43:13-22.18. Merger of pension funds into retirement system

All of the aforesaid pension funds shall be and are hereby merged into and become part of the retirement system created by this act. All moneys, securities and other assets of such other aforesaid pension funds and retirement systems shall be transferred when this act becomes effective by the trustees of such systems to the pension commission of the employees' retirement system of (name of city), created by this act; which pension commission is hereby empowered to receive the said funds and assets for and on behalf of the employees' retirement system herein provided for; and the said retirement and pension funds created by virtue of article 2, chapter 13, Title 43 of the Revised Statutes; and of chapter 18, Title 43 of the Revised Statutes; and of chapter 19, Title 43 of the Revised Statutes shall then cease to exist as separate retirement and pension systems in said city; subject, however, to the provisions of section 31 of this act.

All pensions and other benefits allowed prior to the effective date of this act, under the statutes hereinabove specified governing such other pension funds shall thereafter be paid from the retirement system herein created and according to the provisions of the statutes governing such other retirement systems, except as herein otherwise provided. It is intended that all existing obligations of said retirement and pension systems as of the date of transfer as aforesaid, are assumed and shall be discharged by the retirement system herein created.

L.1954, c. 218, p. 816, s. 16.