(a) The operation of such local pension system shall be discontinued.

(b) The existing pensioners and annuitants of such local pension system shall be continued and paid at their existing rates by this retirement system.

(c) Any cash and securities to the credit of such local pension system shall be transferred to this retirement system.

(d) The trustees or other administrative head of such local pension system shall certify the proportion, if any, of the funds of such system that represents the accumulated contributions of the members and the individual shares of the members therein. Such shares shall be credited to the respective annuity savings accounts of such members in this retirement system. The balance of the funds so transferred to this retirement system shall be offset against the liability on account of existing pensioners, annuitants and active members. The resulting liability so determined shall be the basis for the rate of deficiency contribution of such county, city, town or village as determined pursuant to section twenty-three of this article. c. Participation by a municipality pursuant to this section shall cover all agencies of the government of such municipality including the free public library, if any, of such municipality, unless separate participation by any such agency or school district public library has been approved pursuant to section thirty-one, thirty-one-a or thirty-two of this article.