SECTION 1. Notwithstanding any general or special law to the contrary, there shall be a special commission to study and report on the implications of cashing out of disability retirement system.

SECTION 2. The commission shall consists of the chairmen of the joint committee on public service who will serve as co-chairs; the speaker of the house of representatives or his designee; the president of the senate or his designee; the minority leader of the house or his designee; the minority leader of the senate or his designee; the state treasurer or his designee; the chairman of the senate committee on ways and means; the chair of the house committee on ways and means; the secretary of administration and finance or his designee; a mayor of a city in the commonwealth appointed by the governor; a representative of the Retired State; County, and Municipal Employees Association of Massachusetts; a representative of the Massachusetts AFL-CIO; the executive director of the Group Insurance Commission; and a representative of the Massachusetts Municipal Association.

SECTION 3. The commission shall study, report and recommend legislation on possible incentives for employees who seek an alternative career instead of disability retirement. Recommended legislation should allow employees to meet eligibility standards for a disability retirement with the option of cashing out of the system with a lump sum payment in the amount of a multiple of their base compensation which shall be determined by age and other factors. The commission shall also provide in the report the tax implications of said option.

SECTION 4. The commission shall submit its report and findings, along with any draft of legislation, to the house and senate committees on ways and means, the joint committee on public service, and the clerks of the house of representatives and the senate on or before December 1, 2021.