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.