My friend Ron took the time to estimate the expense ratio for various asset classes in the NC Retirement System. You can see his excellent full discussion here.
Public equity and bonds are at pretty reasonable rates - 0.46% and 0.01%, although I pay less in my 401-K for my stock portfolio, so I still think 0.46% is pretty high.
But the real shocker is in the alternatives space. Here the fees range from 1.01% to 1.78%! The worst offender being pure "Alternatives" which includes hedge funds. Oh, and this category earned a 5.53% in return.
There is no excuse for this. This is a handout to Wall Street from the tax payers of North Carolina - plain and simple.