I could not help but laugh recently when, on the heels of being censured for speaking publicly about the lack of transparency at the $26 billion state Retirement System Investment Commission, state Treasurer Curtis Loftis revealed that approximately $106 million more had been spent in fees last year than was reported in the commission’s annual report. On second thought, maybe I should be crying, not laughing, about such a terrible abuse of the public trust.

One must always know the true cost of an investment if one wants to know the true rate of return, so the fund must know and report these hidden fees.

Stuart Smith

Rock Hill