SECTION 1. There is hereby established a special commission to study pension reform in the commonwealth. Said commission is hereby authorized and directed to conduct an investigation into the feasibility of replacing the commonwealth’s defined benefit pension plan with a defined contribution plan for future employees. The special commission shall submit a report to the governor, the speaker of the house of representatives, the senate president, and the chief justice of the supreme judicial court setting forth the special commission’s findings, along with its recommendations and specific legislative proposals, no later than one year after the special commission’s appointment. The special commission shall dissolve upon completion of its duties and obligations, as indicated by submission of its findings and recommendations.
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