by Iliya Atanasov
Pioneer Institute for Public Policy Research
July 28, 2014
Serious problems plague the MBTA Retirement Fund (MBTARF), among them a poor governance structure that gives control over hundreds of millions of dollars to a board of directors and senior managers who are not required to have investment experience, the absence of independent oversight, and the apparent lack of a coherent investment strategy. This paper connects MBTARF’s governance and its performance relative to appropriate benchmarks.