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Special Commission on Massachusetts' Contributory Retirement Systems

SECTION 111.   There is hereby established a special commission to study the Massachusetts contributory retirement systems. The commission shall consist of 15 members: 1 of whom shall be the secretary of administration and finance, or her designee; 1 of whom shall be the auditor of the commonwealth, or his designee; 1 of whom shall be the executive director of the public employee retirement administration commission, or his designee; 1 of whom shall be the executive director of the state retirement board, or his designee; 1 of whom shall be the executive director of the teachers' retirement board, or her designee; 3 of whom shall be members of the house of representatives, 2 of whom shall be appointed by the speaker of the house and 1 of whom shall be appointed by the house minority leader; 3 of whom shall be members of the senate, 2 of whom shall be appointed by the senate president and 1 of whom shall be appointed by the senate minority leader; and 4 members to be appointed by the governor, 1 of whom shall be a private citizen who shall serve as chair of the commission and shall not be a member of any of the 106 contributory retirement systems, 1 of whom shall have professional experience in employee benefits or in actuarial science, 1 of whom shall be a member of the Massachusetts Municipal Association; and 1 of whom shall be a member of the Retired State, County and Municipal Employees Association of Massachusetts. The commission shall convene its first official meeting no later than September 1, 2008.

The commission shall make a comprehensive study of the Massachusetts contributory retirement systems. The study shall include but shall not be limited to: contribution rates paid by employers and employees; vesting periods; the weight given to age versus years of service in the current system; the portability of benefits in the current system; cost-of-living-adjustments with special attention paid to the cost of increasing the cost-of-living-adjustments base and the cost of any recommendations the commission may make.

The public employee retirement administration commission shall conduct an actuarial analysis to determine the costs of any recommendations made by the commission. The commission shall file a report of its study together with the actuarial analysis and any recommendations for legislation, if any, with the clerks of the house and senate, the chairs of the house and senate committee on ways and means and the chairs of the joint committee on public service no later than July 1, 2009.