SECTION 1. (a)There shall be a special commission on solvency of the unemployment trust fund established in section 14F of chapter 151A. The commission shall include 15 members and shall consist of: the chairs of the joint committee on labor and workforce development, who shall chair the commission; the secretary of the executive office of labor and workforce development; the director of the department of unemployment assistance; 2  members appointed by the Massachusetts State Labor Council, AFL-CIO,  1 member appointed by the Associated Industries of Massachusetts, Inc.; 1 member appointed by the Massachusetts Legal Assistance Corporation representing unemployed workers; 1 member appointed by the Alliance for Business Leadership; 1 member appointed by the Union of Minority Neighborhoods, Inc.; 1 member appointed by the Massachusetts Restaurant Association; 1 member appointed by the Black Economic Council of Massachusetts; 1 member appointed by the Massachusetts Building Trades Council; 1 member appointed by the Massachusetts Competitive Partnership; and 1 member appointed by the Massachusetts Retailers Association.

(b) The commission shall study the long-term solvency of the unemployment trust fund, evaluate whether changes are necessary to the experience rating system that would promote solvency and reduce the tax impact on small businesses, examine increasing or indexing  the taxable wage base under section 14 of chapter 151A, examine the industry specific impacts of changes to the unemployment tax rate, review solvency efforts in other state unemployment tax systems, determine what changes are necessary to benefit from  federal tax credits and federal interest-free borrowing under the Federal Unemployment Tax Act, 26 U.S.C. § 3301-3305. The executive office of labor and workforce development and the department of unemployment assistance shall furnish any necessary information or documentation to develop recommendations on the areas of study. The executive office and the department shall furnish reasonable staff and other support for the work of the commission.

(c) The commission shall hold at least one public hearing and may hold additional hearings as necessary at which members of the public shall have an opportunity to speak.

(d) Not later than October 1, 2021, the commission shall file a report on its findings, including legislation to implement said findings, with the clerks of the house and senate, and the house and senate committees on ways and means. The report shall include recommendations for legislation that would ensure long-term solvency of the trust fund and meet solvency criteria required by the United States Department of Labor under the Federal Unemployment Tax Act, 26 U.S.C. § 3301-3305, and the Social Security Act, 42 U.S.C. § 1321-1324 and applicable regulations and guidance.