(1) To study generally the subject of retirement, income after retirement, disability and death benefits and the retirement needs of public employees. The commission shall have responsibility to formulate principles and objectives applicable thereto and to recommend any new legislation it deems advisable.

(2) To analyze on its own or upon request from either the legislative or executive branch any bill relating to public employee retirement or pension policy and issue a report thereto in a timely fashion. Such a report shall be submitted to the General Assembly and the Governor and shall include an assessment of the actuarial soundness, feasibility and cost of such legislation.

(3) To establish and review plans for actuarial soundness for every public employee retirement plan.

(4) To issue subpoenas in order to compel testimony or receive any information reasonably necessary in the process of carrying out its mandated responsibilities.

(5) To cooperate with the several State and municipal retirement and pension boards on matters of mutual concern.

(6) To issue an annual public report to the General Assembly and the Governor, including but not limited to its findings, recommendations and a summary of its activities.

(7) To hire an executive director and other appropriate staff such as actuaries, legal counsel, research analysts, secretarial assistance and contract for consultant services as may be within the limits of the appropriations available.

(8) To adopt bylaws for the conduct of its official business.

(9) To monitor and evaluate from time to time all the laws and systems thereunder which relate to public employee pension and retirement policy in the Commonwealth.

(10) To study the relationship of retirement and pension policy to other aspects of public personnel policy and to the effective operation of government generally.

(11) To examine the interrelationships among public employee pension and retirement systems throughout the State.

(12) To recommend to the General Assembly a change in the process by which public employee pension and retirement legislation is analyzed and acted upon by the Legislature.

(13) To issue actuarial notes pursuant to section 7.¹

(14) To formulate and recommend passage of legislation, within one year of the initial meeting of the commission, to mandate actuarial funding standards and establish a recovery program for municipal pension systems determined to be financially distressed.

(15) To perform the functions and have all the powers and duties heretofore vested in the Department of Community Affairs pursuant to the act of December 6, 1972 (P.L. 1383, No. 293), entitled “An act requiring municipal pension systems to have an actuarial investigation of the fund made by an actuary who shall report his findings to the Department of Community Affairs.”²