during the fiscal year, except for real assets (negative 7.1 per cent).