All former employees of the city now on pension under provisions of Everett employees’ retirement system and all employees receiving payments under such system shall continue to receive their pension or payment as provided by Ordinance No. 3023 as if the same were not repealed and the city shall make provision for such payments out of assets held by the Everett employees’ retirement system or shall purchase out of said funds annuities from a reliable insurance company to provide for their payment. (Prior code § 1.44.040.)