Any beneficiary of a predecessor system who is in receipt of a benefit on the date of establishment shall become a beneficiary hereunder and shall continue to receive the benefit being paid from the Fund of this System, under the conditions of the predecessor system as in effect at the time of the member's retirement, subject to such adjustment as provided for in section 470 of this title. Any former member of a predecessor system who, upon termination of service, was eligible for a deferred benefit under the provisions of that System, the payment of which has not commenced as of the date of establishment, shall continue to be so eligible, and shall receive such benefit from the System subject to the conditions of the predecessor system as in effect at the time the member's service was terminated. The cash and securities to the credit of the predecessor systems on the date of establishment shall be transferred to this Retirement System, the amount of each member's accumulated contributions included in such transfer shall be credited to the member's individual account in the fund to become a part of the member's accumulated contributions, and the balance shall be credited to the Fund. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 12.)