SECTION 1. Notwithstanding any general or special law to the contrary there is hereby established the Massachusetts Bay Transportation Authority Pension Fund Sustainability Commission, the purpose of which shall be to identify, research and recommend actions to increase the strength and sustainability of the assets and mechanisms necessary to ensure the payment and support of pension obligations of current and future employees of the Massachusetts Bay Transit Authority pension system as established under section 1 of chapter 32.

The commission shall be composed of 11 members, including the secretary of administration and finance or a designee, the secretary of transportation or a designee, three (3) members representing labor organizations impacted by the fund, who shall be appointed by the governor from a list of no more than nine nominees from such organizations, a member who shall be an attorney with experience in pension fund issues and labor law who shall be appointed by the attorney general, the general manager of the MBTA or a designee, the executive director of the Pension Reserves Investment Management Board, the governor's chief legal counsel or designee, a member appointed by the treasurer of the commonwealth whom shall have experience in investment and asset management, and member representing the interests of the public whom shall be appointed by the governor

In performing its assigned tasks the commission may consult with experts in pension fund management and operations and investments, and shall receive testimony in oral and written form, provided that such testimony shall be made available to the public in a clear and conspicuous manner.

The commission shall consider all available mechanisms to achieve the goal of sustainability of pension funding for MBTA employees, including but not limited to the total or partial transfer of the current funds assets and obligations to one or more pension funds serving public employees in the commonwealth.

The commission shall file a report detailing its findings, recommendations, and any necessary legislative recommendations to carry out those actions not later than six months from date of passage, with the house and senate committees on ways and means, the secretary of administration and finance, and the clerks of the house and senate.