Last month, the CalPERS Board of Administration awarded Marcie Frost, the chief executive of CalPERS, a four percent raise and an $84,873 bonus. The raise increases Frost’s base pay to $330,720. The raise and bonus also come a month after Naked Capitalism, a financial blog, reported that a consultant-prepared report in Frost’s job application included misleading information that suggested Frost was enrolled in a degree program at The Evergreen State College in Olympia, Washington. CalPERS board member Margaret Brown, who was not on the board when Frost was hired in 2016, has since called for an investigation into Frost’s hiring. Board member Bill Slaton stated that following the day Frost was given a raise and a bonus,
In closed session, we spent a long time reviewing all matters regarding Ms. Frost’s performance and now in open session we are convening in compliance with our policy regarding personnel matters to discuss compensation only.
It turns out that Frost had not taken classes at the school since 2010 and she did not have a degree when CalPERS hired her, and the board at the time did not ask her to obtain one. Apparently, members who were on the board at the time claim they were aware Frost did not have a degree when they hired her. Public employee unions and advocacy groups in the state that represent cities and special districts have supported Frost since the report was published that challenged her qualifications. However, some feel that Frost might be unqualified for the job because she does not have a degree. We will have to wait and see if Frost’s lack of a college degree becomes more of an issue.