The accumulated reserves which have been designated as Fund C by section 5(k) of chapter 84 of the public laws of 1954 shall be transferred to and become merged with the Retirement Reserve Fund created by section 27 of chapter 84 of the public laws of 1954; provided, however, that the payment of benefits and the retention of certain privileges stipulated in section 5 of chapter 84 of the public laws of 1954 shall continue. The authorization and direction to administer the payment of benefits under the former “State Employees’ Retirement System of New Jersey” abolished by the act to which this act is amendatory is hereby transferred to the board of trustees of the Public Employees’ Retirement System.

L.1955, c. 261, p. 957, s. 4.