Tuesday, June 7, 2016

New Public Records Law Requires Public Disclosure of T Pension Funds

Today, I issued the following statement regarding the new Public Records law and my legislative proposal which requires the disclosure of MBTA Pension Fund documents. That proposal was adopted by the Senate in its version of the Public Records bill and included in the final version of the bill that the Governor signed into law on Friday:

“The mortar in the once seemingly impenetrable walls of secrecy shrouding the $1.6 billion MBTA pension fund has begun to crack and daylight is seeping through. For decades, T pension managers have declared that they do not have to comply with the state’s public disclosure laws, all new fund directors should take special note of the transparency requirements of the new public records law.

Although tens of millions of public dollars have been annually pumped into the system, managers have refused, at every turn, to make full disclosure of documents which could verify the true condition of the fund. Accountability is paramount; the future of thousands of T employees and millions of public dollars is in the balance.

Governor Baker’s signature on the new Public Records law, included a provision sponsored and advanced by the Senate Republican Caucus, which compels existing and future MBTA fund managers to comply fully with the new records law.

Now, once and for all, the efforts of many who have sought the disclosure of relevant document including; the media, fiscal accountability organizations, and members of the Legislature have, with the Governor’s support, have built a new era of transparency for the T pension system and replaced walls with windows.”