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Board members pledge review of T’s pension fund

June 29, 2015

BOSTON (AP) — Two members of the MBTA retirement board are promising action after a whistleblower raised questions about the financial strength of the $1.6 billion fund.

Former state Treasurer Steven Grossman tells The Boston Globe (http://bit.ly/1LxQHjc ) that he’ll seek an independent review that will lead to a full public accounting of the fund’s assets. Another board member, Michael Heffernan, also said allegations that the pension fund overstated its financial health by as much as $470 million will be taken seriously.

Grossman and Heffernan were recently appointed to the retirement board by Gov. Charlie Baker.

The Globe reported that Harry Markopolos, a whistleblower in the Bernard Madoff fraud case, and Boston University professor Mark Williams reached their conclusions about the fund after a six-month examination.

Critics have said the fund lacks transparency.

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