The California Public Employees' Retirement System (Calpers) board voted on Wednesday to award its chief executive officer, Marcie Frost, a $1.1 million bonus and an increase to the maximum allowed salary for the current fiscal year. This decision comes as state workers are advocating for higher wages.
The bonus represents a 43% increase from the previous year's bonus. The board's vote was eight to two in favor of the increase, with two abstentions. This significant compensation increase follows Calpers reporting a 14.8% annual return on its investments, which substantially surpassed its annual target of 6.8%.
Andrew Oxford reported this development on September 16, 2026, at 9:11 PM UTC. The enhanced compensation for Frost reflects the pension fund's strong performance over the past year.
