The State Retirement Commission shall conduct a study to determine the cost impact of restructuring the Municipal Employees' Retirement Fund to better reward career employees. Such restructuring would include, but not be limited to, providing a permanent three per cent cost of living increase in retirement allowances without appreciably increasing the financial burden on municipal employers. Said commission shall report its findings to the General Assembly on or before January 1, 1980.
(P.A. 79-305, S. 2, 4.)