(A) Each retirant and beneficiary in receipt of a retirement allowance on the day preceding the effective date of this subchapter, pursuant to the aforesaid Art. 14, as amended, shall continue to receive the same retirement allowance under the terms provided in the aforesaid Art. 14, as amended, as the said article was in force the day preceding the effective date of this subchapter.
(B) The payment of such retirement allowances shall become an obligation of the city’s employees’ retirement system established by this subchapter.
(Prior Code, § 2-205) (Ord. 368, passed 9-25-1967)