Section 35I. There shall be, in the office of the state treasurer but not subject to his control, a retirement law commission consisting of seven members, three of whom shall be appointed by the governor with the advice and consent of the council, three of whom shall be appointed by the state treasurer with the advice and consent of the council, and one of whom shall be chosen by the first six members and who shall be the chairman and shall serve for a term of five years. Of the three appointments allotted to the governor, and the state treasurer, respectively, the terms of service shall be determined as follows: the first such appointments by the governor and the treasurer shall be for a term of three years, the second such appointments shall be for a term of four years, and, the third such appointments shall be for a term of five years. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. Upon the expiration of the term of an appointed member, or the chairman, or a vacancy otherwise created in said positions, the successor for said position shall be appointed in the manner aforesaid for the same term as his predecessor, or for the remainder of his term, whichever is applicable.

Said commission shall conduct continuing studies of the operation of all provisions of law relative to retirement allowances, pensions, or annuities; the administration of pensions by state, county, city, and town agencies; and shall study the potential cost of provisions of existing law and of all proposed changes. Said commission shall file a copy of all such reports, investigations, and studies with the board of the applicable system, and the commissioner of public employee retirement as well as, in the case of reports, investigations, and studies relative to the state employees’ retirement system, the teachers’ retirement system, and any other pension liabilities assumed by the commonwealth, with the commissioner of administration and the house and senate committees on ways and means. Each such actuarial valuation report and accompanying experience investigation shall be so filed no later than ten months after the date as of which the system is valued, except that each such report and accompanying investigation for the state employees’ retirement system, the teachers’ retirement system, and any other pension liabilities assumed by the commonwealth shall be so filed no later than six months after the date as of which the system or other assumed pension liability is valued.

Said commission shall report annually to the governor and to the general court its activities and accomplishments, and such recommended legislation as may be necessary to effect desirable changes in the retirement law and to promote a more efficient administration thereof. It shall forthwith deliver to the house and senate committees on ways and means any and all documents, reports, data, statistics, and any other information which either committee may from time to time request from said commission. It may prepare and publish reports for the information of employees concerning benefits available and procedures to be followed, and reports to the public to promote more adequate understanding of the retirement policies and problems of the commonwealth.

Said commission may appoint an executive secretary who shall not be subject to chapter thirty-one and who shall receive such salary as the commission with the approval of the governor and council may fix and may appoint such other assistants, consultants, investigators, and experts as it deems necessary to carry out the provisions of this section. Said commission shall be provided with adequate offices in the state house or elsewhere in the city of Boston. It may call upon any department, board, commission, or officer of the commonwealth or any subdivision thereof for such information as it may desire in the course of its duties. It may hold public hearings and shall have the power to summon witnesses and to require the production of books, records, and papers.

For the purposes of this section the term ”system” shall mean system as defined in section one of chapter thirty-two.