Section 295. Payment of retirement allowances and transfer of reserves

a.
  On the effective  date  of  this  article,  all  retired  policemen  and
  firemen,  and  other persons who have retired pursuant to the provisions
  of sections eighty-one to 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.