I. There shall be established decennially on or about July 1, beginning in 2017, a commission to make recommendations to ensure the long-term viability of the New Hampshire retirement system.
II. The members of the commission shall be as follows:
(a) Three members of the house of representatives, appointed by the speaker of the house of representatives.
(b) Two members of the senate, appointed by the president of the senate.
(c) The chairman of the New Hampshire retirement system board of trustees, or designee.
(d) Two representatives of group I of the retirement system, appointed by the governor.
(e) Two representatives of group II of the retirement system, appointed by the governor.
(f) Two representatives of municipal and school employers in the retirement system, appointed by the governor.
(g) Four public members with recognized expertise in finance, financial management, or the governance and oversight of large endowments or public funds, appointed by the governor.
(h) One retired member of the retirement system receiving benefits at the time of appointment, appointed jointly by the speaker of the house of representatives and the president of the senate.
III. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.
IV. The commission shall:
(a) Study the previous decade’s history of funding, benefits, and investment results of the New Hampshire retirement system.
(b) Review the structure and governance of the New Hampshire retirement system.
(c) Analyze the financial status of the retirement system, and the challenges facing the system in the upcoming decade.
(d) Assess any changes to general accounting standards and their potential effect on the retirement system.
(e) Make recommendations for ensuring the long-term viability of the retirement system, including an appropriate funding methodology.
(f) Monitor the sustainability and affordability of cost of living increases for plan participants.
(g) Study other matters deemed necessary by the commission.
(h) Seek technical assistance as necessary from the New Hampshire retirement system and from other independent financial, investment, actuarial, and retirement experts. Subject to available appropriations, the commission may employ support staff for the purposes of its duties.
(i) Evaluate the plan for amortization of the unfunded accrued liability of the retirement system and the impact on contribution rates.
(j) Review the effects of retirees returning to work for retirement system employers and make recommendations for legislative changes, if necessary.
(k) Consider the effects that changes to contribution rates have on municipalities and evaluate the options to minimize the changes.
(l) Study the feasibility and cost of eliminating the reduction in a retiree’s retirement allowance upon reaching the age of 65.
V. The governor, in consultation with the president of the senate and the speaker of the house of representatives, shall designate a chairperson from among the members. The first meeting of the commission shall be called by the chairperson. The first meeting of the commission shall be held within 45 days of the designation of the chairperson.
VI. The commission shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before the December 1 next following.