To ensure our business is conducted in an open, transparent, and impartial way, CalPERS provides information related to economic interests, travel, and education for Board members and key staff online.

To ensure our business is conducted in an open, transparent, and impartial way, CalPERS provides information related to economic interests, travel, and education for Board members and key staff online.

On this page:

Statement of Economic Interests - Form 700

The Form 700 Statement of Economic Interests is required by law to be submitted each calendar year by March 1 for elected Board members and April 1 for all other filers.

To request a Form 700 not available below, you may submit a Public Records Act Request.


Board Members


Chief Executive Officer

Chief Investment Officer

Board Members


Chief Executive Officer

Interim Chief Investment Officer

Board Members


Chief Executive Officer

Chief Investment Officer

Interim Chief Investment Officer

Board Members

Board Member Employer Reimbursements

California Public Employees’ Retirement Law (PERL) government Code 20092 allows the reimbursement of elected board member’s salary and benefits paid based on the board approved percentage. The costs associated with employer reimbursements are based on the percentage of time the elected board member spends on his or her duties as a member of the CalPERS Board of Administration. The percentage is based on the elected board member’s time away from their regular work schedule to fulfill his or her responsibilities to the system. A summary of employer reimbursed salary and benefits for board members, as requested by the employer, for fiscal year 2020-21 is available in the April Finance and Administration Committee’s Agenda Item 6b (PDF).

In accordance with GC 20093, the members of the board shall serve without compensation, but shall be reimbursed for actual and necessary expenses incurred through service on the board.

Travel Information & Costs

The CalPERS Travel Transparency Report is a cumulative, fiscal year (FY) report produced on a quarterly basis. This report shows travel expenditures recorded by trip for Board members, executives, and key staff. It includes all costs associated with the trip reported within 30 days after the quarter end.

Prior to July 2016, the Travel Transparency Report was posted monthly and reflected reimbursed costs based on the approved travel claim. It did not include any related travel costs charged directly to CalPERS.

Payment to Agency Report - Form 801

The Fair Political Practices Commission (FPPC) adopted and amended regulations addressing payments made to an agency for use by agency officials and reporting requirements related to travel payments. To comply with the regulations, CalPERS posts FPPC - Form 801 on a quarterly basis if the aggregated travel payment received by CalPERS is $2,500 or more within the quarter.

Reported travel information includes:

  • Date travel occurred and an itemized breakdown of the amount paid for transportation, lodging, and food
  • Location of travel
  • Name and address of donor (If the donor is not an individual, the report must also describe the business activity or the nature and interests of the donor. If the donor raised funds from another person for the specific purpose of making the payment to the agency, the report must contain the name of each person and the amount given by each person.)
  • Name of transportation provider, type of transportation, and name of business where lodging was provided
  • Purpose of travel, department and position (or title) of the official who used the payment, and name of any elected or appointed official who uses the payment

Board Education Program - Education Activity Reporting

Government Code Section 20100 (PDF) and the related CalPERS Board Member Education Policy (PDF) require each CalPERS Board of Administration member and designee to receive a minimum of 24 hours of Board member education within the first two years of assuming office, and for every subsequent two-year period in which the person serves on the Board. To comply with the government code, CalPERS posts educational activity reports online, annually.

Board Member Educational Activity Reports

A report is posted for each Board member and includes:

  • Educational activities attended or viewed
  • The two-year period being reported
  • The date through which information is included

At minimum, reports are posted every March and include information as of the most recent December 31. For Board members or designees whose two-year period ends on a date other than December 31, an updated report is posted at the conclusion of their respective period.

Board Member Education Program Schedule

This schedule contains a list of workshops offered by CalPERS which Board members and designees had the option to attend to count toward the required hours of education. Links to view the taped sessions are included.

Enterprise Risk Management Resources

Each year, CalPERS conducts an enterprise risk management framework review, and presents enterprise risk reports to the Risk and Audit Committee. The enterprise risk assessment prioritizes current and developing enterprise risks, by facilitating risk identification and analysis with CalPERS’ program areas. The purpose of the assessment is to develop, analyze, and provide risk data for the executives and the board. This information assists in their decision making while considering potential risks to preserve or increase enterprise value. The assessment also serves to document activities to enhance risk-informed decision making and prioritize resource allocation within the enterprise. The risk assessment process is continually matured and refined to ensure CalPERS is well protected.

CalPERS Employee Compensation

The table below lists the ten highest-compensated CalPERS employees. The CalPERS Compensation Policy for Executive and Investment Management Positions (PDF) provides details on our incentive compensation.

Highest-compensated CalPERS Employees For Fiscal Year 2021-22
Employee Position 2021-22 Base Pay 2021-22 Incentive Pay 2021-22 Total Pay
Daniel (Dan) Bienvenue 1 Deputy Chief Investment Officer, Total Portfolio $517,613 $430,240 $947,853
James (Sterling) Gunn Managing Investment Director, Trust Level Portfolio Management Implementation $451,500 $395,063 $846,563
Greg Ruiz Managing Investment Director, Private Equity $432,600 $348,243 $780,843
Sarah Corr Managing Investment Director, Real Assets $420,000 $313,492 $733,492
Arnold (Arnie) Phillips 2 Managing Investment Director, Global Fixed Income $363,693 $366,995 $730,688
Chen-Yi (Jean) Hsu Managing Investment Director, Opportunistic Strategies $420,000 $298,792 $718,792
Marcie Frost Chief Executive Officer $534,689 $154,062 $688,751
Yup Kim Investment Director, Private Equity $374,500 $234,063 $608,563
Simiso Nzima 3 Managing Investment Director, Global Equity $363,010 $240,310 $603,320
Matthew (Matt) Flynn Investment Director, Investment Servicing Division $351,775 $202,271 $554,046

1Interim Chief Investment Officer (7/1/21 – 3/31/2022); prorated base pay and incentive pay.

2Interim Deputy Chief Investment Officer (7/1/21 - 3/31/2022); prorated base pay and incentive pay.

3Promoted to Managing Investment Director (10/15/2021); prorated base pay and incentive pay.