Frost, 51, is a 16-year veteran of the pension industry, having most recently served as the executive director of the Washington State Department of Retirement Systems (DRS). She will start her new role with CalPERS on Oct. 3, replacing Anne Stausboll who retired at the end of June. Doug Hoffner will serve in the interim.
As CEO, Frost will oversee the system’s operations, which include 2,870 employees, a budget of more than $1.7 billion, and programs spanning retirement benefits administration, health care delivery, investments, finance and risk management, actuarial services, supplemental retirement programs, legislative affairs, stakeholder relations, and numerous support functions.
Frost’s career spans executive level positions in public pension administration, human resources and information technology. She joined DRS in 2000 and held leadership roles in human resources, information services, and operations. She was deputy director for the retirement systems for four years before being appointed executive director in 2013. She also serves as an ex officio member of the Washington State Investment Board.
She began her public service career as a Benefits Administrator with the Washington State Department of Labor and Industries managing compensation and benefit programs for public employees across 26 locations. Frost is a native Washingtonian and is pursuing dual bachelors and master’s degree in public administration from Evergreen State College.