- Associated Press - Monday, May 22, 2017

BOSTON (AP) - 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 (https://bit.ly/2q99CdO ) 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.



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Information from: The Boston Globe, https://www.bostonglobe.com

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