(a) On the effective date of this act, the Kansas bureau of investigation pension board is hereby abolished. On such date all of the powers provided in article 7a of chapter 75 of Kansas Statutes Annotated shall devolve upon and be performed by the board of trustees of the Kansas public employees retirement system, and all powers heretofore exercised by the Kansas bureau of investigation pension board, including management and control of the assets, funds and records of the Kansas bureau of investigation pension fund, shall be and become vested in the board of trustees of the Kansas public employees retirement system. On the effective date of this act the state treasurer shall transfer all assets and funds of the Kansas bureau of investigation pension fund to the Kansas public employees retirement fund. Such transfer shall be at the market value, bid price as quoted by a nationally recognized government bond dealer, of such assets at the close of business on the date of transfer. Whenever in the statutes of this state or in any contract or other document, the words “Kansas bureau of investigation pension board” or words of like effect are used, the same shall be deemed to mean the board of trustees of the Kansas public employees retirement system. The board of trustees may execute transfer endorsements for any stock or security of the Kansas bureau of investigation pension fund, and any such endorsement or transfer may be made in the name of the Kansas bureau of investigation pension board.

(b) On the effective date of this act and the transfer of the assets of the Kansas bureau of investigation pension fund to the Kansas public employees retirement fund, the accounts in the Kansas police and firemen’s retirement system of the members who elected to become members on July 1, 1968 shall be credited with the contributions in their respective accounts in the Kansas bureau of investigation pension fund.