The Commission was created to do the following:
    1. Study the investment and management practices of the boards of the public retirement funds.
    2. Determine what constitutes adequate wage replacement levels at retirement (including benefits from public retirement funds and social security) for public employees.
    3. Study the impact of federal law and proposals concerning pensions, annuities, and retirement benefits.
    4. Study the public safety officers retirement funds established under IC 36-8.
    5. Study methods and levels of funding for public retirement plans.

The Commission was given these additional charges.
    1. Study local public safety personnel pensions (HR 58)
    2. Study state funded health care, including prescription drug insurance for retired state employees (HR 70)
    3. Study issues dealing with chief of police and town marshal pensions and health insurance (SCR 6)
    4. Study the benefit of permitting members of the Public Employees' Retirement Fund to make any discretionary contributions to their annuity savings accounts in annuities provided by additional licensed insurers (SR 34)