SECTION 1.  There shall be a special commission to investigate the viability of replacing the Commonwealth’s defined benefit retirement system with a defined contribution retirement system for all public employees hired after January first, two thousand and ten.

           SECTION 2.  The commission shall collect and review data from the Office of the State Treasurer, the Public Employee Retirement Administration Commission, the Massachusetts Teachers Retirement Board, the Executive Office of Administration and Finance, and any other state or quasi-state agencies or departments with relevant information about unfunded liabilities, the fiscal impact of such a transition on the Commonwealth, and the collective bargaining impacts of said transition.

           SECTION 3.  The commission shall consist of the chairs of the joint committee on Public Service or their designees, who shall serve as co-chairs; 1 member of the house of representatives appointed by the minority leader; 1 member of the senate appointed by the minority leader; the secretary of administration and finance or his designee; the treasurer of the commonwealth or his designee; the executive director of the public employee retirement administration commission or his designee; 4 persons appointed by the governor, 1 of whom shall be a representative from the Massachusetts AFL-CIO, 1 of whom shall be a representative from the Retired State, County & Municipal Employees Association of Massachusetts, 1 of whom shall be a professional from an organization based in Massachusetts that services contributory retirement systems,  and 1 person employed by a business member of the Associated Industries of Massachusetts.

           SECTION 4.  The commission shall hold public hearings to assist in the collection and evaluation of data and testimony from state, county, and municipal employees and the general public.

           SECTION 5.  The commission shall file a report of the results of its investigation with the clerks of the house of representatives and senate, the house and senate committees on ways and means and the joint committee on health care financing on or before December 31, 2009.  The report shall include recommendations and any legislation necessary to address the transition from a defined benefit retirement system to a defined contribution retirement system.