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James F. Verlautz, a member of the academy's pension practice council, said the existing pension-accounting rules were written in the mid-1980's, when the hybrid pensions were almost unknown.
"We're at a crunch time," said Mike Johnston, a member of the pension practice at Hewitt Associates, one of the largest benefits consultants for U.S. corporations.
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Mr. Levitt found "not mere negligence, but deliberate disregard for the law" in San Diego's pension practices.
The investigation by Mr. Cuomo's office, and a parallel inquiry by the Securities and Exchange Commission, led to a nationwide re-evaluation of public pension practices and the role of placement agents, the middlemen who brokered business for the investment firms from the comptroller's office.
What's most outrageous about these puny pension practices is that today's top brass are laughing all the way to the bank.
"We're seeing a huge growth in the use of non-cash funding," Marc Hommel, leader of the pensions practice at PricewaterhouseCoopers in London, said.
"Mr. Rattner shares with the New York attorney general the goal of eliminating public pension fund practices that are not in the public interest.
The report therefore aligns the Bank's public position on pension reform with practice.
Private equity executives like Mr. Rattner often hire outside advisers called placement agents to help them pitch their services to public pension officials, a practice that has come to be called pay to play.
Mr. Craig said the building, on Green Street, was in terrible condition when bought by his real estate company about three years ago with $327,000 borrowed from Mr. Klein's medical practice pension fund.
For investors, which often include mutual fund and global pension accounts, the practice can be a mixed bag.
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