Approval of the aforementioned agreement, or any modification thereof, by the state agency and the inclusion of the officers and employees designated thereby in any federal-state agreement now in effect, or hereafter entered into, or any modification thereof, between the state and the federal department of health, education and welfare pursuant to section 218 of the Federal Social Security Act, shall have the effect of making all such officers and employees eligible for old-age and survivors insurance benefits on the same basis as though the services they rendered constituted employment within the meaning of title II of the Federal Social Security Act. The liability for the payment of such benefits, however, shall not constitute obligations of the city; and such officers and employees and their beneficiaries shall look solely to such federal agency as may now be or may hereafter become liable for the payment of such benefits under applicable federal law or laws.
(1953 Code, ch. 20, ยง 30)