The board of administration of the California Public Employees’ Retirement System has announced the pension fund's new CEO. (Photo: Getty).

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.

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