The board of the Employees' Retirement System of Rhode Island should formalize its policy regarding administrative expenses charged to the plans within the system, according to a report from Auditor General Dennis Hoyle.

The board also should receive enhanced budgetary information including a personnel supplement detailing direct and allocated positions, said the report, which the Joint Committee on Legislative Services released this week.

These recommendations resulted from an audit of the Employees' Retirement System of Rhode Island for the fiscal year ended June 30, 2012.

According to the report, the system should also try to separately identify investment expenses for hedge funds and certain private equity and real estate investments for enhanced transparency and consistency in financial statement presentation.

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