It is hereby declared to be the policy and purpose of the city to extend to the employees and officials thereof, not excluded by law or this article, and whether employed in connection with a governmental or proprietary function, the benefits of the system of federal old-age and survivors insurance, as authorized by the Federal Social Security Act and amendments thereto. In pursuance of such policy and for that purpose, said municipality shall take such action as may be required by applicable state or federal laws or regulations.