The committee shall: (1) Make a continuing study and analysis of all state and local government retirement systems; (2) Devise a standard reporting system to obtain data on each public employee retirement system that will provide information on each system's financial and actuarial status at least biennially; (3) Determine from its study and analysis the need for changes in statutory law; (4) Make any other recommendation to the general assembly necessary to provide adequate retirement benefits to state and local government employees within the ability of taxpayers to support their future costs.
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