Williams and Markopolos Were Proven Right: MBTARF Was Underreporting Its Unfunded Pension Liabilities Just as the Whistleblowers Said in Their 2015 Report
In a new brief, Pioneer shows that whistleblowers’ 2015 claims that the MBTA Retirement Fund (MBTARF) has been underreporting its unfunded pension liabilities was correct. In their study, Boston University Professor Mark T. Williams and Bernie Madoff whistleblower Harry Markopolos outlined three specific ways in which the T pension fund was misrepresenting its liability, by a total of $280 million. At the time, MBTARF vigorously refuted the validity of the findings, but a new Pioneer brief presents in-depth analysis vindicating Williams and Markopolos.
