Recommendation to the FMCB: Retain an Independent Auditor and Actuary to Review the MBTARF

The present policy paper argues that FMCB must conduct an independent audit and actuarial valuation of the fund, because of specific failures and omissions even in the limited work that FTI did. In doing so, we find that in opposition to the claims of FTI, the claims of potential malfeasance and poor management by the MBTARF Board, which came from noted whistleblower Harry Markopolos and Boston University Professor Mark Williams, were likely accurate.

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