Report: MBTA Pension Fund Faces $1B Shortfall - NECN


The latest news from around the state

Report: MBTA Pension Fund Faces $1B Shortfall



    Report: MBTA Pension Fund Faces $1B Shortfall

    A new report by the chief of the MBTA says the transit agency's retirement fund will need $1 billion in additional taxpayer funding over the next 18 years if it is to pay retirees as promised and remain solvent. 

    Brian Shortsleeve, the Massachusetts Bay Transportation Authority's acting general manager, is scheduled to present the report at a public meeting Monday. 

    He tells The Boston Globe that in addition to mediocre investment returns, over the last 10 years benefits paid to retirees have exceeded money coming in from the taxpayer-funded transit authority and worker contributions. 

    Nearly 6,700 retires participate in the $1.5 billion fund. 

    Options for addressing the gap range from modifying pension benefits, to curbing capital improvement plans or asking the Legislature for fare hikes or cash infusions. 

    Get the latest from necn anywhere, anytime

    • Download the App

      Available for IOS and Android