by BandA
Continuing the discussion from the 2016 Fare Increase thread....
https://www.bostonglobe.com/business/20 ... story.html
https://www.bostonglobe.com/business/20 ... story.html
The Massachusetts Bay Transportation Authority is still awaiting the pension fund’s financial valuations for last year. But if the estimates prove accurate, the pension fund, with $1.5 billion in assets and $2.6 billion in future obligations, is now just 58 percent funded.
According to the T’s calculations, which will be made public Monday at a fiscal control board meeting, the MBTA pension fund’s assets declined 7 percent from 2005 through 2014, while the assets of the state teachers’ pension system -- managed by PRIM -- have increased 25 percent.
Michael Mulhern, the pension fund’s executive director, recently announced he would resign in August, after a decade on the job.http://www.fox25boston.com/news/fox25-i ... /368168918
Michael Mulhern, the MBTA pension chief who FOX25 Investigates uncovered is headed for a publicly funded triple dipper retirement, won’t let taxpayers see his contract – a document some of his own board members at the secretive pension system haven’t even seen.
FOX25 has been asking for two weeks to see Mulhern’s contract, which pays him $282,000 a year, but the taxpayer-funded pension board won’t publicly release it.