Last month, the chief of the MBTA's retirement fund announced he would step down from the post in August.
Over the past two years, the $1.5 billion fund has seen investment returns of less than 1 percent. Meanwhile, the MBTA's funding gap — between future retiree benefits and the money available to pay them — has topped $940 million.
Mulhern's resignation also followed Gov. Charlie Baker's signing of a bill to make the pension plan subject to public records law. But transparency is only one part of the equation, according to Mark Williams, executive-in-residence at Boston University.
This segment aired on July 6, 2016.