There is hereby established a special commission to study pension reform in the commonwealth to consist of the co-chairs of the joint committee on Public Serivce, 2 members of the senate, 1 member of the senate to be appointed by the minority leader, 2 members of the house of representatives, 1 member of the house of representatives to be appointed by the minority leader, the Treasurer and Receiver General or her designee, and five members appointed by the governor with expertise in pension issues.

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.