(a) There is established the Teachers’ Retirement System Viability Commission, which shall consist of the members of the Teachers’ Retirement Board, as established pursuant to section 10-183l, and a global consulting firm with significant experience and expertise in human resources, talent development and health and retirement benefits and investments, contracted in accordance with the following:

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(1) Not later than sixty days after October 31, 2017, the Secretary of the Office of Policy and Management shall, within available appropriations, contract with a global consulting firm with significant experience and expertise in human resources, talent development and health and retirement benefits and investments. If, not later than sixty days after October 31, 2017, the secretary has not contracted with such a consulting firm pursuant to this section, the Office of Legislative Management shall contract with such a consulting firm.

(2) The Secretary of the Office of Policy and Management or the executive director of the Office of Legislative Management, as the case may be, shall identify candidates with significant experience to perform the duties of the global consulting firm pursuant to this section through the solicitation of qualifications and any other factor that may bear on the ability to perform such duties. The secretary or the executive director, as the case may be, shall select and contract with the consulting firm through the solicitation of bids for the performance of such duties from not less than four of the candidates so identified. Each solicitation and any response to any such solicitation shall be made in writing. Notwithstanding any provision of the general statutes, any such contract shall not be deemed a personal service agreement for purposes of chapter 55a and shall not be subject to the provisions of chapter 58 or 62.

(3) If the Secretary of the Office of Policy and Management contracts with a consulting firm pursuant to this section, the Governor, with the approval of the Finance Advisory Committee, shall transfer any funds appropriated to the Office of Legislative Management for the purpose of contracting with such consulting firm to the Office of Policy and Management. If the Office of Legislative Management contracts with a consulting firm pursuant to this section, the funds appropriated to the Office of Legislative Management for the purpose of contracting with such consulting firm shall be retained by the Office of Legislative Management.

(4) The state may accept gifts, grants and donations designated for the purposes of contracting with the consulting firm pursuant to this section, provided the state shall not accept any such gift, grant or donation from any candidate identified pursuant to subdivision (2) of this subsection.

(b) The commission shall develop and implement a plan to maintain the financial viability of the Connecticut teachers’ retirement system, established under section 10-183c. In developing such plan, the commission shall give significance to the financial capability of the state, which shall include: (1) The fiscal health of the state; (2) the balance in the Budget Reserve Fund, established under section 4-30a; (3) the short and long-term liabilities of the state, including, but not limited to, the state’s ability to meet minimum funding levels required by law, contract or court order; (4) the state’s initial budgeted revenue for the state for the previous five fiscal years as compared to the actual revenue received by the state for such fiscal years; (5) state revenue projections for the fiscal years during the period in which the proposed plan is to be in operation; (6) the economic outlook for the state; and (7) the state’s access to capital markets. The financial capability of the state shall not include the state’s ability to raise revenue through new or increased taxes. The commission shall hold at least one public hearing and solicit the input of members, as defined in section 10-183b, of the teachers’ retirement system in developing such plan.

(c) Not later than ninety days after a contract is entered into with such consulting firm, the commission shall submit such plan, and any proposed legislation necessary for the further implementation of such plan, to the joint standing committees of the General Assembly having cognizance of matters relating to education and appropriations and the budgets of state agencies, in accordance with the provisions of section 11-4a. The commission shall terminate not later than one year after the date it submits such report.