(a) Effective May 1, 1971, members of the Georgia Legislative Retirement System under Chapter 6 of this title shall become members of the Employees' Retirement System of Georgia and shall be subject to all conditions and provisions of this chapter, provided that this Code section shall not deny any such member any rights and privileges now provided for under the Georgia Legislative Retirement System.

(b) On and after May 1, 1971, future members of the General Assembly, the Clerk of the House of Representatives, and the Secretary of the Senate and on and after March 27, 1972, doorkeepers and messengers for either house of the General Assembly shall, upon taking office, become members of this retirement system and shall be ineligible for membership in the Georgia Legislative Retirement System.

(c) Present beneficiaries of the Georgia Legislative Retirement System shall continue to receive retirement allowances or other benefits under Chapter 6 of this title as obligations of the Employees' Retirement System of Georgia.

(d) The board of trustees is authorized to establish rules and regulations in order to carry out this Code section, including, but not limited to, rules and regulations with regard to the transfer to the appropriate accounts within the retirement system of the member's account, the accumulation account, and such assets that are now held in the name of the Georgia Legislative Retirement System.

(e) In order to carry out this Code section, the future contributions made by the state to the retirement system shall be determined by the board of trustees each year on the basis of the most recent actuarial valuation; and it shall certify to the legislative fiscal officer the contributions owed by the state to the retirement system. The state's contributions shall be financed from funds appropriated to the General Assembly and shall include such sums as are found necessary in order to create reserves in the retirement system sufficient (1) to cover the cost of the retirement allowances then currently accruing under the retirement system, (2) to include a contribution each year toward the cost of service prior to January 1, 1967, and (3) to cover any administrative expense which the board of trustees may incur under this Code section. The legislative fiscal officer is authorized and directed to pay to the board of trustees from funds appropriated to the General Assembly the future contributions of the state, together with the funds necessary to cover the required employer contributions for social security coverage.