California State Treasurer


Ex officio member


  • Board Governance
  • Finance & Administration
  • Investment
  • Risk & Audit

Board Terms

Upon election as California state treasurer


Fiona Ma is serving her first term on the CalPERS Board of Administration. She was elected California's 34th state treasurer in November 2018.

As the state's banker, the treasurer is responsible for trillions of dollars in transactions annually. A certified public accountant, Fiona oversees bond issuances and programs that fund schools, hospitals, affordable housing, and small businesses.

In addition to CalPERS, she also sits on the governing board of the California State Teachers' Retirement System. Previously she represented more than nine million taxpayers as an elected member of the California State Board of Equalization from 2015 until January 2019 and served as its chair and vice chair.

From 2006-12 Fiona was an elected member of the California State Assembly and was the first Asian-American woman to be named speaker pro tempore by her peers. Before that she served as assembly majority whip, where she built coalitions during a state budget crisis to pass groundbreaking legislation that protected public education, expanded access to health care, and protected the environment. Fiona authored 60 bills signed into law by two different governors.  

She is a member of the California Society of Certified Public Accountants, serves on the Board of California Women Lead, and is honorary chair and spokesperson for the San Francisco Hepatitis B Free Campaign.

Fiona has been a licensed Certified Public Accountant since 1992 and holds a bachelor's degree in accounting from the Rochester Institute of Technology, a master's degree in taxation from Golden Gate University, and an MBA from Pepperdine University.