(a) Effective May 1, 1971, members of the Georgia Legislative Retirement System shall become members of the Employees' Retirement System of Georgia, subject to all conditions and provisions of Chapter 2 of this title. This Code section shall in no way deny any such member the rights and privileges under this system on May 1, 1971.

(b) On and after May 1, 1971, all future members of the General Assembly, the Secretary of the Senate, and the Clerk of the House of Representatives, and on and after March 31, 1972, the messenger and doorkeeper of each of the two houses of the General Assembly, shall, upon taking office, thereby become a member of the Employees' Retirement System of Georgia and shall not be eligible for membership in the Georgia Legislative Retirement System.

(c) Persons who were beneficiaries of the Georgia Legislative Retirement System on May 1, 1971, shall continue to receive a retirement allowance or other benefit provided for under the Georgia Legislative Retirement System as an obligation of the Employees' Retirement System of Georgia.

(d) In order to implement this Code section, the contributions of the state to the Employees' Retirement System of Georgia after May 1, 1971, shall be determined by the board each year on the basis of the most recent actuarial valuation. The board shall certify to the legislative fiscal officer the amount of the state's contribution due to the 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 Employees' Retirement System of Georgia sufficient: (1) to cover the cost of the allowances then currently accruing under the Employees' Retirement System of Georgia, (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 may incur by reason of this Code section. The legislative fiscal officer is authorized and directed to pay to the board from funds appropriated to the General Assembly such future contributions of the state, together with the funds necessary to cover the required employer contributions for social security coverage.

(e) The Board of Trustees of the Employees' Retirement System of Georgia is authorized to establish rules and regulations to carry out this Code section, including, but not limited to, the transferring to the appropriate accounts within the Employees' Retirement System of Georgia, the member's account, the accumulation account, and such assets that are held in the name of the Georgia Legislative Retirement System.