Section 13-615. Merger of system with teachers' retirement system and provisions relative thereto

Notwithstanding anything to the contrary in  this code, on the first day of July nineteen hundred  thirty-eight,  the
  administration  of  the funds of the Hunter college retirement system as
  provided for  in  this  code  shall  be  transferred  to  the  teachers'
  retirement  board  of the teachers' retirement system of the city of New
  York as provided for in chapter four of this title,  and  all  cash  and
  securities,  and  other  assets  held  by  the Hunter college retirement
  system shall be transferred and merged  with  the  assets  held  by  the
  teachers' retirement system of the city of New York, the reserves in the
  annuity  savings  fund, the annuity reserve fund, the contingent reserve
  fund, the pension reserve fund number one, and the pension reserve  fund
  number two being credited to the corresponding funds of the same name of
  the  teachers' retirement system. All appropriations made for the Hunter
  college retirement system shall be transferred  to  the  credit  of  the
  teachers'  retirement  system.  The  equities in the funds of the Hunter
  college retirement system, which are held by the members of such  system
  as  of  the  thirtieth day of June, nineteen hundred thirty-eight, shall
  not in anywise be impaired by such transfer and the funds so transferred
  shall continue to be held in trust in the  teachers'  retirement  system
  for  the payment of the benefits to such members for which they were set
  aside. On the first day of  July,  nineteen  hundred  thirty-eight,  all
  contributors  of  the  Hunter college retirement system shall become and
  shall thereafter be contributors of the teachers' retirement system  and
  members  of  the  teachers'  retirement  association  as  constituted by
  section 13-503 of this title. The present-teachers of the Hunter college
  retirement system shall become and shall thereafter be  present-teachers
  of  the  teachers' retirement system, and the new-entrants of the Hunter
  college  retirement  system  shall  become  and  shall   thereafter   be
  new-entrants of the teachers' retirement system, with all the rights and
  privileges  of  their  respective classifications as provided in chapter
  four of this title, with the same  force  and  effect  as  if  they  had
  originally  been  contributors  of  the  teachers' retirement system and
  members of the teachers' retirement association. All those who  now  are
  present-teachers  of the Hunter college retirement system, upon becoming
  contributors of the teachers'  retirement  system  and  members  of  the
  teachers'  retirement  association  as  provided in this section, shall,
  notwithstanding anything to the contrary in chapter four of this  title,
  continue  to  have  all  the  rights  and  privileges to which they were
  entitled under the provisions of law in existence at  the  time  of  the
  merger.  All  those  who  were  entitled  to prior service credit in the
  Hunter college retirement system with prior service certificates  issued
  to  them  before  the  first day of July, nineteen hundred thirty-eight,
  shall be entitled to such prior service as  was  granted  in  the  prior
  service  certificates  issued  by  the  Hunter college retirement board,
  without increase or decrease,  and  all  such  certificates  are  hereby
  validated  and confirmed, to the same extent and with the same effect as
  if issued pursuant to express authority of law. All beneficiaries of the
  Hunter college retirement system  as  of  the  thirtieth  day  of  June,
  nineteen   hundred   thirty-eight,   shall  continue  to  receive  their
  retirement allowances thereafter in the same manner, amount,  and  form,
  from  the corresponding fund or funds of the teachers' retirement system
  as that from which their benefits were  paid  from  the  Hunter  college
  retirement system.
    The  purpose  of  this  act is to unify and simplify the retirement of
  members of the educational institutions of New York city, and after  the
  respective  reports  of  the  teachers'  retirement board and the Hunter
  college retirement board for the period including the thirtieth  day  of

  June,  nineteen  hundred  thirty-eight,  which  reports  shall include a
  complete statement as to the merger, no special reports shall thereafter
  be required concerning the membership of the Hunter  college  retirement
  system  transferred  to  the  teachers'  retirement  system.  After  the
  thirtieth day of June, nineteen hundred thirty-eight, the Hunter college
  retirement board shall cease to function, and all  the  duties  of  such
  board shall thereafter be performed by the teachers' retirement board.