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Effective as of October 1, 1959, there shall be transferred to this System all moneys, securities, loans receivable and other property to which title is held under applicable legislation relating to the existing retirement funds. The trustees of such retirement funds are hereby authorized to make such transfer.
The amounts of contribution credits in the accounts of the employees in the aforesaid retirement funds shall be credited to them on the books of the system created by this chapter, and shall be subject to all provisions and conditions of this chapter. Any amounts remaining, after such contribution credits have been made, shall be credited to the Employer's Contribution Reserve as provided in section 719 of this title.
Any pensions or benefits being paid by the aforesaid funds shall continue to be paid by the system. Claims for benefits pending at the date of establishment shall be granted in accordance with the aforesaid legislation. Claims for pensions and benefits arising on and after the date of establishment shall be granted in accordance with the provisions of this chapter.