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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 yearend 2015, the fund had an estimated unfunded liability of about $944 million. The MBTA is contractually responsible for filling three quarters of that gap, or $708 million. Questionable actuarial practices may have built multimillion-dollar contribution “surprises” into the MBTA’s financial future and undermined its position in collective bargaining.