When you talk about the transformer (which probably belongs to the power company) and the service disconnect which belongs to the user you find that you are crossing a boundary. Between the transformer and the service disconnect you cross between the National Electric Safety Code (applies to the power company) and the NEC (applies to everything else).
What the power company does with their neutral in the transformer does not change the requirements of the NEC.
See the articles on service entrances and on grounding.
good luck,
/s/ Jim WIlliams
[Yes I know I'm glossing over some corner cases]:huh: