SECTION 1. Notwithstanding any general or special law to the contrary, there shall be a special commission to study surplus in retirement systems. The commission shall consist of the following 14 members: the house and senate chairs of the joint committee on public service, who shall serve as co-chairs of the commission; 1 person to be appointed by the speaker of the house of representatives; 1 person to be appointed by the president of the senate; the Treasurer or their designee; and 8 persons to be appointed by the governor,  1 of whom shall be a representative of the Massachusetts Association of Contributory Retirement Systems, 1 of whom shall be a representative of the Public Employee Retirement Administration Commission, 1 of whom shall be a representative of the Massachusetts Teacher’s Retirement Board, 1 of whom shall be a representative of the Massachusetts State Retirement Board,  1 of whom shall be a representative of the Massachusetts Municipal Association, 1 of whom shall be a representative of the Retired State, County And Municipal Employees Association Of Massachusetts, 1 of whom shall be a representative of a regional retirement board, 1 of whom shall be a representative of a local retirement board, and 1 of whom shall be an actuary. 

The study shall include, but not be limited to: (i) establishing parameters for the use of surplus for systems who have fully funded their pension obligations, including the equitable distribution of such funds; (ii) establishing a threshold to reach before declaring a surplus which accounts for possible market trends; and (iii) any other related topics or reforms necessary to address these issues.  

The commission shall submit a report of its study and any recommendations, together with any draft legislation necessary to carry those recommendations into effect, by filing the same with the clerks of the house of representatives and the senate not later than January 1, 2022.