MBTA Retirement Fund

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2021 GFOA Certificate of Achievement for Excellence in Financial Reporting

The Retirement Board takes pride in ensuring the MBTA Retirement Fund’s members, retirees, and the public have clear visibility into its financial processes and reports. We are thrilled to share that our comprehensive annual financial report for the fiscal year concluding on December 31, 2021, has been bestowed the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) as of April 5, 2023. Additionally, the MBTA Retirement Fund’s Finance Department was honored with the GFOA’s Award of Financial Reporting Achievement in recognition of its contribution towards obtaining the Certificate of Excellence.

The GFOA, since 1945, has been running the Certificate of Achievement for Excellence in Financial Reporting Program with the objective to inspire and aid state and local governments to surpass the basic requirements of generally accepted accounting principles. This is achieved by preparing exhaustive annual financial reports that embody the essence of transparency and comprehensive disclosure and by then acknowledging those who attain this objective.

Described as the “pinnacle of recognition in the domain of governmental accounting and financial reporting” by the GFOA, the Certificate of Excellence signifies the high standards the Retirement Board adheres to. We are honored to inform that this is the sixth successive year that the MBTA Retirement Fund’s financial reporting has earned this esteemed Certificate of Achievement for Excellence in Financial Reporting.

Critical Update for Retirement Fund Members Regarding Alterations to the Pension Contract

On the date of September 23rd, 2022, a collective request was made to the Retirement Fund by both the MBTA and the Union. This request stipulated that the Retirement Fund should refrain from executing the Arbitration Award and the Memorandum during the extended Stay Period (set to terminate on February 28, 2023), unless otherwise directed by the MBTA and the Union. The MBTA Retirement Fund has complied with this request. This signifies that throughout the Stay Period, the administration of retirement benefits by the MBTA Retirement Fund will persist as it was prior to the induction of the Arbitration Award and Memorandum, in line with the Pension Agreement established on July 1, 2014.

Guidelines & Expectations for On-Site Visitations to MBTA Retirement Fund Offices

In light of the current health scenario, the MBTA Retirement Fund (hereafter referred to as “the Pension Fund”) puts the health and safety of its members, pensioners, beneficiaries, and staff at the forefront. With adherence to guidelines from authorities such as the CDC, OSHA, the State, and the Boston Health Department, we have established the following protocols to maintain a secure office setting. These guidelines will be effective from May 2, 2022 and will be maintained until further notice. We recommend you visit our website (www.mbtarf.com) to stay updated.

Phone Communication. We are available for your queries on weekdays, excluding public holidays, from 8:30 AM to 4:30 PM. The Pension Fund can be contacted at (617) 316-3800 or (800) 810-6228.

On-Site Assistance. From Monday to Friday, excluding public holidays, between 8:30 AM and 4:30 PM, the Pension Fund office welcomes in-person visits as per the guidelines below. It is mandatory to wear a face covering while inside the Pension Fund office. If you exhibit symptoms related to COVID-19 or have been in contact with a COVID-19 positive individual, we request you to refrain from visiting our office.

Limited Drop-In Services. Our office is presently restricting walk-in services to a maximum duration of 15 minutes per visitor. Apart from having a Pension Fund representative to receive materials dropped off at our office, we also offer the following services to walk-in visitors:

• Updating contact details;
• Details on direct deposit;
• Notification of member passing away;
• Collection of Pension Fund related documents; and
• Submission of contribution application forms.

Services Available by Appointment. Certain services provided by the Pension Fund necessitate pre-booked appointments. These services include:

• Estimation of retirement benefits;
• Review of creditable service;
• Assessment of disability-related retirement applications;
• Consultation and application for retirement;
• Examination of workmen’s compensation service credit; and
• Document authentication services.

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