Executive Director's Message IN THIS ISSUE - MBTARF

Executive Director's Message IN THIS ISSUE - MBTARF

SPRING 2016 VOLUME 6 | NUMBER 1 Milestones REPORT TO T HE MEMBERSHIP OF THE MBTA RETIREMENT FUND Executive Director’s Message MBTARF management is ...

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SPRING 2016 VOLUME 6 | NUMBER 1

Milestones

REPORT TO T HE MEMBERSHIP OF THE MBTA RETIREMENT FUND

Executive Director’s Message MBTARF management is pleased to announce our first Comprehensive Annual Financial Report (CAFR) and provide you with an update on the MBTA Retirement Fund’s investment performance for 2015.

IN THI S I SS UE Director’s Message

1

Retirement Fund

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Congratulations

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In Memoriam

6

MBTARF.COM

LLP, a firm of licensed certified public accountants. The CAFR is divided into four major sections: • Introductory Section: This section contains the table of contents, letter of transmittal and the organizational structure of the MBTARF Board of Trustees.

The 2014 report is the first CAFR to be produced in the 68-year existence of the MBTA Retirement Fund (MBTARF). This CAFR has been produced in accordance with the 2014 Pension Agreement between Local 589 Boston Carmen’s Union (ATU) and the plan sponsor, the Massachusetts Bay Transportation Authority (MBTA), in order to increase transparency and accountability between the MBTARF and all of our stakeholders. The CAFR is available online on our website, www. mbtarf.com.

• Financial Section: This section contains the report of the Independent Auditors, Management’s Discussion and Analysis (MD&A), the financial statements of the MBTARF, the notes to the financial statements and supporting schedules.

The CAFR contains the basic financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP) and the standards applicable to financial audits in Government Auditing Standards. The 2014 audit was conducted by KPMG

• Statistical Section: This section contains information regarding the MBTARF’s participants, financial highlights, summary of operations, and other financial schedules and tables. The CAFR is intended to provide

• Investment Section: This section contains a summary of the MBTARF’s investment strategy, investment policies, a summary of the MBTARF’s investments, investment results, and supporting tables and schedules.

Executive Director’s Message (cont’d)

comprehensive information on the financial position and results of the MBTARF. MBTARF 2015 Investment Performance:

Board James M. Evers, Interim-Chairperson Steven Grossman Michael J. Heffernan Craig S. Hughes James M. O’Brien Betsy Taylor Honorary Board Member Katherine A. Hesse Alternate Board Members Gerald K. Kelley Lawrence C. Kelly Margaret C. LaPaglia Timothy P. Long Executive Director Michael H. Mulhern Deputy Director John P. Barry Retirement Fund Staff

Due to concerns over an economic slowdown in China, slumping oil prices, the Federal Reserve’s plans to raise interest rates and the global impacts of a strengthening US dollar, most asset classes generated negative to flat returns in 2015. As a result, institutional investors were challenged. Public, Taft-Hartley and Corporate pension funds, for example, generated median gross returns of 0.1%, 1.1% and -1.1%, respectively for the year.i In this environment, the Fund posted an estimated preliminary gross return of .86% for calendar year 2015 and ended the year with an approximate market value of $1,497.6 million.ii Over five- and three-year periods, the Fund generated annualized gross returns of 7.64% and 7.54%, respectively, ranking ahead of most pension fund peer group medians over these periods.

MBTARF review their asset allocation since it may determine up to 90% of a portfolio’s long-term performance. In 2016, the Board of Trustees and Fund Management completed an experience study and commissioned an asset liability management study (ALM) to position the Fund to build on its record of long-term results. Since 1982, a period that includes multiple market cycles, the Fund generated an annualized gain of over 9%. The Fund achieved these results by implementing and periodically modifying a long-term asset allocation strategy that balances risk and return. The MBTA Retirement Board and Fund management will continue to monitor the asset classes, investment strategies and investment managers within the Fund’s portfolio and will make adjustments as the markets evolve.

Yours Respectfully, Michael H. Mulhern Executive Director

Following a year like 2015, it is imperative that institutional investors like the

Jacquelyn E. Carey Maura E. Corso John G. Fitzgerald David M. Hanson Pamela M. Holloman Siobhán M. Keeney Catherine M. McGahan Danielle M. Quinn Dominique S. Sye Nancy M. Walsh

2

Spring 2016

i ii

InvestorForce – Comparison of Taft Hartley, Public, and Corporate Funds. The preliminary returns are estimates and do not include all fourth quarter and private equity funds. All quoted returns are gross unless otherwise noted. Audited values will be provided in the annual report.

Retirement Board of the Massachusetts Bay Transportation Authority Retirement Fund Statement on FTI Report, March 9, 2016 On June 28, 2015, The Boston Globe published an article about the Massachusetts Bay Transportation Authority Retirement Fund’s (the “Fund”) alleged over valuation of assets and under valuation of liabilities for fiscal years 2011-2013, based on a report authored by, among others, Harry Markopolos (the “Markopolos Report”). Despite requests, the Markopolos Report has not been shared with the Fund. In response to the allegations, the Fund, through a special subcommittee of the Retirement Board, issued a Request for Proposals (“RFP”) seeking an independent expert review of the Fund’s valuations, assets and liabilities for the period. Following the RFP process, which prompted inquiries and proposals from a number of experienced firms, on November 20, 2015 the Retirement Board voted to retain FTI Consulting (“FTI”) to conduct an independent review of all pension assets, investment returns, actuarial assumptions and liabilities, as set forth in the Fund’s audited financial statements for 2011, 2012 and 2013. FTI is a leading independent provider of multidisciplinary, investigative, forensic accounting, and computer forensic and analytic services to the global business and legal community. FTI provides independent, multidisciplinary teams consisting of former “Big 4” auditors, forensic accountants, former federal and state prosecutors, former regulators,

Congratulations

former law enforcement officials, investigative researchers, and computer forensic and data analytic specialists. FTI reviewed thousands of pages of documents, worked cooperatively with the Fund’s auditor, and interviewed the Fund’s actuary, custodian, investment advisor and key Fund personnel. On March 9, 2016. FTI issued a report finding no significant differences between the amounts reported by the Fund and the supporting documentation provided by the custodian or other third parties. In addition, FTI determined that the key actuarial assumptions were reasonable and appropriately applied. Finally, the FTI report concludes that the allegations contained in the Markopolos Report regarding the Fund’s audited financial statements lack merit. The Retirement Board voted to make the FTI report available to the public, and it is linked to the Fund’s website (www.mbtarf.com). The Retirement Board is very pleased that this independent review thoroughly validates the Fund’s reporting and results. The concerns created by these unfounded allegations can now be lifted, and the Fund looks forward to continuing to serve the workers and families that rely on it to secure their futures.

MBTA Retirees

THE FOLLOWING MEMBERS HAVE RETIRED ON OR BEFORE MARCH 1ST 2016.

David J. Adams 449 Bus Maintenance Charlestown

Anthony J. Azevedo 125 Bus Transportation Bennett

Wynne L. Blair 113 HRail Transp Red JFK/UMASS

Sandra Brown 126 Bus Transportation Chrltwn Fels

Jeffrey W. Adee 762 Materials Mgmt Stores

Christine M. Barry 114 HRail Transp Blue Orient Hght

Lawrence J. Bolger 464 Bus Maintenance North Cambridg

Valerie P. Bryer 126 Bus Transportation Chrltwn Fels

Jean Alcindor 132 LRail Transp Green Reservoir

Paul F. Barsamian 128 Bus Transportation Quincy

Christine M. Bond 756 MassDOT Univ & Emp Relations

Richard A. Burchill 454 Bus Maintenance Arborway

Michael L. Andrews 834 HRail Customer Service Orange

Robert W. Baumann 414 EVE Everett Main Repair Bus

Catherine A. Bourgeois John P. Burke 414 EVE Everett Main Repair Bus 129 Bus Transportation Lynn

Eugene M. Anzalone 434 Rail Maint Blue Orient Hghts

Edward P. Benoit 414 EVE Everett Main Repair Bus

Anthony J. Boyd 114 HRail Transp Blue Orient Hght

Nicolas Cazeau 031 Information Technology Opers

Richard J. August 125 Bus Transportation Bennett

Kevin R. Bergeron 414 EVE Everett Main Repair Bus

Frederick T. Brassil 313 TFM Mechanical Maintenance

Marie-Elena A. Challabi 102 OCC Opers Control Center

Carlos Ayala 138 Bus Transportation Southampton

Joseph A. Biondo 113 HRail Transp Red JFK/UMASS

Todd S. Brine 113 HRail Transp Red JFK/UMASS

Cliff K. Chan 466 Rail Maint Green Riverside Spring 2016

3

Congratulations

MBTA Retirees

THE FOLLOWING MEMBERS HAVE RETIRED ON OR BEFORE MARCH 1ST 2016.

4

Raymond Chan 128 Bus Transportation Quincy

Laura J. Deacetis 456 Bus Maintenance Southampton

Reginald Gay 123 Bus Transportation CabotAlbany

Carl E. Hosea 333 MOW Rapid Transit Lines

Gary S. Clapp 321 SCM Signals

Robert G. Deary 126 Bus Transportation ChrltwnFels

Susan J. Gillen 113 HRail Transp Red JFK/UMASS

Craig S. Hughes 414 EVE Everett Main Repair Bus

William M. Cohan 129 Bus Transportation Lynn

Craig J. Dias 107 Ops Empl & Cust Initiatives

Benjamin Glover 309 TFM Bldg & Station Maintenance

Robert Hullum 114 HRail Transp Blue Orient Hght

Cassundra M. Cole 138 Bus Transportation Southampton

John S. Dittrich 452 Bus Maintenance Quincy

Pauline M. Gobeil 125 Bus Transportation Bennett

Clifford R. Jackman 414 EVE Everett Main Repair Bus

Douglas F. Conroy 351 MOW Rail Equipment

Daniel G. Donovan 129 Bus Transportation Lynn

Charles J. Gordon 464 Bus Maintenance North Cambridg

David E. Johnson 444 Bus Maintenance Tire Shop

Edward T. Corcoran 125 Bus Transportation Bennett

Francis X. Donovan 371 PSM Power Systems & Equipment

Patricia P. Grace 125 Bus Transportation Bennett

James F. Johnson 762 Materials Mgmt Stores

Lisa G. Correnti 129 Bus Transportation Lynn

John J. Downey 123 Bus Transportation Cabot Albany

Carolyn Green 455 Bus Maintenance Cabot

Charles K. Johnston 447 Bus Maintenance Arlington Ave

Donna M. Corrigan 125 Bus Transportation Bennett

Sandra Doyle 128 Bus Transportation Quincy

Ralph S. Green 454 Bus Maintenance Arborway

Louis C. Juris 031 Information Technology Opers

John F. Cosby 126 Bus Transportation Chrltwn Fels

Troy Ellerbee 105 Bus Maintenance Office

Daniel M. Griffin 132 LRail Transp Green Reservoir

Owen M. Kane 114 HRail Transp Blue Orient Hght

David J. Coveney 449 Bus Maintenance Charlestown

Joel E. Fairhurst 414 EVE Everett Main Repair Bus

John J. Griffin 836 HRail Customer Service Blue

Joseph G. Keeffe 106 COO Office

John T. Coyle 319 TFM Bridge & Structure Maint

Peter K. Familetto 324 PSM Electrical Maintenance

Gertrude M. Gross 129 Bus Transportation Lynn

Ronald Keith 455 Bus Maintenance Cabot

Colleen A. Coyne 102 OCC Opers Control Center

Robert J. Fanning 414 EVE Everett Main Repair Bus

Beverly Gudanowski 751 Hum Res Staffing & HR Analysis

Paul J. Kelley 126 Bus Transportation Chrltwn Fels

Richard J. Crisostamo 454 Bus Maintenance Arborway

Karen Faulkner 823 TFM AFC Maintenance

Charles A. Halajian 125 Bus Transportation Bennett

Timothy E. Kenney 713 Tres Controller Money Room

Christopher P. Cuff 452 Bus Maintenance Quincy

Francis C. Fichtner 321 SCM Signals

Susan M. Harrington 414 EVE Everett Main Repair Bus

George G. Kuers 312 SCM Telecommunications

John J. Cullen 125 Bus Transportation Bennett

Mark C. Flaherty 333 MOW Rapid Transit Lines

Derek A. Harris 413 EVE Everett Main Repair Rail

William A. LaLond 113 HRail Transp Red JFK/UMASS

Robert E. Cummings 113 HRail Transp Red JFK/UMASS

Kathleen A. Flynn 113 HRail Transp Red JFK/UMASS

Erica Y. Harris 112 HRail Transp Orange Wellington

Fred R. Laramie 129 Bus Transportation Lynn

Michelle R. Cunio 836 HRail Customer Service Blue

Thomas Foster 783 Railroad Operations

David L. Haynesworth 125 Bus Transportation Bennett

John S. Lauria 433 Rail Maint Orange Wellington

Eugene A. Curtis 413 EVE Everett Main Repair Rail

John J. Fraser 713 Tres Controller Money Room

Joseph M. Hegarty 129 Bus Transportation Lynn

Carl LeMar 321 SCM Signals

Michael G. Cusack 125 Bus Transportation Bennett

Christopher M. Gagne 453 Bus Maintenance Lynn

Scott A. Henderson 099 Security & Emergency Mgmt

Joseph R. Lima 321 SCM Signals

Raymond C. Darling 504 Design & Constr Comm Rail North

Richard A. Galante 122 Bus Transportation Arborway

George E. Higgins 114 HRail Transp Blue Orient Hght

Frank P. Limone 112 HRail Transp Orange Wellington

Cheryl Davis 113 HRail Transp Red JFK/UMASS

George V. Gallo 434 Rail Maint Blue Orient Hghts

Brian M. Holland 113 HRail Transp Red JFK/UMASS

David M. Litif 452 Bus Maintenance Quincy

Jonathan Davis 001 GM Board of Directors

Marcel P. Gaudet 125 Bus Transportation Bennett

Timothy S. Holland 414 EVE Everett Main Repair Bus

Nicholas Lombardo, II 309 TFM Bldg & Station Maintenance

Spring 2016

Congratulations

MBTA Retirees (cont’d)

THE FOLLOWING MEMBERS HAVE RETIRED ON OR BEFORE MARCH 1ST 2016.

Jose E. Santiago 466 Rail Maint Green Riverside

Michael A. Thompson 125 Bus Transportation Bennett

Russell L. Mayhew 031 Information Technology Opers

James M. O'Connell 321 SCM Signals Paul V. O'Connell 762 Materials Mgmt Stores Margaret A. O'Connor 333 MOW Rapid Transit Lines Nkem E. Okafor 138 Bus Transportation Southampton Joseph S. Pantone 126 Bus Transportation Chrltwn Fels Margaret S. Petersen 123 Bus Transportation CabotAlbany Leonard C. Provenzano 464 Bus Maintenance North Cambridg

Leon J. Saunders 123 Bus Transportation Cabot Albany James R. Saverse 455 Bus Maintenance Cabot Thomas M. Scanlan 834 HRail Customer Service Orange Gholamali Shahanaghi 504 Design & Constr Comm Rail North Robert N Shalhoub 837 LRail Customer Service Green Kurt O. Sharpp 113 HRail Transp Red JFK/UMASS Alice M. Shaughnessy 123 Bus Transportation Cabot Albany Bruce I. Singer 321 SCM Signals James E. Smith 126 Bus Transportation Chrltwn Fels

Edward P. Timmons 132 LRail Transp Green Reservoir John V. Todd 113 HRail Transp Red JFK/UMASS Herminio C. Torres 123 Bus Transportation CabotAlbany William L. Tracia 453 Bus Maintenance Lynn Michael A. Tramontozzi 432 Rail Maint Red Cabot Mervyn D. Tuitt 319 TFM Bridge & Structure Maint James F. Twomey 432 Rail Maint Red Cabot Louis M. Voto 126 Bus Transportation Chrltwn Fels Peter Walworth 309 TFM Bldg & Station Maintenance

Francis L. McCarthy 321 SCM Signals

John D. Rantuccio 105 Bus Maintenance Office

Kenneth J. Smith 321 SCM Signals

Patrick A. Ward 123 Bus Transportation Cabot Albany

Brian McGill 324 PSM Electrical Maintenance

George M. Reese 129 Bus Transportation Lynn

Scott R. Smith 137 OCC Trng Light Rail Riversd

Denice Weaver 129 Bus Transportation Lynn

Francis X. McKenna 433 Rail Maint OrangeWellington

Mark Rentel 125 Bus Transportation Bennett

Stephen E. Smith 313 TFM Mechanical Maintenance

John R. West 713 Tres Controller Money Room

Michael L. McLaughlin 762 Materials Mgmt Stores

Leroy Richards 332 MOW Surface Lines

Chuy J. Soohoo 312 SCM Telecommunications

Tina M. Wheeler 834 HRail Customer Service Orange

James F. McPhee 309 TFM Bldg & Station Maintenance

Lloyd Rivers 125 Bus Transportation Bennett

Gail Spellman 125 Bus Transportation Bennett

Donna White 132 LRail Transp Green Reservoir

Robert E. Medeiros 126 Bus Transportation Chrltwn Fels

Michelle R. Rizzo 713 Tres Controller Money Room

Timothy M. Spencer 414 EVE Everett Main Repair Bus

Jimmie D. White 123 Bus Transportation Cabot Albany

Huso Memic 129 Bus Transportation Lynn

William D. Rodenmacher 132 LRail Transp Green Reservoir

Michael A. Spolsino 453 Bus Maintenance Lynn

Robert D. White 531 Design & Constr Facilities&TOD

Adam Mignet 125 Bus Transportation Bennett

Jose Rodriguez 107 Ops Empl & Cust Initiatives

Debra M. Steadman 138 Bus Transportation Southampton

Joseph Williams 113 HRail Transp Red JFK/UMASS

Tianmin Mo 837 LRail Customer Service Green

William C. Rose 427 EVE Equip Eng & Quality Assur

Joseph Strickland, Jr. 129 Bus Transportation Lynn

Kathleen E. Williams 123 Bus Transportation Cabot Albany

Patricia E. Monahan 434 Rail Maint Blue Orient Hghts

Michael J. Rowan 452 Bus Maintenance Quincy

Daisy S. Sullivan 132 LRail Transp Green Reservoir

Thomas L. Williams 126 Bus Transportation Chrltwn Fels

Brenda Morris 122 Bus Transportation Arborway

Richard Salini 321 SCM Signals

Gerard T. Sullivan 321 SCM Signals

William H. Williams 321 SCM Signals

Robert G. Morse 351 MOW Rail Equipment

Evelyn Santiago 823 TFM AFC Maintenance

Keith P. Sullivan 126 Bus Transportation Chrltwn Fels

Ali M. Zeabi 509 Design & Constr Bridges & Tunnels

Charles F. Long 414 EVE Everett Main Repair Bus Edwin C. Lopes 341 PSM Transmission&Distribution Marilyn L. Mack 834 HRail CustomerService Orange Jarome K. Majeed 132 LRail Transp Green Reservoir Michael J. Manganaro 128 Bus Transportation Quincy Sonia Manley 507 Design & Constr Admin & Finance Debra K. Manning 129 Bus Transportation Lynn Thomas J. Manning 313 TFM Mechanical Maintenance Juan A. Maximo 122 Bus Transportation Arborway

Dennis M. Murphy 126 Bus Transportation Chrltwn Fels Jacob C. Nelson 449 Bus Maintenance Charlestown Jean M. Occil 835 HRail Customer Service Red

Arthur L. Munchbach 098 Safety Administration II Spring 2016

5

In Memoriam

WE HAVE RECENTLY BEEN NOTIFIED THAT THE FOLLOWING MBTA RETIREES HAVE PASSED AWAY.

JAMES P. ASHE November 15, 2015

CHARLES F. CRUMADY August 28, 2015

LESTER HAYES August 4, 2015

RAYMOND BERGERON November 14, 2015

ALONZO D. CUNNINGHAM February 29, 2016

TAMEEKA HINNANT September 5, 2015

PHILIP N DEJOSEPH October 17, 2015

DONALD J. HIRL April 9, 2015

MICHAEL DIFEO July 31, 2015

ARTHUR E. HOLMES September 24, 2015

BERNARD J. DONAHER March 17, 2016

CARL E. HOSEA August 30, 2015

PATRICIA A. DRISCOLL October 3, 2015

JOHN J. HURLEY November 24, 2015

JANE DUGAL December 31, 2015

LEONARD J. INTRAVESATO April 11, 2016

JOSEPH M. DUGGAN July 19, 2015

CHESTER W. JENKINS January 21, 2016

PAUL W. EGAN September 8, 2015

THOMAS E. KANE February 4, 2016

LINDA G. ELLISON February 12, 2016

JOSEPH A. KERN August 16, 2015

JOHN S. FARRELL June 1, 2015

DONALD KILGALLON December 19, 2015

JOHN L. FITZGERALD May 31, 2015

PAUL R. KINDER August 1, 2015

JOSEPH R. FITZGERALD January 7, 2016

ROSA KNIGHT November 30, 2015

THOMAS W. CHAPMAN August 20, 2015

JUDITH A. FITZGERALD July 19, 2015

GEORGE G. KUERS February 1, 2016

JOHN COFFEY January 13, 2016

JOHN M. FLAHERTY January 18, 2016

DONALD LAMB February 14, 2016

OTTO A. COLARUSSO August 2, 2015

FRANCIS R. FRANZOSA December 5, 2015

SALVATORE J. LAURIA November 18, 2015

PAUL W. FRAZIER December 20, 2015

MICHAEL C. LESSER February 23, 2016

JOHN F. FUCCIONE June 7, 2015

FREDERICK LOCKE March 3, 2016

LINCOLN M. GRAHAM December 19, 2015

NICHOLAS LONGO July 23, 2015

JOHN GRIFFIN November 6, 2015

THOMAS F. LYDON November 12, 2015

ANTRANIG V. HAMPARIAN March 17, 2016

PAUL A. MACDONALD August 16, 2015

JOSEPH D. HARRINGTON February 2, 2016

JOSEPH S. MAGLIO November 23, 2015

WILLIAM A. BOUDREAU November 17, 2015 EDWARD J. BRENNAN December 26, 2015 JOSEPH J. BUCKLEY August 28, 2015 CORNELIUS J. CADIGAN May 30, 2015 DAVID CAIN August 31, 2015 WILLIAM A. CALLAHAN December 11, 2015 JOSEPH A. CAPPUCCI July 21, 2015 ANTONIO CAPPUCCIO April 9, 2016 ROBERT E. CARPENTER July 28, 2015 DOMINIC A. CATANESE February 22, 2016

MICHAEL F. CONNOLLY September 11, 2015 DAVID R. CONNOR August 8, 2015 DOMENIC P. COPPLA February 24, 2016 WILLIAM J. COTTER August 17, 2015 CORNELIUS F. CRONIN August 21, 2015

Spring 2016

6

In Memoriam (cont’d)

WE HAVE RECENTLY BEEN NOTIFIED THAT THE FOLLOWING MBTA RETIREES HAVE PASSED AWAY.

7

PASQUALE V. MAGLIOZZI August 4, 2015

ARTIS W. NICHOLS January 2, 2016

NOEL SIMMONS January 13, 2016

JOHN J. MAHER March 21, 2016

ARTHUR R. O’BRIEN July 23, 2015

CHARLES E. SMYTH April 2, 2016

LAWRENCE E. MARKS February 23, 2016

DAVID G. O’CONNOR July 20, 2015

FRANCIS T. SPELLMAN August 17, 2015

JAMES W. MARTIN December 9, 2015

EDWARD J. OLEARY December 26, 2015

WINSTON SPENCER September 3, 2015

FERDINAND C. MARTINO January 24, 2016

MONIQUE A. OSGOOD November 7, 2015

NICHOLAS J. SPINNEY October 9, 2015

JOHN J. MASTRANGELO November 16, 2015

LAWRENCE N PALUMBO October 29, 2015

DANIEL E. SULLIVAN April 7, 2016

DONALD H. MATTOS December 13, 2015

LOUIS P. PANZINI March 31, 2016

EVERETT K. TANNER October 7, 2015

ELEANOR C. MCCARTHY March 4, 2016

JOHN C. PARSONS October 9, 2015

ANGELO J. TARANTO January 22, 2016

JOSEPH H. McCONVILLE February 9, 2016

WALTER E. PARTRIDGE October 27, 2015

WILLIAM E. TIMMINS April 1, 2016

JOHN L. MCDONOUGH September 3, 2015

CHARLES C. PAYNE September 30, 2015

EDMUND A. TOOMEY February 4, 2016

JOSEPH J. MCGINLEY January 29, 2016

SAMUEL T. PAYNE February 18, 2016

AGNES V. VALOIS January 6, 2016

EDMOND J. MCGRATH December 17, 2015

JAMES A. PERRY August 6, 2015

DEWAYNE A. WALKER December 19, 2015

JOHN J. MCLAUGHLIN September 17, 2015

HILTON PLEASANT March 1, 2016

DAVID L. WALSH July 14, 2015

JAMES P. MCMAHON, JR November 4, 2015

JOHN W. RADZISZEWSKI September 13, 2015

CHAPLOW H. WEBB December 8, 2015

WILLIAM MIKULE December 16, 2015

EDWARD REGAN September 28, 2015

JOHN J. WHITE June 25, 2015

MARGARET M. MILLER October 21, 2015

FRANCIS D. ROBERTIE October 9, 2015

ROBERT WHYNOT July 23, 2015

PAUL A. MORAN December 8, 2015

EDWARD J. ROSE, JR October 26, 2015

JOHN D. WILLIAMS November 16, 2015

ROBERT J. MORELLI September 20, 2015

ROBERT A. RUGGIERO February 17, 2016

JACOB S. WOLFSON March 14, 2016

WILLIAM T. MORGAN January 19, 2016

EVELYN SANTIAGO September 17, 2015

WILLIAM E. YOUNG February 9, 2016

WARREN P. MORRISON October 21, 2015

RICHARD D. SAYERS February 5, 2016

EMIL J. YUNGHANS November 20, 2015

RICHARD S. MORSE November 30, 2015

SABATINO A. SFERRAZZA December 31, 2015

VINCENT J. ZARRELLA April 10, 2016

RONALD F. MUEHLBERGER March 11, 2016

JAMES A. SILVA July 12, 2015

THEODORE P. ZYLINSKI August 17, 2015

Spring 2016

One Washington Mall Boston, MA 02108

Milestones

THE REPORT TO THE MEMBERSHIP OF THE MBTA RETIREMENT FUND

Presort Standard US Postage PAID Boston, MA Permit #55917