1.1. Any person who retired for age or service or age and service under the said Chapter XXIV and who is in receipt of or is entitled to receive benefits thereunder prior to its repeal shall continue to receive the said benefits or shall continue to be entitled to receive the said benefits to the same extent and in the same manner in all aspects as if the said Chapter XXIV has not been repealed. If such retirant shall have elected one of the actuarially equated options provided for in the said Chapter XXIV his duly designated beneficiary shall, upon the retirant’s death, receive the same benefit to which the said beneficiary was entitled under the said Chapter XXIV.

1.2. Any person who retired for disability under the said Chapter XXIV and who is in receipt of or is entitled to receive benefits thereunder prior to its repeal shall, subject to the conditions set forth in the said Chapter XXIV, continue to receive the same benefits or shall continue to be entitled to receive the said benefits to the same extent and in the same manner in all respects as if the said Chapter XXIV had not been repealed. At such time as he shall cease to meet such conditions his benefits shall cease and as to him the said Chapter XXIV shall have no further application. If any such person shall have elected one of the actuarially equated options provided for in the said Chapter XXIV, his duly designated beneficiary shall, upon the retirant’s death, receive the same benefit to which the said beneficiary was entitled under the said Chapter XXIV.

1.3. Any beneficiary of a deceased retirant or member who is in receipt of or is entitled to receive benefits under the said Chapter XXIV prior to its repeal shall continue to receive the said benefits or shall continue to be entitled to receive the said benefits to the same extent and in the same manner in all respects as if the said Chapter XXIV had not been repealed.

1.4. Any person who, as of the date the said Chapter XXIV is repealed, meets the requirements for retirement under the said Chapter XXIV, but has not applied for retirement, may make such application and retire on or before June 30, 1954, in the same manner in all respects as if the said Chapter XXIV had not been repealed. He, or his duly designated beneficiary, if any, shall thereafter receive benefits to the same extent and in the same manner in all respects as if the said Chapter XXIV had not been repealed, provided any such benefits shall be based upon accumulated contributions, average final compensation and service credit as of the date of the repeal of Chapter XXIV.

1.5. If any member dies after the repeal of the said Chapter XXIV but on or before June 30, 1954, and leaves beneficiaries entitled to receive benefits under the said Chapter XXIV, his said beneficiaries shall receive benefits to the same extent and in the same manner in all respects as if the said Chapter XXIV had not been repealed, provided said benefits shall be based upon his final compensation as of the date of the repeal of Chapter XXIV.

1.6. If any member becomes disabled after the repeal of the said Chapter XXIV but prior to July 1, 1954, he shall be entitled to receive disability benefits provided for in the said Chapter XXIV, subject to all conditions pertaining to disability beneficiaries and disability benefits contained in the said Chapter XXIV, to the same extent and in the same manner in all respects as if the said Chapter XXIV had not been repealed, provided said disability benefits shall be based upon his accumulated contributions, average final compensation and service credit as of the date of repeal of Chapter XXIV.

1.7. Interest on members’ accumulated contributions credited to their Chapter XXIV annuity savings fund accounts shall cease as of December 1, 1953. The said accumulated contributions shall be set aside and held in a trust fund, called Chapter XXIV employees trust fund, which is hereby created for the purpose of refunding the said accumulated contributions to the respective members or their beneficiaries entitled to same. The rights of any person to such refund, or the trust fund itself, shall not be subject to attachment, garnishment, the operation of bankruptcy or insolvency law, or any other process except as is provided in this Chapter. The accumulated contributions of any member entitled to benefits under sections 1.4 and 1.6 of this Article shall be transferred to the Chapter XXIV retirement fund provided for in section 1.9 of this Article.

1.8. Prior to July 1, 1954 the accumulated contributions held in the Chapter XXIV employees trust fund shall be returned to the respective persons entitled to same, less one and one-half per cent of the total amount of his salary not to exceed $3600.00 per annum earned since January 1, 1951 to be paid for retroactive coverage for coverage under the Federal Old Age and Survivor’s Insurance Program, unless the member shall, in writing, direct the Chapter XXIV retirement board to otherwise dispose of same. In the event a member dies before his accumulated contributions have been disposed of, his said accumulated contributions shall be treated in the same manner in all respects as if the said Chapter XXIV had not been repealed, except that there shall be deducted for payment to the State contribution fund one and one-half per cent of the total amount of his salary not to exceed $3600.00 per annum earned since January 1, 1951.

1.9. The balance of the assets of the said Phoenix City Employees Retirement System, after providing for the Chapter XXIV employees trust fund, shall be set aside and held in a trust fund, called Chapter XXIV retirement trust fund, which is hereby created for the purpose of disbursing the said assets for the purposes for which they were accumulated under the said Chapter XXIV.

1.10. The assets credited to the Chapter XXIV employees trust fund and the Chapter XXIV retirement trust fund shall be held in one account.

1.11. Until their successors have been elected or appointed and have qualified, the retirement board of the Phoenix City Employees’ Retirement System, and the responsibilities of officers and employees of the City of Phoenix engaged in the administration of said Retirement System, are continued to administer and carry into effect the provisions of this Article.