The teachers’ retirement board is hereby authorized and directed to analyze, study and evaluate the costs and the actuarial liabilities attributable to providing seventy-five percent purchasing power protection for annuitants of the teachers’ retirement system. The teachers’ retirement board shall also make recommendations on implementing said purchasing power protection incrementally in order to secure seventy-five percent purchasing power protection for annuitants of the teachers’ retirement system. In order to effectuate the funding for the change in benefits for the annuitants of the teachers’ retirement system, the board shall prepare a supplemental pension funding schedule which shall be designed to reduce the actuarial pension liability attributed to the seventy-five percent purchasing power protection to zero on or before June thirtieth, two thousand and thirty-four; provided that in preparing such schedule the board shall consider the actuarial value and the market value of the systems assets and liabilities, the long term investment rate of return on the systems assets and the systems unfunded actuarial liability, and provided further, that the board shall triennially update such supplemental schedule until said June thirtieth, two thousand and thirty-four. The teachers’ retirement board shall file said report together with its recommendations and draft legislation necessary to carry out such recommendations into effect by filing the same with the clerk of the house of representatives, the joint committee on public service and the house and senate committees on ways and means on or before December 31, 2011.