Notwithstanding any other provision to the contrary in chapters 34-37 of this title, any member of a local retirement fund whose retirement becomes effective on or after July 1, 1967, and to whom or on whose account a state service or disability retirement allowance or minimum benefit supplement under chapter 36 of this title becomes payable, there shall be deducted from such amount the teacher annuity that would have been payable to the teacher had the teacher been a member of the Tennessee consolidated retirement system.