New Jersey Statutes Title 43. Pensions and Retirement and Unemployment Compensation 43 § 13-22.61

It is the intention of this act that the retirement system herein provided for shall, on and after the effective date of this act, supersede and take the place of any pension system then existing in the said city pursuant to article 2, chapter 13, Title 43, of the Revised Statutes.  1

Any aforesaid former pension system shall become a part of and shall be and hereby is merged into the retirement system created by this act. All moneys, securities and other assets of such former pension system shall be transferred as of the effective date of this act by the commission of such pension fund to the commission created by this act; which commission is hereby empowered to receive the said funds and assets for and on behalf of the retirement system herein provided for; and the said pension fund created by virtue of article 2, chapter 13, Title 43, of the Revised Statutes shall then cease to exist as a separate pension fund in said city, subject, however, to the provisions of this section 12 of this act.

All pensions and other benefits allowed prior to the effective date of this act, under the statute hereinabove specified governing such former pension fund, shall thereafter be paid from the retirement system herein created and according to the provisions of the statutes governing such former pension fund, except as herein otherwise provided. It is the intention of this act that all existing obligations of said former pension fund on account of pensioners and beneficiaries of the fund as of the date of transfer as aforesaid, are assumed and shall be discharged by the retirement system herein created, and such benefits allowed under said former pension fund shall not be diminished or impaired; provided, however, that nothing in this act shall affect the payment or the rates of contributions required of pensioners receiving benefits under said former pension fund on the effective date of this act.