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Report urges MBTA to replace pension board and raise retirement age for workers to save more than $1 billion

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A new report that’s sharply critical of the MBTA pension fund urges state leaders to

improve the health and oversight of the fund by firing its current directors and raising the retirement age for T workers to 60 from 55, in line with state employees.

Targeting the T’s relatively low retirement age could save the pension system at least $1.1 billion over several decades, according to the report, slated for release Thursday by the Pioneer Institute, a Boston think tank.

Reforms in 2009 did away with the T’s controversial “23 and out’’ provision that allowed workers to tap pensions after 23 years on the job — no matter their age. But the benefits remain rich compared with those for state workers, according to the report.

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