(a) Each regular legislative session, the legislature shall determine whether the performance of the retirement system trust fund makes the fund capable of supporting improvements in the plan of benefits.
(b) A determination under this section shall be founded on the information in the most recent report of an investment practices and performance evaluation conducted under § 802.109 and the application of that information to:
(1) the present amortization period for liabilities of the retirement system;
(2) the rate of return on retirement system investments over and above the rate of inflation of the investment portfolio as a whole, of the portion of the investment portfolio entrusted to private investment entities, and of the portion of the investment portfolio entrusted to investment officers who are employees of the retirement system;
(3) economic projections of market conditions and future investment rates of return as reflected in the comptroller‘s most recent economic forecast and revenue estimate;
(4) the costs, including changes in the amortization period for liabilities of the retirement system, of providing cost-of-living or other increases in benefits to current annuitants; and
(5) an evaluation of the diversity of retirement system investments and whether the portfolio provides low-risk, long-term growth.