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"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.
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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.
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.
"Mr. Rattner shares with the New York attorney general the goal of eliminating public pension fund practices that are not in the public interest.
As attorney general, Mr. Cuomo investigated cases of school administrators who earned salaries and pensions simultaneously, a practice known as double dipping.
State Comptroller Thomas DiNapoli said workers at the Metro North and Harlem lines of the Metropolitan Transportation Authority inflated salaries and pensions through the practice that included supervisors signing off on their own time cards.
The report therefore aligns the Bank's public position on pension reform with practice.
In addition, some districts that did not practice pension-spiking prior to the reform appear to begin providing payments up to the new, lower limit, perhaps due to increased salience of the fiscal incentive.
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CEO of Professional Science Editing for Scientists @ prosciediting.com