The City of Southgate policemen and firemen retirement system for policemen and firemen in the employ of the City is hereby created and established according to the provisions of Act No. 345 of the Public Acts of 1937, as amended. The said retirement system shall become effective as of the effective date of this Charter. Benefit payments to retirants and beneficiaries of the former Ecorse Township policemen and firemen retirement system shall become obligations of the City of Southgate policemen and firemen retirement system. All assets and records of every description belonging to the former Ecorse Township policemen and firemen retirement system shall be transferred to and shall become the property of the City of Southgate policemen and firemen retirement system. When so transferred, the said assets shall be credited for the same purpose for which they were previously held in the former Ecorse Township policemen and firemen retirement system.