Make a continuing study and analysis of all state and local government retirement systems;

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;

Determine from its study and analysis the need for changes in statutory law;

Make any other recommendations 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.

According to Section 21.563, the committee is also required to compile a full report of its activities for the General Assembly each year in which the General Assembly convenes in regular session. This report is to include recommendations to the individual retirement system boards of management. This report is respectfully submitted to the General Assembly to comply with these statutory provisions.