Open Letter: Regarding Reform of the MBTA Retirement Fund
The past year has seen the MBTA Retirement Fund mired in scandals involving conflicts of interest, losses of taxpayer money and, to put it mildly, imprudent attitudes towards the general public and the public trust. A high-quality mass transit system is critical to Greater Boston’s economy and the well-being of its residents. As a result, the financial health of the authority’s pension system is a real public-policy concern. Please make no mistake about it: The deteriorating financial condition of the fund and exploding pension costs, a heavy burden on an MBTA already saddled with debt, are no accident. The fund’s governance is broken. Without bringing it into a state of good repair, no amount of money or temporary fix will […]