Widow’s annuity credit – Employees in superseded Public Library Employes’ Fund. A male employee who, on December 31, 1965 was a contributor and participant in the fund in operation in the city on such date created under and by virtue of the Public Library Employes’ Pension Act shall receive credit as follows:
     For service prior to January 1, 1966, a city contribution for widow’s annuity purposes of an amount equal to the amount which would have accumulated to his credit from city contributions for widow’s annuity to such date, including interest at the effective rate, had he been a participant and contributor during all of his service prior to such date; and if a present employee in service on the effective date, a city contribution for widow’s prior service annuity equal to the amount otherwise provided for present employees as city contributions for widow’s annuity purposes.