Madoff whistle-blower: The T’s pension plan may be $470M short
There’s something seriously off about the MBTA’s pension numbers, or so says the guy who blew the whistle on Bernie Madoff.
The Boston Globe reports that a new study led by Harry Markopolos, the Madoff whistle-blower, and Boston University professor Mark T. Williams, says that the T’s stated pension performance “too good to be true.’’
The study says the MBTA used outdated charts to estimate the amount it has to pay out to retirees in the coming years. It also used accounting standards that ended up yielding a better bottom line for the plan, according to the Globe.
A spokesman for the T’s pension fund told the Globe that the financial organization stands by the numbers its provided and “MBTA retirees and beneficiaries can be confident that their futures are secure.’’
Click here to read the full Boston Globe article.
Related: Throug hthe years with the MBTA
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