Forensic Mysteries from the MBTA Retirement Fund’s Actuarial Reports

This report documents significant deficiencies in the actuarial valuations produced by the Massachusetts Bay Transportation Authority Retirement Fund (MBTARF) since 1990. Analysis of about a quarter-century of data suggests that the MBTARF’s actuarial reports may have deviated considerably from the true cost of pension benefits. As of year end 2015, the fund had an estimated unfunded liability of about $944 million.

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