SECTION 1. Notwithstanding any general or special law to the contrary, a commission shall be established to study current compensation practices of the state pension system for retirees from the state’s higher education system.  The goal of the commission shall be to review inordinate and excessive compensation packages, including, but not limited to, housing allowances and annuities and make a full report to the legislature with recommendations for legislation to prevent overcompensation.  The commission will consist of the Treasurer and Receiver General of the Commonwealth, or his designee; the Commissioner of Higher Education, or his designee; the Executive Director of the Pension Reserves Investment Management Board, or his designee; 3 members of the House of Representatives that are chosen by the Speaker, one of which is a member of the minority party; 3 members of the Senate, chosen by the Senate President, one of which is a member of the minority party; the Secretary of Administration and Finance, or his designee; and one member chosen by the governor.  Said commission shall submit said report back to the legislature with findings and recommendations for legislation on or before December 31, 2012.