Author: Iliya Atanasov
Date: February 6, 2014
Abstract: In the wake of 2009 transportation reform in Massachusetts, the conventional wisdom has been that the MBTA Retirement Plan (MBTARP) has been fixed, that benefits are fair and the system poses no threat to Massachusetts taxpayers. In reality, MBTARP faced a $726 million unfunded liability as of the end of 2011. This policy brief debunks the misconceptions around pension reform at the MBTA and outlines a simple, legal and fair path for change. One proposal is for the commonwealth to develop a plan to transfer MBTA employees from the transit authority’s troubled retirement plan to the state system.
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