Former Massachusetts Treasurer, Now Trustee of MBTA Pension, Will Push Hard for Transparency

Former Massachusetts Treasurer Steve Grossman, a recently-appointed board member of theMBTA pension fund, said he plans to push hard to bring transparency to the pension fund. MBTA’s pension system is notoriously opaque, and the law allows it to be. The fund is run by a private trust, which means it is exempt from open meetings … Continue reading Former Massachusetts Treasurer, Now Trustee of MBTA Pension, Will Push Hard for Transparency

Incoming Massachusetts Governor to Push for Transparency at MBTA Fund

Massachusetts Governor-elect Charlie Baker says he will push for more transparency and openness from the MBTA retirement fund. Baker’s statements come days after it was reported by the Boston Globe that the pension fund posted its annual report a full year late; the fund also waited a year to disclose troubles at a hedge fund … Continue reading Incoming Massachusetts Governor to Push for Transparency at MBTA Fund

Seeking New Management: Mass. Gov. Baker Wants State Pension to Take Over Troubled “T” Pension Fund

Massachusetts’ “T” Pension Fund — the retirement system for employees of the Massachusetts Bay Transportation Authority — has made headlines in recent years for its unprecedented secrecy and exemption to public records requests. It’s a private trust, and doesn’t qualify for the same disclosure rules as public pension funds. But it’s also been in the … Continue reading Seeking New Management: Mass. Gov. Baker Wants State Pension to Take Over Troubled “T” Pension Fund

Mass. Pension Chief Resigns Days After Records Ruled Public

The head of the Massachusetts Bay Transportation Authority (MBTA) pension fund on Monday revealed he’d be stepping down in August. His fund has been at the center of controversy because, until recently, it was not subject to FOIA laws and does not hold open meetings. It has also had its accounting questioned. Mass. Governor Charlie … Continue reading Mass. Pension Chief Resigns Days After Records Ruled Public

Charlie Baker’s Ultimatum to Pension Fund: Submit to More Rigorous Audit or Funding Will Be Halted

Massachusetts Governor Charlie Baker has proposed a piece of legislation that would mandate a more rigorous independent audit of the Massachusetts Bay Transportation Authority’s (MBTA) “T” pension fund. If the fund declines the audit, then the state would halt pension contributions for new hires. From the Boston Globe: The measure, which would need to be … Continue reading Charlie Baker’s Ultimatum to Pension Fund: Submit to More Rigorous Audit or Funding Will Be Halted

Massachusetts Police Pension’s Decision to Remain Opaque Spurs Controversy

The Massachusetts Bay Transportation Authority’s police pension fund has come under scrutiny in recent weeks for its refusal to open its books and reveal the benefits it is paying out to its retired members. Stephanie Pollack, the state’s transportation secretary, said the fund “owe[s] it to the public” to reveal the benefit data. But the … Continue reading Massachusetts Police Pension’s Decision to Remain Opaque Spurs Controversy

Massachusetts Pension Waited a Year to Disclose Hedge Fund Troubles

For more than a year, the Massachusetts Bay Transportation Authority (MBTA) Retirement Fund didn’t publicly disclose the problems plaguing a hedge fund that held MBTA money. Those problems included civil fraud charges filed against the firm, Weston Capital Asset Management, which is now shutting down. From the Boston Globe: In its annual report, released Dec. … Continue reading Massachusetts Pension Waited a Year to Disclose Hedge Fund Troubles

A New Era of Pension Transparency In Boston? Not So Fast.

Last week, the Massachusetts Bay Transportation Authority (MBTA) agreed to disclose its member’s pension benefits and to beef up its previously inadequate annual financial reports. The retirement fund, called the “T” Fund, is among the most tight-lipped in the country because it is not required to follow public records laws. But a Boston Herald editorial … Continue reading A New Era of Pension Transparency In Boston? Not So Fast.

A Step Toward Pension Transparency in Boston

As part of recent contract negotiations, the Massachusetts Bay Transportation Authority (MBTA) has agreed to disclose more of its pension data to the public. The MBTA retirement fund is among the most tight-lipped public pension funds in the country, due to laws that exempt it from following public records laws. The MBTA will now release … Continue reading A Step Toward Pension Transparency in Boston