Pension pulse calpers ceo under fire education level united states

The questions date back to the CalPERS Board of Administration’s decision in 2016 to select Frost as the successor to Anne Stausboll. a level secondary education Board members said they chose Frost because of her commitment to engaging with retirees and public employers, as well as her track record leading Washington state’s public pension fund, the $90 billion Department of Retirement Systems.

CalPERS did not list a college degree as a necessary qualification for the job when it began searching for Stausboll’s successor. Frost said she told the board and a headhunting firm that she was interested in pursuing degrees at The Evergreen State College in Olympia, Washington, but board members did not ask her to complete a program when they hired her.

Frost, 54, said her career accelerated first in Washington state and then at CalPERS since she first took classes at Evergreen in 2010.

She did not enroll in a class after that year, although she said she still intends to complete a degree some day.

Five board members told The Sacramento Bee that there was no ambiguity about Frost’s education in her application or in her interviews. They said they chose her because they believed she was someone who could work with a public governing board and bring together people with strong and opposing opinions about CalPERS to advance the fund’s goals.

Theresa Taylor, another CalPERS board member, said Frost closed her interview by reminding board members that she did not have a degree. Taylor said Frost told the board she was interested in obtaining one and she would make it a priority if the board asked her to do so. The board did not direct her to earn a degree.

“Quite frankly it’s not a piece of paper. It’s about somebody who can do a job. higher education level 6 She presented herself as the best person who could do the job in that interview,” said CalPERS Board of Administration Vice President Rob Feckner. He described Frost as “up-front, very forthcoming” in disclosing that she did not have a college degree.

The chief executive is not the highest paid position at CalPERS, or the post that recommends major investment decisions for the fund. That position is chief investment officer, a position that has mandatory education requirements in its job description. CalPERS is recruiting a new chief investment officer, and Frost will oversee that position.

She rose up the ranks over 30 years in Washington State government and held a series of leadership positions at its pension fund between 2000 and 2016. define education level She said she began working for the state on a 30-day temporary clerical contract as a young mom. That led to a nine-month contract, and eventually full-time work.

Washington State Gov. Jay Inslee, who appointed her to lead his state’s public pension fund, through a spokeswoman told The Sacramento Bee that he would hire her back “and that one of the worst things California has done is taking her from us.”

The questions date back to the CalPERS Board of Administration’s decision in 2016 to select Frost as the successor to Anne Stausboll. Board members said they chose Frost because of her commitment to engaging with retirees and public employers, as well as her track record leading Washington state’s public pension fund, the $90 billion Department of Retirement Systems.

“Part of it for me is the pattern of secrecy CalPERS does about everything,” said Tony Butka, a former state labor relations mediator. He wrote a letter to the State Personnel Board this week asking that it investigate Frost’s hiring and discipline board member Richard Costigan. Costigan also is a CalPERS board member who has defended Frost’s hiring in news reports.

“The CalPERS Board of Administration has the appropriate authority to address internal issues should anything be deemed inappropriate. I do not believe that will be necessary in this instance,” said Assemblyman Freddie Rodriguez, D-Pomona, chairman of the Public Employees, Retirement and Social Security Committee.

On the other side of the aisle, state Sen. John Moorlach, R-Costa Mesa, said he appreciated that Frost has been “accessible and she’s been willing to meet, she has experience.” Moorlach is a pension reform advocate who proposes every year to adjust the retirement benefits public agencies can offer.

The League of California Cities, which has been the most outspoken advocacy group raising concerns about CalPERS’ fiscal health since Frost took office, also continues to back her. The league earlier this year issued a report that said CalPERS fees were becoming “unsustainable” for some of its members.

“From sitting down with the League’s executive officers this last spring, to meeting with mayors and council members from all over the state in June, we have appreciated the efforts of Ms. school for highest level of education Frost and her team to listen, actively engage our membership and identify common ground.,” league Executive Director Carolyn Coleman said.

A coalition of public employee unions is doubling down on its support for CalPERS CEO Marcie Frost, who has been taking heat for several weeks since a financial blogger drew attention to alleged misrepresentations in Frost’s job application and in a press announcement describing her background.

The letter, signed by California School Employees Association President Dave Low, praises Frost’s outreach to unions and public agencies. It criticizes Susan Webber, the corporate management consultant and Naked Capitalism blogger, who wrote the original pieces drawing attention to public announcements that portrayed Frost as enrolled in a college program when in fact Frost was not actively pursuing a degree.

“Our understanding is that the CalPERS board hired Marcie Frost with full knowledge of her resume, experience and education. Whether Frost has, or is currently pursuing a college degree, is therefore immaterial as long as the CalPERS board knew the facts when they made the decision to hire her. For those who believe a college degree is a requisite for a CEO, I have five words, Steve Jobs and Bill Gates,” Low wrote.

“What message does the retention of the CEO send to all CalPERS active and retired members who have pursued education goals and accurately presented their qualifications for their positions?” Terrence McGuire, the former deputy controller wrote. “The board failed the membership in the CEO hiring process; I hope the board does not fail them again in the termination process.”

His letter to Mathur was supported by the California Teachers Association, California Professional Firefighters, SEIU Local 1000, Peace Officers Research Association of California, Professional Engineers in California Government., International Union of Operating Engineers and a number of other state and local unions.

The lady did not lie about not having a college degree, she made it clear to CalPERS’ board a few times and yet they hired her because of her commitment to engaging with retirees and public employers, as well as her track record leading Washington state’s public pension fund, the $90 billion Department of Retirement Systems.

Below, CalPERS CEO Marcie Frost discusses agenda item 4 at the March board meeting. Listen to her speak, she might not have a college degree but she sure knows what she’s talking about and she’s very impressive and composed while delivering her comments.

Update: Yves Smith is back at it Wednesday, doubling down on her attacks on Marcie Frost. diploma education level In my opinion, it’s time CalPERS sues her for defamation, she obviously has an agenda and doesn’t understand the role and responsibilities of the CEO position at CalPERS.