§ 295. Payment of retirement allowances and transfer of reserves. a.
On the effective date of this article, all retired police officers and
firefighters, and other persons who have retired pursuant to the
provisions of sections eighty-one through eighty-eight, inclusive, of
this chapter, as in force and effect immediately prior to the effective
date of this article, and their beneficiaries shall be transferred and
become a charge upon the retirement system established by this article
and shall thereafter receive their retirement allowances from such
system.

b. Reserves held by the comptroller for the payment of such retirement
allowances shall be transferred to the retirement system established by
this article on the effective date thereof.