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T opens pension books
http://bostonherald.com/ ^ | 08/09/2013 | Matt Stout

Posted on 08/09/2013 7:18:57 AM PDT by massmike

More than one-third of MBTA employees getting pensions retired before the age of 55 and a thousand-plus left in their 40s, according to a Herald review of a massive database that was finally released yesterday after a series of stories that challenged the T retirement board’s refusal to disclose the payouts.

A Herald review of the database showed: • More than half of the 6,300-plus people listed in the database retired before the age of 60, and 35 percent — or 2,240 — left before 55. •   Another 1,129 retirees, or 17 percent of the system, opted out in their 40s. They include five of the top 30 pension holders, including former MBTA General Manager and the fund’s current Executive Director Michael Mulhern, who retired at age 46 with a pension of $64,800. • Eight retirees are pulling in more than $70,000 annually, with the top earner at $76,881. All of them retired before the age of 60.

Currently, T employees can retire with a pension at 55 with 25 years of service in the transit agency, according to the T. But many retired under previous guidelines, where they were able to punch out at any age if they accrued 23 years of service.

While the individual payouts released yesterday may not reach the staggering sums of other pension systems — the state, for example, has at least five people getting over $200,000 — the old T rules allowed many to retire earlier.

(Excerpt) Read more at bostonherald.com ...


TOPICS: News/Current Events; US: Massachusetts
KEYWORDS: mbta

1 posted on 08/09/2013 7:18:57 AM PDT by massmike
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