Word: funding
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...Tuesday, New York Law School sued BDO Seidman along with the fund it audited, Ascot Partners. Investors in Ascot, which was managed by GMAC chairman J. Ezra Merkin and invested all its money with Madoff, lost a reported $1.8 billion. New York Law School said its endowment fund had $3 million in Ascot. It's the first suit to name an accounting firm in connection with the Madoff case...
...Pension funds are often heavily invested in the stock market. Because of the economic turmoil, Massachusetts lawmakers have been forced to consider extending the 2028 pension fund payment deadline to help cities and towns cope with the chilling economy...
...state, the issue is that if we under-fund the yearly payment into the pension fund, we have to extend out the year when the past shortages will be caught up,” said State Representative Alice K. Wolf, whose district includes Harvard and much of the west part of Cambridge. “This becomes an issue every time there is a financial crisis...
...date actuarial reports on the pension fund have not yet been made available as the city typically receives biennial reports, the last of which was received in July, according to Murphy. Depasquale said the city may look to get an interim report on the pension fund in January or February...
...City Councillor Craig A. Kelley said that while the pension fund has surely suffered, only a long-term perspective could provide the necessary context to examine its value...